Operating profit of $413 million dropped from $483 million
Seadrill lost $53.3 million on its 39.9% majority shareholding in oilfield services outfit Archer and said in its results statement the board has been “disappointed with the operational and financial performance” of the company, though is optimistic that recently implemented remedial measures will turn the tide.
Operating profit of $413 million dropped from $483 million in the previous quarter as net financial items showed a loss of $158 million, versus a gain of $114 million in the prior period.
The figure was below analyst expectations of $485 million, according to Norwegian newswire TDN Finans.
Also, revenue dropped when compared with the second-quarter figure of $1.12 billion.