Seadrill Ltd., the oil-rig company controlled by billionaire John Fredriksen, beat profit estimates as it deepened cost cuts to counter a slump in demand for offshore drilling. The stock rose as much as 10 percent in Oslo.
The company, which is struggling with debt in a dismal rig market, said it would announce a funding plan in the first half of the year, while cost cuts were exceeding expectations. Net income rose 82 percent to $285 million in the fourth quarter, beating the $238 million average estimate in a Bloomberg survey.
Brazil Energy Insight 
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