Seadrill Sinks as ‘Fierce’ Competition Hits Earnings

Shares of Seadrill (SDRL) are sinking today after the offshore driller missed earnings forecasts and called the rig market “challenging.” Agence France-Presse/Getty Images Seadrill reported earnings before interest, tax, depreciation and amortisation, or EBITDA, of $641 million, well below forecasts for $663 million. Seadrill did, however, reinforce its commitment to paying its dividend through 2016. In [...]