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NEW YORK (TheStreet) -- Seadrill (SDRL) - Get Seadrill Ltd. Report shares are getting pressured, down by 4.09% to $6.22 on Wednesday, from lower-than-expected third quarter 2015 results, reported yesterday before the market open and tumbling oil prices.

For the quarter ended September 30, the company earned 21 cents a share, missing analysts' estimates of 45 cents a share.

Revenue came in at $985 million, also falling short of forecasts of $1.02 billion.

Volatile oil market put a dent in the offshore drilling contractor's latest financial results. CEO Per Wullf stated that going forward, "We believe that market conditions are likely to remain challenging through 2016."

Despite these grim results, the company raised its 2015 total savings goal to $600 million from $500 million and forecasts saving an additional $200 million next year.

Furthermore, oil futures were lower today on oversupply concerns, erasing yesterday's gains from geopolitical tensions following news that Turkey shot down a Russian jet, the Wall Street Journal reports. 

Crude oil (WTI) is slumping by 1.28% to $42.32 per barrel and Brent crude is tumbling by 1.39% to $45.43 per barrel, according to the index.

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Separately, TheStreet Ratings team rates SEADRILL LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate SEADRILL LTD (SDRL) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: SDRL

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