HAMILTON, Bermuda, March 4, 2021 /PRNewswire/ -- Seadrill Limited
("Seadrill" or "the Company") (OSE:SDRL, OTCQX:SDRLF), a world
leader in offshore drilling, announces a commercial update for the
fourth quarter of 2020 and provides financial results for the
six-month period ended December 31, 2020.
Highlights
- Technical utilization1 of 96% and economic
utilization2 of 94%.
- Total backlog stands at $1.9
billion with approximately $50
million added during the quarter.
- Cash and cash equivalents as at December 31, 2020 of
$723 million of which $526
million was unrestricted.
- Non-cash impairment of $2.9
billion.
- $0.5 billion non-cash gain
arising on the deconsolidation of certain subsidiaries of SFL
Corporation Limited.
Financial
Highlights
|
Figures in USD
million, unless otherwise indicated
|
2H20
|
1H20
|
%
Change
|
Total Operating
Revenue
|
461
|
|
598
|
|
(23)
|
%
|
Adjusted
EBITDA
|
10
|
|
90
|
|
(89)
|
%
|
Adjusted
EBITDA Margin (%)
|
2.2
|
|
15.1
|
|
(85)
|
%
|
Operating
Loss
|
(3,110)
|
|
(1,372)
|
|
(127)
|
%
|
Net
loss
|
(2,915)
|
|
(1,748)
|
|
(67)
|
%
|
Net Loss
attributable to shareholder
|
(2,912)
|
|
(1,747)
|
|
(67)
|
%
|
Net Loss per
Share
|
(29.02)
|
|
(17.40)
|
|
(67)
|
%
|
Subsequent Events
- On February 7, 2021 certain of
the Company's wholly owned subsidiaries filed for bankruptcy
protection under Chapter 11 and on February
10, 2021, the Company and certain of the Company's
consolidated subsidiaries filed for Chapter 11 bankruptcy
protection in the United States.
We would expect the eventual outcome of this process to lead to a
significant reduction or elimination of current shareholder
positions.
Stuart Jackson, CEO,
commented:
"Our 2nd half 2020 results reflect the impact
of executing backlog contracted during tough market
conditions. As a consequence, we have also taken significant
impairments on our assets as the likelihood of scrapping more
assets increases. Whilst addressing the asset side of our
balance sheet we have also taken action on the liabilities side and
filed certain companies for Chapter 11 protection within the US
Bankruptcy Code. The Chapter 11 process will run for many
months as we seek solutions with our different creditor
groups. However, I feel confident that we will find a
suitable resolution which will see a financially more robust
Seadrill continue delivering safe, efficient operations for our
customers."
1Technical utilization is calculated as the total
hours available for work, excluding planned maintenance, divided by
the total number of hours in the period.
2Economic utilization is calculated as total revenue,
excluding bonuses, for the period as a proportion of the full
operating dayrate multiplied by the number of days on contract in
the period.
CONTACT:
seadrill@hawthornadvisors.com
020 3745 4960
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/seadrill-limited/r/seadrill-limited--sdrl----second-half-2020-results,c3299904
The following files are available for download:
https://mb.cision.com/Main/18925/3299904/1382136.pdf
|
Seadrill Press
Release 2020 H2
|
https://mb.cision.com/Public/18925/3299904/974a8a818aa0e306.pdf
|
Seadrill Consolidated
- Fleet Status - Q4-20
|