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Seadrill plans large-scale cost reductions in 2016

Rig company Seadrill will take on another massive cost-cutting program in 2016, and the company will also announce its action plan for a refinancing, notes management in the fourth quarter interim report. However, revenue only declined slightly in the fourth quarter.

Immense savings feature prominently on the agenda for struggling rig unit Seadrill, which in the fourth quarter interim report announces a new cost-cutting program for 2016.

"In 2016 we have identified a further USD 260 million of sustainable cost savings relative to levels achieved in 2015 as we continue to focus on headcount reductions, insurance savings, supplier discounts, travel costs and compensation adjustments," Seadrill writes in the interim report.

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