Seadrill: We'll exit the downturn a stronger company

Drilling company Seadrill, which has received a severe beating on the stock exchange this fall and winter, managed to improve its operating result in the fourth quarter. The company expects to benefit from the current downturn in the market.

Photo: Seadrill

John Fredriksen's drilling company Seadrill managed to grow its operating result 17 percent in the fourth quarter 2014, compared to the same period the year before, in spite of a depressed oil market. The fourth quarter operating result (EBITDA) came to USD 897 million, according to the financial report, published Thursday. Revenue finished at USD 1.261 billion in the quarter, slightly lower than USD 1.293 billion in the same period 2013.

"Together with the rest of the industry, we are facing challenging times. Seadrill operates in a market that is, and will continue to be cyclical. We have taken prudent and positive action during 2014, and will continue to do so in 2015, to position ourselves to have the flexibility, from an operational and financial perspective, to manage through this downturn," says Per Wulff, chairman and CEO, Seadrill, in a statement.

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