Sdrl - Seadrill Limited Announces Third Quarter 2019 Results

 
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)

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