Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, reported its first quarterly loss since 2011 as a collapse in oil prices reduced demand for its rigs.
The net loss of $1.83 billion came after the Hamilton, Bermuda-based company booked $1.8 billion in non-cash impairment charges to investments and goodwill, it said in a statement. Earnings before interest, taxes, depreciation and amortization fell 14 percent to $546 million from a year earlier, beating the $506 million average estimate in a Bloomberg survey of 21 analysts.
“Market conditions are likely to remain challenging through 2016 and the coming quarters will provide insight into the 2017 environment,” Chief Executive Officer Per Wullf said in the statement. The writedown is “good housekeeping,” and Seadrill’s underlying business is “very sound and healthy,” he said in a video on the company’s website.
Brazil Energy Insight 
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