Seadrill Says Offshore Drilling Market 'Bad' This Year, Worse In 2015

Reuters

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)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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