Seadrill says oil industry may be turning as Q2 beats forecast

Listed offshore driller Seadrill, once the crown jewel in the business empire of shipping tycoon John Fredriksen, said the oil industry may be turning a corner as it posted second-quarter earnings above forecasts on Thursday.

At the height of the oil price boom, the company was the world’s largest offshore driller by market capitalisation, but it has been struggling as oil firms slash costs to counter a 57-percent decline in crude prices since mid-2014.

Seadrill’s share price has fallen by 90 percent over the past two years, against a 1.5 percent rise for the Oslo benchmark index over the same period.

But the cycle may be turning, Seadrill said on Thursday, joining other industry suppliers that have recently pointed to signs of recovery in demand from oil companies.

Read more

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by WordPress.com.

Up ↑

%d bloggers like this: