Seadrill Limited (SDRL) - Second Quarter 2020 Results

Seadrill Limited (SDRL) - Second Quarter 2020 Results

PR Newswire

HAMILTON, Bermuda, Aug. 25, 2020

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  

 

                                   

                                   

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

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

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