Seadrill Says to Resume Dividend When Rig Market Turns Around
Offshore oil driller Seadrill plans to resume dividend payments when the market begins to improve, Chief Financial Officer Rune Magnus Lundetrae said. Known for paying relatively large dividends to its owners, Seadrill abruptly suspended payments earlier on Wednesday and said it would save cash to strengthen its balance sheet during an uncertain time for the oil industry. "I think we will resume the dividend as soon as we're comfortable the cycle has turned," Lundetrae said during the company's earnings call, adding that he could not say how long the suspension would last.
Offshore Oil Drilling Market to Suffer through 2015
as oil companies cut capital spending, saving cash for dividends, just as dozens of brand new offshore rigs ordered during the boom times hit the seas, creating overcapacity. "The market is going to be bad this year, it is going to be worse next year, then it will be stabilising," Rune Magnus Lundetrae, chief financial officer (CFO) of Seadrill, the world's biggest driller by market capitalisation, said on the sidelines of an industry conference. Day rates for the most advanced ultra-deepwater rigs peaked around $650,000 last year and are now down in a range of $375,000-$500,000, though
Seadrill Appoint Per Wulff New CEO
fleet, and for the time being will also retain his position as the Company's Chief Operating Officer. Some functions which have previously been a part of the CEO's responsibilities such as investor presentations, corporate transactions, and financing will to a large extent be assumed by the CFO Rune Magnus Lundetrae and the CAO Rob Hingley-Wilson. This is being done in order for Mr. Wullf to maintain maximum focus on Seadrill's expansion and operation." Seadrill has a versatile fleet comprising of 62 units, including newbuilds under construction. The fleet operates across five continents supported
February 2024
