February 26, 2019 / 6:52 AM / 3 months ago

Seadrill sees brighter rig market as Q4 boosted by lower cost, one-offs

OSLO, Feb 26 (Reuters) - Seadrill’s core earnings for the fourth quarter exceeded the company’s own guidance, boosted by lower costs and one-off items, while the market outlook for drilling rigs was improving, the Oslo-listed firm said on Tuesday.

The company controlled by Norwegian-born billionaire John Fredriksen reported $73 million in quarterly adjusted earnings before interest, tax, depreciation and amortization (EBITDA), beating a $35 million prediction it made in November.

Adjusted EBITDA is expected to ease to around $60 million in the first quarter, the company added. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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