Subsea 7 increased its revenue with 59 percent compared to 2020, however, it was not enough to keep the balance sheet in the black on the bottom line. The offshore company states that delays and Covid-19 impacted business in the second quarter.
SEB evaluates that the recently restructured Seadrill will have a fair equity value of about USD 1.2bn. Since the news of the restructuring broke over the weekend, the Seadrill stock price has only plummeted.
Shipping lines should invest in green initiatives to future-proof their business, urge German NGO NABU and Dutch asset manager NN Investment Partners. Both of them are looking for investors to transform polluting companies from within.
Seaspan, Hafnia, Hapag-Lloyd, Euronav and Odfjell have all secured financing of approximately USD 1.5bn that is linked to meeting climate targets. This opens up for more access to capital, but also comes with increased reputation risks, the head of investor relations at Odfjell tells EnergyWatch's sister media ShippingWatch.
John Fredriksen's strained drilling company Seadrill has settled a comprehensive restructuring agreement with a majority of its lenders, which among other things reduced the company's debt liabilities by almost USD 5bn.