Seadrill Says Offshore Drilling Market 'Bad' This Year, Worse In 2015
OSLO, Sept 10 (Reuters) – Seadrill, the world's biggest offshore driller by market capitalisation, expects the rig market to remain soft for the next couple of years, Chief Financial Office Rune Magnus Lundetrae said on Wednesday.
"Current market softness is going to be a challenge for a couple of years," Lundetrae told a conference. "The market is going to be bad this year, it is going to be worse next year, then it will be stabilising."
Rig rates have fallen sharply over the past 18 months as oil companies cut capital spending, just as dozens of brand new offshore rigs hit the seas, creating overcapacity.
(Reporting by Gwladys Fouche, editing by Terje Solsvik)
WHAT DO YOU THINK?
- Seadrill's Debt Overhaul Faces Creditor Scrutiny (Oct 02)
- Seadrill Files for Bankruptcy in Bid to Shrink Debt Burden (Sep 13)
- Seadrill Warns Again Of Chapter 11 As Extends $14B Debt Talks (Jul 26)