Rig Firm Seadrill Turns Gloomy As Oil Firms Cut Spending

Seadrill's downbeat tone echoes that of fellow driller Maersk Drilling, a unit of Danish shipping empire A.P. Moller-Maersk, which said last week the global offshore drilling market's dip could last a further 18-24 months. It had previously said it would last 12-18 months.

On the plus side, Seadrill said it expected its earnings before interest, taxes, depreciation and amortisation to be better in the second quarter than in the first, as it reported January-March operating earnings above forecasts.

Its first-quarter net operating income came in at $890 million, above forecasts for $523 million in a Reuters poll of analysts, and also above the $552 million it posted in the same period a year ago.

Its shares were up 2.13 percent at 0818 GMT, beating a flat Oslo benchmark index.

(Reporting by Gwladys Fouche; Editing by Mark Potter)

Schramm Rig to
'Walk and Talk' Down Under by Karen Boman

UK Well Services Sector
Enjoyed 'Robust' 2013 by Jon Mainwaring

Bills Promise to Strengthen
the US Energy Market
by Robin Dupre