ShippingWatch

The oil crisis has cut Seadrill's value by USD 3.80 billion

The market value of John Fredriksen's crown jewel Seadrill has decreased dramatically in the last three months, by around USD 3.80 billion, which means that the company's value has been cut in half. In an usual move, the company is not paying dividends to shareholders.

The oil price, and not least the oil companies' adjustment efforts, are creating uncertainty among suppliers - and this uncertainty is very visible at drilling company Seadrill, the key unit in Norwegian-Cypriot shipping magnate John Fredriksen's empire.

With the publication of the company's interim report on Wednesday, Seadrill's share dropped 16 percent, and the company's share value has thus dropped around USD 3.80 billion in the last three months. This means that the company's market value has been cut in half, Per Hansen, investment economist at Nordnet, tells ShippingWatch.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs