Seadrill Drops as CEO Says Drillship Firesale Was Overpriced

Updated on
  • Remarks suggest stock is ‘grotesquely overvalued’: Canaccord
  • Wullf says rig rates have bottomed, no recovery until 2018

The offshore drilling market is in such bad shape that when a rival recently bought a rig for less than a 10th of its new-build cost, it probably overpaid, according to Seadrill Ltd. Chief Executive Officer Per Wullf. Shares in his oil-services company reversed gains to become the biggest losers in Oslo trading.

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