Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae told an energy conference on Wednesday.

"We have still not seen the bottom of the day rate fall," he said. "Unfortunately there is nothing preventing day rates from falling down to break even levels."

 

Reporting by Joachim Dagenborg