• Technical utilization of 96% and economic utilization of 94%
  • Total backlog stands at $1.9 billion with approximately $50 million added during the quarter
  • Cash and cash equivalents as at December 31, 2020 of $723m of which $526 million was unrestricted
  • Non-cash impairment of $2.9 billion
  • $0.5 billion non-cash gain arising on the deconsolidation of certain subisidiaries of SFL Corporation Limited

Subsequent Events

  • On February 7, 2021 certain of the Company’s wholly owned subsidiaries filed for bankruptcy protection under Chapter 11 and on February 10, 2021, the Company and certain of the Company’s consolidated subsidiaries filed for Chapter 11 bankruptcy protection in the United States. We would expect the eventual outcome of this process to lead to a significant reduction or elimination of current shareholder positions.

Stuart Jackson, CEO, commented:

Our 2nd half 2020 results reflect the impact of executing backlog contracted during tough market conditions.  As a consequence, we have also taken significant impairments on our assets as the likelihood of scrapping more assets increases.  Whilst addressing the asset side of our balance sheet we have also taken action on the liabilities side and filed certain companies for Chapter 11 protection within the US Bankruptcy Code.  The Chapter 11 process will run for many months as we seek solutions with our different creditor groups.  However, I feel confident that we will find a suitable resolution which will see a financially more robust Seadrill continue delivering safe, efficient operations for our customers."