PETALING JAYA: An oversupply and price war are pushing down drilling rig rates in the oil and gas (O&G) industry around the world, which could impact the earnings of some local players.
Already, one of the biggest casualties of this development is Seadrill Ltd, the world’s largest O&G rig operator. On Wednesday, Seadrill posted a 40% drop for its third-quarter net profits and suspended its dividend payment. The last time it halted the payment was in Nov 2009.
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