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Standard & Poor's downgrades Seadrill credit rating

The need for capital at John Fredriksen's drilling company Seadrill, along with speculative newbuildings without work, make Standard & Poor's downgrade the company's rating by two notches.

Photo: Seadrill

Standard & Poor's has lowered its long-term credit rating of John Fredriksen-controlled drilling company Seadrill by two notches, to B from BB-. The rating bureau cites the company's significant need for capital in the crisis-stricken offshore market which, according to Standard & Poor's, has deteriorated markedly in recent quarters - and this makes it unlikely that drilling rigs without contracts will be able to find employment at profitable rates.

Seadrill's share declined further on Friday, down to USD 4.24, an all-time low for the share.

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