Sdrl - Seadrill Limited Announces Second Quarter 2019 Results

Date : 08/20/2019 @ 6:45AM
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%)

Sdrl - Seadrill Limited Announces Second Quarter 2019 Results

Seadrill (NYSE:SDRL)
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3 Months : From Jul 2019 to Oct 2019

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   Highlights 
 
   -- Solid operational performance in the quarter with 96% economic 
utilization 
 
   -- Revenue up 6% at $321 million with increasing reimbursable revenues 
 
   -- Operating Loss of $73 million 
 
   -- Adjusted EBITDA of $69 million 
 
   -- Reported net loss of $206 million equivalent to net loss per share of 
$2.03 
 
   -- Total cash of $1.5 billion following completion of the Senior Secured 
Notes tender offer 
 
   -- Order backlog of $1.9 billion as at 30 June 2019 
 
   Subsequent Event 
 
   Since the end of the second quarter, Seadrill and GDI entered into a 
50:50 joint venture, Gulfdrill, which will initially manage and operate 
five premium jack-ups in Qatar with Qatar Petroleum. The five contracts 
will commence during 2020 and run into 2023 & 2024. The total contract 
value is expected to be $656 million (including mobilization fees). The 
contracts have options which could add up to $700 million in additional 
total contract value. Gulfdrill will initially bareboat charter the West 
Telesto and West Castor from Seadrill and has secured bareboat charters 
for three additional units from a third-party shipyard. 
 
   Anton Dibowitz, CEO, commented: 
 
   "Operationally we performed well for our customers in the quarter, 
maintaining a high level of utilization across the active fleet and 
ensuring a safe operating environment for our people. 
 
   From a market perspective we continue to see increased tendering 
activity and a favorable shift in contract terms. While the spot market 
for short term work remains competitive, rates for longer term work are 
improving and there are pockets of strength in the harsh environment, 
high-end ultra deepwater and premium jack-up markets. 
 
   We are excited to partner with GDI and grow our presence in an important 
jack-up market. Gulfdrill will give us the opportunity to improve our 
access to a significant premium jack-up market and strengthen our 
relationship with Qatar Petroleum." 
 
   This information is subject of the disclosure requirements pursuant to 
section 5-12 of the Norwegian Securities Trading Act. 
 
   Attachments 
 
 
   -- Seadrill Limited 2Q 2019 Fleet Status 
      https://ml-eu.globenewswire.com/Resource/Download/20d790c9-00a1-4b0f-bffd-b42196c27bf3 
 
 
   -- Seadrill Limited 2Q 2019 
      https://ml-eu.globenewswire.com/Resource/Download/383c6980-db86-4f4a-b6ac-45f2948d0ca1 
 
 
 
 
 

(END) Dow Jones Newswires

August 20, 2019 01:30 ET (05:30 GMT)

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

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