Seadrill stock rises on speculation of bailout

Offshore drilling firm Seadrill rose the most in more than seven years as investors covered short bets after the company’s main owner, billionaire John Fredriksen, freed up $510 million in cash, fueling speculation of a bailout.

Oil & Gas

Ensco in further job losses as onshore jobs hit

Ensco will reduce its onshore support jobs by a further 14% in a bid to streamline costs amid the continued decline in oil price. The offshore driller previously said earlier this year it had halved its onshore workforce by 50%.