Restructured drillship and rig owner Seadrill has posted a lower fourth quarter loss following its US debt restructuring.
The John Fredriksen-backed company said the net deficit to 31 December was $360m, versus $2.66bn a year ago.
Revenue was lower at $292m against $431m in 2017.
It has total cash of $2bn and an order backlog of the same amount.
CEO Anton Dibowitz said: "The offshore drilling market continues to show signs of improvement with increased tendering activity and better contract economics.
"We expect more activity in 2019 to lead to a tighter supply demand balance and improved pricing in 2020 as the recovery progresses.
"We remain focused on continued cost reduction and disciplined use of capital including the terms on which we will contract our premium fleet."
Seadrill still has eight jack-ups on order at China's Dalian Shipbuilding Industry Offshore, which entered court restructuring in January.
"We continue to monitor the situation and expect to file the relevant claims in due course," it said.
It has also launched a consent solicitation for proposed amendments to its senior secured notes due in 2025.
The company plans to launch a $340m tender offer at a price of 107%.
This will cut the outstanding amount from $769m to $461m.
