The results were more than halved for Seadrill

Rig and Shipowner John Fredriksen from Norway SeadrillOslo.Shipowner John Fredriksen from Norway.Photo: Håkon Mosvold Larsen / NTB scanpix

The operational results of Jon Fredriksen’s  rig company Seadrill were more than halved in the fourth quarter 2014 in comparison to the same period last year. At the same time the stock rise sharply on the stock exchange.

The turnover of Seadrill in the fourth quarter of last year was $ 959 million (around NOK 8.3 billion), a decrease of 1.261 million dollars.
The accounts of the rig company for 2015 overall shows a net loss of $ 750 million, compared with a profit of $ 4.1 billion last year.
– The oil industry is undergoing a severe downturn. Our priorities for 2016 are to save money and take care of our financing needs. We have a modern, competitive fleet, a solid operating history and an ambition to position ourselves for a recovery in the sector, says Seadrill manager Per Wullf.
Operating profit fell from $ 452 million in the fourth quarter of 2014 to $ 223 million in the same quarter of 2015.
Seadrill were among the winners when the Oslo Stock Exchange opened Thursday morning with a stock increase of 8.1 percent. Since new year’s day, however the rate has been halved and last year the decline has been at 83 percent.


Source: NTB scanpix / Norway Today