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Covid-19: never ending crisis

Seadrill is laying off 1400 workers

by Port News Editorial Staff

Seadrill is in serious financial trouble and is dragging 30% of his workforce into the abyss. After a loss of $1.56 billion in the first quarter, the offshore energy company headed by Norwegian billionaire John Fredriksen has announced plans to launch a restructuring and cost-cutting plan.

This was revealed by financial director Stuart Jackson, who expressed concerns about the company’s low levels of activity during a conference call on the company’s accounting results. Particularly weighing on their accounts is the plummet in crude oil prices which has fallen to an all-time low during the crisis triggered by the Coronavirus.

The immediate goal is to save 130 million dollars: the company aims to make cash by cutting a total of 1400 jobs, from a current workforce of 4500 to 3100.

Translation by Giles Foster

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