Revenues for the second quarter of 2015 were $1,147 million compared to $1,244 million in the first quarter of 2015. Operating profit for the quarter was $384 million compared to $703 million in the preceding quarter. The decrease was primarily due to the gain on deconsolidation of SeaMex during the first quarter, and a loss on the sale of the West Polaris to Seadrill Partners during the second quarter. Taken together, these items account for approximately $261 million, or 82%, of the sequential decline in operating profit. Excluding these non-recurring items, operating profit declined 11% sequentially.

A sharp drop in oil prices since the summer is creating a heap of trouble for Norway.

Sanctions are forcing Exxon Mobil Corp. to look for alternative assignments for an offshore rig supposed to sail back to the Russian Arctic next summer, writes Bloomberg.

A growing list of delayed or cancelled projects, seen by some investors as a healthy move by majors to rein in capital spend after a poor history of returns is working its way through corporate earnings; it has already pummelled the share price of some European suppliers seen as financially fragile.

North Atlantic Drilling Ltd. (NADL), the rig company controlled by billionaire John Fredriksen, will extend a deadline to complete deals with Russia’s OAO Rosneft (ROSN) that include $4.25 billion in contracts amid concern over trade sanctions, a person familiar with discussions said.

Billionaire investor John Fredriksen is considering buying more shares in oil rig operator Seadrill after the stock's sharp fall this year, Norwegian business daily Finansavisen reported on Monday.

Exxon Said to Halt Arctic Oil Well Drilling on Sanctions

Seadrill Limited Announces Second Quarter 2014 Results

Rosneft signs deal with NAD for land drilling rigs in Russia

Russia sanctions fail to block Norwegian deal with Rosneft