Seadrill Posts Larger-Than-Expected 4Q Loss But Gives Upbeat Market Outlook

Date : 02/26/2019 @ 7:40AM
Source : Dow Jones News
Stock : Seadrill Ltd (SDRL)
Quote : 1.87  0.02 (1.08%) @ 1:00AM
After Hours
Last Trade
Last $ 1.90 ▲ 0.03 (1.60%)

Seadrill Posts Larger-Than-Expected 4Q Loss But Gives Upbeat Market Outlook

Seadrill (NYSE:SDRL)
Historical Stock Chart

1 Year : From Oct 2018 to Oct 2019

Click Here for more Seadrill Charts.

By Dominic Chopping

 

Seadrill Ltd. (SDRL) posted a bigger-than-expected fourth-quarter net loss on Tuesday, but said that the offshore drilling market is continuing to improve with more tendering and better contracts.

Seadrill, which operates a fleet of 35 drilling rigs and manages a further 18, reported a net loss of $362 million in the three months to Dec. 31 compared with an expected net loss of $207 million in a FactSet-provided forecast.

Revenue came in at $292 million compared with a forecast of $262 million, while adjusted earnings before interest, tax, depreciation and amortization totaled $73 million.

Seadrill expects adjusted Ebitda for the first quarter of 2019 will be lower than the fourth quarter, at around $60 million.

"The offshore drilling market continues to show signs of improvement with increased tendering activity and better contract economics," Chief Executive Anton Dibowitz said. "We expect more activity in 2019 to lead to a tighter supply-demand balance and improved pricing in 2020 as the recovery progresses."

The company said its backlog as of Feb. 26 stood at around $2 billion, having gained $89 million since November.

 

Write to Dominic Chopping at dominic.chopping@wsj.com; @domchopping @WSJNordics

 

(END) Dow Jones Newswires

February 26, 2019 02:25 ET (07:25 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest SDRL Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.