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.
BY OLE ANDERSEN
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.
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