Seadrill's chief executive Per Wullf said the firm was preparing for another challenging year.
Seadrill has moved to distance itself from the Petrobas corruption scandal which has embroiled Sevan, in which it has a controlling stake.
Seadrill has canceled a contract for the construction of the sixth generation West Mira semisubmersible drilling unit. The company had ordered the unit during the second quarter of 2012 and the delivery date put forward in the construction contract had been for December last year.
Seadrill has delayed delivery on 10 of its new-build projects as it saw profits fall as more of its fleet lay idle due to declining oil and gas activity.
North Atlantic Drilling's chief financial officer Ragnvald Kavli, is to step down later this month.
Offshore drilling company Seadrill Limited is to sell its West Polaris drillship to a subsidiary within the next week. Seadrill Operating, which is 58% owned by Seadrill Limited, will acquire all of its owner's shares of Seadrill Polaris, the entity which owns the the drillship.
Seadrill has posted better than expected first-quarter profits as cost cuts help during the oil price decline. The offshore driller, which is controlled by billionaire John Fredriksen, posted a net income of $427 million. Chief executive Per Wullf said: “Seadrill continues to be focused on operational excellence and financial flexibility in order to manage through this downturn and thrive when the market recovers.
Seadrill has taken ownership of an ultra deepwater drillship in a $456million deal with Ship Finance. The West Polaris was acquired by Ship Finance in 2008 and chartered to Seadrill with purchase options commencing in 2012.
A director with rig company Seadrill has stepped down from his position on the board. Carl Erik Steen resigned from the board with immediate effect, and a successor has been chosen to take his place.