SDRL - Filing of 2017 Annual Report on Form 20-F

Hamilton, Bermuda, April 13, 2018 - Seadrill Limited ("Seadrill or the Company") announces that it has filed its annual report on Form 20-F for the year ended December 31, 2017 with the Securities and Exchange Commission in the U.S.

The tables below summarize the key underlying financial metrics:

Year ended December 31
(in $ millions)     2017
Operating loss       (728)
Depreciation and amortization       798
Loss on impairment of long lived assets       696
Loss on disposals       245
Adjusted EBITDA       1,011
       
Year ended December 31
(in $ millions)     2017
Reported net loss       (3,102)
       
Loss on disposals (1)       245
Loss on impairment of long lived assets (2)       696
Loss on impairment of investments (3)       841
Non-cash market movements on derivatives       (76)
Reorganization items (4)       1,337
Underlying net loss       (59)

 

  1. The $245 million Loss on disposals relates to the sale of three jack-up units, the Sevan Developer and the West Rigel.
  2. The $696 Loss on impairment of long lived assets relates to the write down of our investment in four newbuild drillships reflecting our agreement reached with our creditors.
  3. The $841 million Loss on impairment of investments relates to our investments in Seadrill Partners and SeaMex.  Under US GAAP we are required to determine whether a decline in the value of marketable securities and equity method investments represents an 'other than temporary impairment'.  $805 million of the impairment charge relates to our investment in Seadrill Partners with the balance relating to our investment in SeaMex.
  4. The $1.3 billion of Reorganization items relate to Chapter 11 specific accounting adjustments, including but not limited to, shipyard claims [related to four newbuild drillships], advisory and commitment fees, previously capitalized debt issuance costs and the reversal of derivative valuation adjustments made during 2016.

The report may be accessed on the Company's website, www.seadrill.com, or on the website of the U.S. Securities and Exchange Commission, www.sec.gov.

Shareholders may also request a hard copy of the Annual Report, which includes the Company's complete 2017 audited financial statements, free of charge, by sending an email to: ir@seadrill.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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