Rough offshore market rubs off on rig company results

Both Songa Offshore and North Atlantic Drilling exited the second quarter with setbacks in revenue. While Songa Offshore booked a bottom line in the black, things developed more negatively for Seadrill's subsidiary North Atlantic Drilling which landed a big loss.

Photo: Songa Offshore

Rig companies North Atlantic Drilling and Songa Offshore still operate in a particularly challenging market which is evident from the declining top lines at both companies, shown in their interim reports released Friday morning.

For Seadrill's subsidiary North Atlantic Drilling, revenue dropped significantly by more than USD 100 million in the second quarter compared to the same period last year. This is especially related to declining daily rates on the company's two rigs, West Elara and West Linus. The two rigs operate in Norway while the company has one more active rig, West Phoenix, on the British shelf.

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