Seadrill Sinks After Cutting Backlogged Orders From Petrobras

Shares of Seadrill (SDRL) sank on Friday, after cutting backlogged orders from Brazilian firm Petrobras (PBR), making it TheStreet's Move of the Day. Seadrill, the world's third largest offshore driller said it will remove $1.1 billion worth of Petrobras orders from its third quarter 2014 backlog. The move comes amid Petrobras' ongoing corruption scandal. Petrobras has been under investigation on claims that the company's suppliers and contractors bribed executives for inflated contracts. Seadrill had two contract extensions signed with Petrobras, but now says they will no longer be concluded as previously agreed upon. Shares of Seadrill ended the day down on nearly twice its average trading volume. TheStreet's Kurumi Fukushima reports in New York.