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August 26, 2020

Coronavirus company news summary – Saudi Arabia’s crude supplies to China slip – Seadrill reports further fall in revenue

By Jessica Paige

26 August

Saudi Arabia’s crude oil supplies to China dropped last month after it trimmed output following weak demand due to Covid-19 pandemic. In July, the kingdom exported 5.36 million tonnes of crude oil to China, Reuters reported citing data from the General Administration of Customs. In June, the figure was 8.88 million tonnes.

The rate of crude processing at refineries in India dropped last month as Covid-19 cases continue to increase restricting the recovery. In July, the refiners processed around 17.68 million tonnes, Reuters reported citing the government data. The figure is nearly 2.5% less compared to the amount processed in June. The data also showed that the refiners operated at around 83.3% of their full capacity in July.

Seadrill, an offshore driller, has reported further fall in quarterly revenues amid Covid-19 crisis. In the quarter than ended in June, the company reported a revenue of $277m, a 14% fall from $321m recorded in 2020 Q1. The fall was due to lower management contract revenues. The net loss attributable to shareholders in the last quarter was $181m.

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