John Fredriksen's restructured Seadrill has reduced its first quarter loss as revenue rose.
The drillship player said the net deficit was $296m, against $360m in the fourth quarter of 2018.
Revenue rose to $302m from $292m, while operating expenses were $399m, versus $382m.
The company has 35 rigs of its own and manages another 11 for Seadrill Partners, five for Seamex and two for Fredriksen's Northern Drilling.
CEO Anton Dibowitz said: "We continue to see increased contracting activity in the deepwater market, in many instances with improved contract terms such as mobilisation payments and certain capex being paid for by the customer.
"While the spot market for short term work remains competitive, we are starting to see improvements in rates for longer term work."
