Seadrill to axe more than 30% of its staff

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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