Tue, Nov. 24, 8:25 AM
- Seadrill (NYSE:SDRL) +0.3% premarket after reporting an unadjusted Q3 loss of $1.83B, or $3.70/share, mainly due to $1.8B in impairments on its stakes in Seadrill Partners (NYSE:SDLP) and on the goodwill on its fleet of floating drilling rigs.
- EBITDA fell 14% Y/Y to $546M but came in ahead of the analyst consensus estimate of $506M; SDRL expects Q4 EBITDA to drop by $30M, partly due to increased idle time on some rigs.
- SDRL says it expects to cut costs by $600M this year from a previous target of $500M, and that it expects further cuts of $200M in 2016.
- During Q3, SDRL says it deferred or cancelled the delivery of some of its 14 rigs under construction.
- "Market conditions are likely to remain challenging through 2016 and the coming quarters will provide insight into the 2017 environment," CEO Per Wullf says.
Tue, Nov. 24, 7:57 AM
Thu, Aug. 27, 9:21 AM
Thu, May 28, 7:42 AM
Thu, Feb. 26, 9:22 AM
Nov. 26, 2014, 9:11 AM
Aug. 27, 2014, 9:31 AM
Seadrill Partners LLC is engaged in owing, operating and acquiring offshore drilling units. Its drilling rigs are under long-term contracts with oil companies such as Chevron, Total, BP and ExxonMobil.
Other News & PR