John Fredriksen-backed Seadrill Partners reported a 41.7% drop in second-quarter profit but said there is a growing belief that the battered market is at or near bottom.
The New York-listed drilling contractor, a spinoff of Seadrill, reported net income of $112m during the quarter, down from $73.2m in the same period of 2015.
But it said oil companies are beginning to see the impacts of the cuts across the sector.
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