Lower economic utilization of 93%1 primarily due to the West Linus 5-year classing

  • Revenue up 14% at $367 million with increasing reimbursable revenues and more operating days
  • Operating Loss of $58 million
  • Adjusted EBITDA2 of $85 million, ahead of $70-75 million guidance
  • $302 million non-cash impairment in investments relating to Seadrill Partners
  • Net loss of $521 million equivalent to net loss per share of $5.21
  • Total cash of $1.4 billion, slightly below the second quarter balance
  • Order backlog of $1.8 billion as at September 30, 2019

1 Economic utilization is calculated as total revenue, excluding bonuses, for the period as a proportion of the full operating dayrate multiplied by the number of days on contract in the period.
2 Adjusted EBITDA represents operating income before depreciation, amortization and similar non-cash charges. Additionally, in any given period we may have significant, unusual or non-recurring items which we may exclude from Adjusted EBITDA for that period. When applicable, these items would be fully disclosed and incorporated into the required reconciliations from US GAAP to non-GAAP measures. Refer to the Appendix for the reconciliation of operating income to Adjusted EBITDA, as operating income is the most directly comparable US GAAP measure.

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