Seadrill shares drop on writedown of $1.2bn in value of its oil rigs
The oil price collapse has reduced the need for drilling rigs with the company saying 10 of its rigs are set to be scrapped
02 June 2020 - 17:40
Oslo — Seadrill announced a writedown of $1.2bn on the value of its oil drilling rigs on Tuesday and warned that its survival hinges on converting parts of its $7.4bn in debt into equity, sending its shares tumbling.
The company plans to cut 1,400 jobs and lower costs by $130m over the next 18 months, CFO Stuart Jackson told a conference call...
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