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Seadrill Values

Q1 2017 Results

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  • Financial performance summary

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  • Seadrill generated EBITDA of $291 million for the first quarter of 2017
  • Current orderbacklog of approximately $3.4 billion
  • $7.1 billion for the Seadrill Group

Seadrill achieves

  • 97% economic utilization for the floater fleet
  • 98% for the jack-up fleet

During the first quarter:

  • The West Phoenix was awarded a one well contract with Nexen Petroleum. The contract will run in direct continuation from its existing contract with Total and the total backlog is estimated to be $17 million.The West Elara was awarded a one well extension plus one option well from Statoil. The backlog for the firm well is estimated to be $10 million.
  • The West Mischief received a contract termination notice from NDC and is expected to end operations in August 2017 as opposed to the original contracted December 2017 date. The total backlog impact is a $9 million decrease.
  • West Cressida was awarded a two month extension of its existing contract with PTTEP Thailand at the original contract day rate of $64,500 per day.
  • SeaMex, the Company's 50% owned JV, agreed a 29 month contract extension at the current contracted day rates for each of the five jack-up rigs contracted with Pemex in Mexico. Simultaneously SeaMex agreed to provide Pemex with a discount to contracted rates for 22 months effective November 2016. The net impact on contract backlog for SeaMex was an increase of $580 million.
  • The West Saturn was awarded a one well contract with Ophir Cotê d’Ivoire in Cotê d’Ivoire, which commenced in the second quarter of 2017. Total contract backlog is expected to be approximately $5.5 million based on an estimated contract duration of 35 days.

Additionally, during the second quarter to date we have concluded the following commercial agreements:

  • The West Freedom was awarded a one well contract with Ecopetrol in Columbia. Commencement is expected in the third quarter of 2017. Contract backlog is expected to be approximately $5 million.
  • In April, NADL, our majority owned subsidiary, announced the contract awards and extension for the jack-ups West Elara and West Linus with ConocoPhillips, for work in the Greater Ekofisk Area. The contracts are for a period of 10 years and the total additional backlog for the new contract awards is estimated at $1.4 billion, excluding performance bonuses. The contracts include market indexed dayrates and the estimated backlog is subject to change based on market conditions.
  • In April, Statoil exercised an option to extend the contract for the West Elara with one additional well at a rate of $135,000 per day. The contract is now expected to extend until September 2017.
  • In May, Seadrill announced an agreement with Shelf Drilling to sell the West Triton, West Resolute and West Mischief for a total consideration of $225 million subject to customary closing conditions. The West Triton and West Resolute were delivered to Shelf Drilling in May 2017. The West Mischief is due for delivery to Shelf Drilling during the third quarter of 2017 after completion of its current drilling contract with NDC in Abu Dhabi.
  • The West Cressida was awarded a binding letter of award for a 90 day contract with PCPPOC in Malaysia. Commencement is expected in June 2017. Contract backlog is expected to be approximately $5 million.

Financial Performance Summary: 4Q16 underlying

Underlying* 1Q17 4Q16 3Q16 2Q16 1Q16
Revenue 569 667 743 868 897
EBITDA 291 354 441 557 528
Margin (%) 51% 53% 59% 64% 59%
Operating (loss)/income 83 131 247 364 328
Net Debt 8,177 8,476 8,948 9,114 9,645

* Underlying is defined as reported results, adjusted for non-recurring items and disposals

Seadrill Limited First Quarter 2017 results

pdf 714KB

Conference call 1Q 2017

pdf 1.2MB

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