U.S. Markets open in 3 hrs 20 mins

SDRL - Seadrill Limited Announces Third Quarter 2018 Results


Highlights

  • Revenue of $249 million 
  • Operating loss of $106 million 
  • Adjusted EBITDA of $46 million 
  • 98% economic utilization
  • Reported net loss of $245 million and diluted net loss per share of $2.40
  • Total cash of $2.1 billion 
  • Seadrill Limited order backlog of approximately $2.1 billion
  • Added $296 million in backlog since the end of the second quarter

  Anton Dibowitz, CEO, commented:   "Having restructured our business, we are now well positioned to capitalize on the recovery. The combination of a strong cash position, no near-term amortization payments or debt maturities and light financial covenants alongside a large modern fleet and continued focus on cost reduction will ensure we remain competitive.   The fundamentals for our industry remain strong and there are improving signs through increased contracting activity, additional supply leaving the market and industry consolidation which should lead to better pricing in the future.  We are already starting to see rate improvements for contracts starting in 2019/20.   We remain disciplined in our approach to contracting and will not be drawn into long term contracts at low day-rates given our financial flexibility."
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 
Seadrill Limited 3Q 2018
Seadrill Limited Fleet Status 3Q 2018
Seadrill Limited 3Q 2018 6-K


This announcement is distributed by West Corporation on behalf of West Corporation clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seadrill Limited via GlobeNewswire

HUG#2226996