Seadrill Ltd (SDRL)

[MisterEC]

How's this:

youngin's will like it.



Seadrill (NYSE:SDRL) +5% premarket after its Q1 earnings report included plans to cut costs by $340M this year, with $305M considered sustainable savings and $35M deferred spending; SDRL previously had said it planned to cut costs by $260M.

SDRL, whose Q1 revenues tumbled 28% Y/Y to $891M from $1.2B in the year-ago period, partly because of lower dayrates paid for some of its drilling rigs, says it had "record operational uptime" with 96% economic utilization.

SDRL CEO Per Wullf thinks the rig market will rebalance eventually: "Within the next few years, we believe the continued scrapping of older rigs in combination with required exploration and development drilling will bring the market back to balance and subsequent improved day rates."

Now read Seadrill: No upside, sorry


Now read: Seadrill: Ready To Crash And Burn »