HAMILTON, Bermuda, Aug. 25, 2020 /PRNewswire/ -- Seadrill
Limited ("Seadrill" or "the Company") (OS: SDRL) (OTCQX: SDRLF), a
world leader in offshore drilling, announces its second quarter
results for the period ended June 30, 2020.
Highlights
- Technical utilization of 97% and economic
utilization of 91%
- Revenue down 14% at $277 million
due to lower management contract revenues
- Operating Loss of $88
million
- Adjusted EBITDA of $35
million, representing 12.6% margin
- Net loss attributable to shareholders of $181 million, equivalent to net loss per share of
$1.80
- During the quarter we added $41
million in backlog, total backlog now stands at $2.3 billion
- Closing cash of $1.0 billion
Financial
Highlights
|
Seadrill
Limited
|
Figures in USD
million, unless otherwise indicated
|
Q2
2020
|
Q1
2020
|
%
Change
|
Total Operating
Revenue
|
277
|
|
321
|
|
(14)
|
%
|
Adjusted
EBITDA
|
35
|
|
55
|
|
(36)
|
%
|
Adjusted EBITDA
Margin (%)
|
12.6
|
%
|
17.1
|
%
|
(5)
|
%
|
Operating
Loss
|
(88)
|
|
(1,284)
|
|
93
|
%
|
Net
loss
|
(183)
|
|
(1,565)
|
|
88
|
%
|
Net Loss
attributable to shareholder
|
(181)
|
|
(1,564)
|
|
88
|
%
|
Net Loss per
Share
|
(1.80)
|
|
(15.59)
|
|
88
|
%
|
Subsequent Events
- West Phoenix obtained an
extension of work in Norway
- We continue to evaluate capital structure proposals from our
financial stakeholders; whilst no agreement has been reached at
this point it is expected that potential solutions will lead to
significant equitization of debt which is likely to result in
minimal or no recovery for current shareholders
Anton Dibowitz, CEO,
commented:
"Global market sentiment for the quarter has been poor, as
the real impacts of COVID-19 and reduced demand have begun to
crystallize. While the industry-wide demand deficiencies remain
outside our control, we have been concentrating our efforts on what
we can influence, namely, our day-to-day operations and our capital
structure. Despite the weak market outlook, we are pleased to be
adding to our backlog and above all, delivering for our customers
including through extended work programs on our rigs.
"We will be prioritizing our cash preservation and efficiency
plan to prepare ourselves for the challenges that our industry
faces in the short to medium-term. From a capital structure
perspective, we continue to engage with our financial stakeholders
to ensure we create a debt structure appropriate for the new market
environment. Our $1.0bn cash balance
at the end of the quarter provides us with necessary flexibility to
manage this process.
"I'd like to commend every member of the Seadrill community
for their contributions during this time. We have seen how our
onshore and offshore employees have adjusted and grown accustomed
to the new ways of working during COVID-19, the effectiveness with
which they have done so has galvanized our entire organization and
motivated us to persevere through these challenging times."
For more information, please contact:
seadrill@hawthornadvisors.com
+44 (0)20-8811-4700
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/seadrill-limited/r/seadrill-limited--sdrl----second-quarter-2020-results,c3180439
The following files are available for download:
https://mb.cision.com/Main/18925/3180439/1296762.pdf
|
Seadrill Limited
(SDRL) - Second Quarter Results 2020
|
https://mb.cision.com/Public/18925/3180439/882436cb96226b74.pdf
|
Seadrill Consolidated
- Fleet Status - Q2-20
|