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.

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

Further reading

Related articles

Latest news

See all jobs