Seadrill lost NOK 5.5 billion in the first half of the year

John FredriksenPhoto: Håkon Mosvold Larsen / NTB

Seadrill, John Fredriksen’s crisis-stricken deepwater drilling company, reported gloomy results for the first half of 2021 – a net loss of NOK 5.5 billion.

On Friday morning, the company presented the figures for the first half of the year. The figures show a net loss of USD 605 million or NOK 5.5 billion.

The company is undergoing an extensive restructuring process to get rid of debt and hopes to complete the process in November. Seadrill is one of the world’s largest drilling contractors with a fleet consisting of semi-submersible rigs, jack-up rigs, drilling vessels, and barge rigs.

“Seadrill has continued to operate efficiently and safely throughout the first half of the year, despite the fact that disruptions as a result of COVID-19 have challenged the logistics in this industry,” Seadrill CEO Stuart Jackson stated in the quarterly report that was presented on Friday morning, according to newspaper Finansavisen.

In February this year, the company applied for bankruptcy protection in the United States. It was the second time in four years that Seadrill had to apply for bankruptcy protection. The last time was in 2017.

Shipowner John Fredriksen is the largest shareholder in Seadrill through the company Hemen Holding. 

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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