Seadrill posts $1.6bn loss, will drop New York listing
After emerging from a Chapter 11 restructuring in 2018, Seadrill is in choppy waters again. The company's share price has been below the NYSE's minimum $1 per for almost three months and coronavirus has diminished the prospects for a recovery any time soon. With $1.2bn of cash on hand, Seadrill has opted not to get bank consent and will proceed with a comprehensive restructuring
The rig operator will remain on the Oslo Stock Exchange. It suffered a $1.2bn impairment and 19% fall in revenue in the first quarter