Seadrill to lay off 1,400 employees

The offshore crisis has made Seadrill launch a cost reduction plan that will result in layoffs of employees on land and offshore, while management will take paycuts.

CEO Anton Dibowtiz and the rest of Seadrill's management will take paycuts. | Photo: PR / Seadrill

Seadrill plans to lay off 1,400 employees on land and offshore as part of a cost reduction initiative in the next 18 months.

This was revealed during the company's presentation of its interim report for the first quarter, which brought a deficit of USD 1.6 billion and a delisting of the share on the New York Stock Exchange, where Seadrill's stock has for some time now hovered at around USD 1.

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