Energy Voice | Seadrill pulls back from previous heavy losses

Offshore drilling firm Seadrill’s financial results for the first six months of 2018 has seen the firm pull back from the heavy losses at the end of last year.

The firm has reported £469 million in operating losses, an improvement on £628 million within its 2017 end of year results

Seadrill reported huge net losses of more than £2 billion in its 2017 end of year results.

Seadrill, who last year unanimously voted through a reorganisation strategy, reported net losses of more than £2.6 billion.

The firm claimed that the lion’s share of losses can be attributed to the reorganisation and its investments in its Seadrill Partners and SeaMex divisions.

The firm has attributed much of its losses to the downturn in the offshore drilling market and aging units.

Seadrill said in a statement: “As at June 30, 2018, we determined that the continuing downturn in the offshore drilling market was an indicator of impairment on certain assets and we have recognized an impairment of $414 million (£316.8m) on three of our oldest units. Of this amount, $340 million (£260.5m) relates to our Floaters segment and $74 million relates to our Jack-ups segment.

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