Sdrl - Seadrill Limited Announces Third Quarter 2019 Results
21 Noviembre 2019 - 12:00AM
UK Regulatory
TIDMSDRL
Highlights
-- Lower economic utilization of 93% primarily due to the West Linus 5-year
classing
-- Revenue up 14% at $367 million with increasing reimbursable revenues and
more operating days
-- Operating Loss of $58 million
-- Adjusted EBITDA of $85 million, ahead of $70-75 million guidance
-- $302 million non-cash impairment in investments relating to Seadrill
Partners
-- Net loss of $521 million equivalent to net loss per share of $5.21
-- Total cash of $1.4 billion, slightly below the second quarter balance
-- Order backlog of $1.8 billion as at September 30, 2019
Subsequent Events
-- In a separate announcement planned board changes were announced today
including John Fredriksen stepping down as Chairman and Glen Ole
Rødland stepping into the role effective 21 November 2019
-- Over $250 million awards post quarter end
-- First utilisation notification issued in respect of Amortization
Conversion Election
Anton Dibowitz, CEO, commented:
"Third Quarter results reflected a step up in EBITDA compared to our
guidance. We performed well for our customers in the quarter and made
good progress on both the new Sonadrill and Gulfdrill joint ventures
with the first rig starting up in Sondarill early in the fourth quarter.
Additionally, we continued to show commercial success in awards during
and subsequent to the quarter which reinforces our confidence in a
recovering market across all sectors, albeit at a lower pace. We expect
that as we move into 2020 the gradually improving market conditions will
result in a limited number of reactivations but also continued scrapping
of rigs across the global fleet.
The suspension of trading of Seadrill Partners from the NYSE was a
trigger to review impairment and we have taken an appropriate non-cash
charge in the quarter."
This information is subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act
Attachments
-- Seadrill Limited 3Q 2019 Fleet Status
https://ml-eu.globenewswire.com/Resource/Download/13872c1f-ed12-4047-8482-6c22d9a138cb
-- Seadrill Limited 3Q 2019
https://ml-eu.globenewswire.com/Resource/Download/89591cf0-170a-4b78-8869-7585198ec7cf
(END) Dow Jones Newswires
November 21, 2019 01:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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