Offshore drillers were weak early on Wednesday after Seadrill Ltd. (NYSE: SDRL) said its was suspending its dividend distributions and focusing on debt reduction due to significant deterioration in the broader markets. Peers Transocean (NYSE: RIG), Diamond Offshore Drilling (NYSE: DO), and North Atlantic Drilling Ltd. (NYSE: NADL) moved lower.

Other peers include Noble Corp (NYSE: NE) and Ensco plc (NYSE: ESV), Ocean Rig UDW (NASDAQ: ORIG), Hercules Offshore (NASDAQ: HERO), and Pacific Drilling S.A. (NYSE: PACD).