In a market characterized by oljenedturen got John Fredriksens riggselskap Seadrill a gross operating profit of 441 million dollars in the third quarter, compared to 546 million dollars in the corresponding quarter last year.
at the same time fell the revenues of 743 million dollars from 985 million, while profit before tax rose to minus 607 million dollars, corresponding to a deficit of over five billion crowns, from minus 1,87 billion dollars in the year, when large write-downs characterized the financial statements.
In advance had the analysts were expecting a gross operating profit of 403 million dollars of revenue on the 733 million dollars, according to SME Direkt for TDN Finans.
Write down investments
Also in this quarter the company takes big write-downs, this time on the 882 million dollars.
still Looks great a danger to Seadrills shareholders
Writedowns are related to the investments in Seadrill Partners and Seamex, where the former stands for 806 million dollars.
For the fourth quarter waiting Seadrill that the effect of lower dagrater and units of the contract will reduce the earnings. Gross operating profit is expected to fall to 340 million dollars.
Seadrill Limited order book at the end of the second quarter was 3.6 billion dollars.
Waiting gradually markedsbedring
In the wake of the oljeprisnedturen have riggselskapenes customers, the oil companies, honed sparekniven and cut costs and investments. Thus, there has been too little work and too many rigs, which has sent charter rates to the bottom and the many oil rigs in the circulation.
But Seadrill-boss sees signs of some brighter times.
Offshore-boremarkedet is still challenging, but we see an improvement in anbudsnivået. Most of the new work is short-term contracts at or near cash flow lønnsomhetspunktet, and 2017 is expected to remain challenging. We are, however, expecting that the market will gradually improve as costs have been reset through the value chain and more drilling will be necessary to avoid accelerated produksjonsfall, ” says Per Wullf in a comment.
– Progress in the restructuring
Seadrill is, however, the market’s focus is directed more towards the financial restructuring, the company is working with than the quarterly results. Redningsplanen has been pushed on in time several times, most recently in the previous week.
Then said Seadrill that it expected an agreement with creditors by the end of april 2017.
In this interim report, type the company that it has made good progress on the terms of an agreement with the banks that will give forfallene in all secured credit facilities a profile in which they fall due in the period from 2020 to 2023, reduce fixed avdragsforpliktelser and adjust the financial loan conditions.
Fredriksen-party on the solid Oslo stock Exchange
the Company writes further that it has initiated contact with the bondholders and potential providers of the new capital on other important items in the plan.
the Process to restructure the debt to the rig company is referred as one of the most complex of its kind. The debt is high, and there are a number of banks, bondholders and shareholders to come to an agreement.
At the end of the quarter was the net interest-bearing debt at 8,95 billion dollars, down from 9,11 billion in the previous quarter.
Recently got the Seadrill extended the decay of a credit facility until 30. april 2017, giving breathing space.
– This extension ensures that no debt is due before april 2017 and time to continue negotiations with banks, bondholders and new kapitaldeltagere as well as time to implement the agreement, enter the rig company.
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