ShippingWatch

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.

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