John Fredriksen’s Seadrill has implemented a large cost-cutting exercise as it faces up to the prospect of another prolonged downturn in the rig market.
The aim is to save $130m in the next 18 months. Some 1,400 staff will be made redundant taking the total workforce to 3,100 while management has agreed to take salary cuts ranging in size from 20% to 45%.
Splash reported yesterday Seadrill will delist from the New York Stock Exchange (NYSE) later this month. The company reported a net loss of $1.56bn in the first quarter this year.