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.





Financial Highlights


Seadrill Limited


Figures in USD million, unless otherwise indicated


Q2 2020

Q1 2020

% Change

Total Operating Revenue








Adjusted EBITDA








Adjusted EBITDA Margin (%)














Operating Loss









Net loss










Net Loss attributable to shareholder









Net Loss per Share









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:
+44 (0)20-8811-4700


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The following files are available for download:

Seadrill Limited (SDRL) - Second Quarter Results 2020

Seadrill Consolidated - Fleet Status - Q2-20


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