SDRL - Files F-1 Registration Statement update to include interim financial results
Hamilton, Bermuda, September 27, 2018 - Seadrill Limited ("Seadrill or the Company") has updated its Form F-1 Registration Statement to include its interim financial results for the six months ended June 30, 2018. Both the updated Form F-1 and our Form 6-K interim financial results have been filed with the U.S. Securities and Exchange Commission.
The Form 6-K interim financial results relates to Seadrill prior to its emergence from Chapter 11 on July 2, 2018, and does not include the effects of the reorganization or fresh start reporting.
The updated Form F-1 includes financial information as at June 30, 2018 presented pro-forma to illustrate the effects of the reorganization and fresh start reporting. Under fresh start reporting, the fair values of assets and liabilities are expected to differ materially from the values reflected in our financial statements for periods prior to our emergence.
As previously announced, the Company will report its first set of financial results post emergence for the third quarter during November 2018 which will reflect the reorganization and fresh start reporting.
The table below summarizes key financial metrics reported in our interim report on Form 6-K:
|($ millions)|| Six months ended |
June 30, 2018
|Total operating revenues||712|
|Contingent consideration realized||7|
|Loss on Impairment of Long Lived Assets1||(414)|
|Total operating expenses (excluding impairments)||(918)|
|Depreciation and Amortization||391|
|Loss on Impairment of Long Lived Assets||414|
- As at June 30, 2018, we determined that the continuing downturn in the offshore drilling market was an indicator of impairment on certain assets and we have recognized an impairment of $414 million on three of our oldest units. Of this amount, $340 million relates to our Floaters segment and $74 million relates to our Jack-ups segment.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.