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Seadrill to restate earnings, postpones Q4 report
February 22, 2017 / 7:03 AM / 10 months ago

Seadrill to restate earnings, postpones Q4 report

OSLO, Feb 22 (Reuters) - Oil rig firm Seadrill postponed its fourth-quarter earnings report and will restate earnings from 2015 onwards to correctly account for hedges and swaps relating to currencies and interest rates, it said on Wednesday.

Restating its 2015 earnings will boost the company’s shareholder equity by between $100 million and $150 million, while a restatement for the first three quarters of 2016 will add another $20 million to $60 million, it added.

The company, once the jewel in the crown of shipping tycoon John Fredriksen, has for more than a year been in talks with creditors to restructure debt and liabilities worth some $14 billion.

The company’s fourth-quarter earnings will now be released on Feb. 28, rather than on Feb. 23, the company said. (Reporting by Terje Solsvik, editing by Nerijus Adomaitis)

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