Seadrill narrows its losses

摘要

SEADRILL remained in the red in the fourth quarter, but reported smaller losses than in previous periods and said it expects higher drilling activity to boost dayrates next year, writes Beate Schjolberg. The London-based driller posted a net loss of $362 million in the fourth quarter, compared with a loss of $2.7 billion in the year-earlier period when results were weighed down by impairment charges. The operating loss shrank to $69 million from $681 million, and from $106 million in the third quarter of last year. Revenues rose 17% from the third to the fourth quarter, to $292 million, but was down from $380 million recorded in the fourth quarter of 2017. Seadrill, backed by Norwegian shipping and offshore investor John Fredriksen, was hard hit by the oil price crunch and emerged from bankruptcy protection in July last year after a financial restructuring. Continued cost cuts and a recent four-rig joint venture with Sonangol paints a positive outlook, according to Seadrill chief executive Anton Dibow-itz.