SDRL - Seadrill Limited Announces Second Quarter 2017 Results

Highlights
  • Revenue of $577 million 
  • Operating loss of $100 million 
  • EBITDA of $264 million 
  • 97% economic utilization
  • Reported net loss of $158 million and diluted net loss per share of $0.28
  • Underlying net loss, excluding non-recurring items and non-cash mark to market movements on derivatives, was $15 million and net loss per share was $0.00
  • Cash and cash equivalents of $1.3 billion 
  • Seadrill Limited order backlog of approximately $3.1 billion
 
Commenting today, Anton Dibowitz, CEO and President of Seadrill Management Ltd., said:
 
"Our primary objective at the moment is concluding final negotiations on our comprehensive restructuring plan, which is at an advanced stage and likely to be implemented via Chapter 11 proceedings on or before 12th September 2017.
Our business execution remains unaffected by these efforts as demonstrated by continued delivery of excellent safety and fleet uptime.
Although the market continues to be challenging, continued operational execution and strong customer relationships has enabled us to re-contract a number of units during the quarter. With a young versatile fleet and upon completion of our restructuring, we will be well placed to capitalize when the market recovers."
 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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