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Seadrill with billions in deficit

John FredriksenShipowner John Fredriksen from Norway.Photo: Håkon Mosvold Larsen / NTB scanpix

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The rig company Seadrill had a loss before tax of well over 5 billion Nok in the third quarter. The company has down-estimated the value of several investments.

The rig company controlled by John Fredriksen, had a turnover in the third quarter of $ 743 million, or around 6.3 billion Norwegian kroner.

This is a decrease of $ 985 million.
Profits before tax increased however by almost $ 1.8 billion to around $ 600 million. Meanwhile, operating profits improved from minus $ 291 million to $ 247 million in the black.

According to E24,  the Seadrill impairment charge of $ 882 million will take place in the third quarter. There are investments in Seadrill Partners and Seamex.

– The rig market remains challenging, but we see improvements in the level of supply, said CEO Per Wulff.

He envisions a challenging 2017, but expects the market will gradually recover when there is a need for more drilling to prevent increased decline in oil production.

The market is evidently not intimidated by the result, and Seadrill’s shares rose at the start of the Oslo Stock Exchange. By lunchtime it had increased 6.4 percent in value. During the past year, it has seen a decline of 60 percent.

 

Source: NTB scanpix / Norway Today

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