Seadrill posts $245m loss in third quarter

seadrill

Seadrill, a world leader in offshore drilling, announces its third quarter results for the period ended September 30, 2018.

Highlights

  • Revenue of $249 million
  • Operating loss of $106 million
  • Adjusted EBITDA of $46 million
  • 98% economic utilization
  • Reported net loss of $245 million and diluted net loss per share of $2.40
  • Total cash of $2.1 billion
  • Seadrill Limited order backlog of approximately $2.1 billion
  • Added $296 million in backlog since the end of the second quarter

Anton Dibowitz, CEO, commented:

“Having restructured our business, we are now well positioned to capitalize on the recovery. The combination of a strong cash position, no near-term amortization payments or debt maturities and light financial covenants alongside a large modern fleet and continued focus on cost reduction will ensure we remain competitive.

The fundamentals for our industry remain strong and there are improving signs through increased contracting activity, additional supply leaving the market and industry consolidation which should lead to better pricing in the future. We are already starting to see rate improvements for contracts starting in 2019/20.

We remain disciplined in our approach to contracting and will not be drawn into long term contracts at low day-rates given our financial flexibility.”

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