Seadrill Ltd., once the crown jewel among billionaire John Fredriksen’s oil and shipping holdings, is deepening planned cost reductions this year as it attempts to make it through the worst market slump its chief executive has ever seen. Savings will exceed the $200 million target announced in November, adding to the more than $600 million in cost cuts put in place in 2015, CEO Per Wullf said in a phone interview from London. Almost 80 percent of the 2016 cuts are sustainable, he said. The reductions are part of a multi-front struggle for Seadrill as it fights to stay afloat amid a plunge in oil prices over the past 18 months. Crude producers are cutting spending, collapsing demand for drilling at the same time as a glut of new rigs inflated supply. For Seadrill, which has delayed the delivery of new rigs, renegotiated contracts and stopped paying dividends, the […]