RDC - Fred Olsen Troubles Mean Another Modern Drillship May Be On Sale Soon
Back in August, I discussed the story of Fred. Olsen Energy (FOEAY) and its implications for the offshore drilling market in "Another Driller Bites The Dust - Industry Implications". The company has recently reported its third-quarter results, and it's high time to look at the developments at Fred. Olsen and what they mean for other market participants.
Fred. Olsen is in clear trouble. In the third quarter, the company reported revenues of $17.9 million and loss of $102.6 million. The source of loss was a negative EBITDA of $25.3 million, as