Archer loss knocks Seadrill Q4

The drop in earnings is partly caused by a $185m loss on the company's investment in oilfield services company Archer, which recorded a $430m impairment last week on good will and long-lived assets.

Five drilling units entered service in the last quarter, pushing revenues up to $1.4bn from $1.2bn in the third quarter.

Since the end of 2013, Seadrill secured $1.8bn in contracts with Pemex and offshoot North Atlantic Drilling completed its IPO on the New York Stock Exchange.

At the end of the year Seadrill had 23 drillships and semi-subs in operation, 22 jack-up rigs and three tender rigs. Utilisation rates for the drillships and semi-subs was 94% and for the jack-up fleet 98%.

Seadrill's orderbook comprises 20 vessels with outstanding instalments of $6.3bn to be paid. Three rigs under construction have contracts on delivery and the company has stated it will not place further deepwater orders until the market's future is more clear.

The company's order backlog stands at $20.2bn with negotiations underway for further contracts and extensions to current agreements.