Seadrill Deepens Cost Cuts to Ride Out CEO's Worst Rig Slump
- CEO sees billionaire owner Fredriksen weekly on refinancing
- Seadrill will be ready when rig market comes back, CEO says
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Seadrill Ltd., once the crown jewel among billionaire John Fredriksen’s oil and shipping holdings, is deepening planned cost reductions this year as it attempts to make it through the worst market slump its chief executive has ever seen.
Savings will exceed the $200 million target announced in November, adding to the more than $600 million in cost cuts put in place in 2015, CEO Per Wullf said in a phone interview from London. Almost 80 percent of the 2016 cuts are sustainable, he said.