OSLO–Norwegian oil services company Seadrill Ltd on Wednesday said it would suspend dividend payments and cut its debt after reporting a fall in third-quarter net profit, citing a deterioration in offshore drilling and financing markets.
Net profit totaled $149 million, or $0.31 a share, down from $286 million in the corresponding quarter last year.
“The decision to suspend the dividend has been a difficult decision for the board. However, taking into consideration the significant deterioration in the broader offshore drilling and financing markets over the past quarter, the board believes this is the right course of action for the company,” said Seadrill chairman John Fredriksen.
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