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Seadrill Q1 revenue down 19%, will delist from NYSE

Christian Fernsby ▼ | June 3, 2020
Seadrill Q1 revenue was down 19% at $321 million with lower proportion of reimbursable revenues.
Seadrill   Technical utilization was 95%

Topics: Seadrill

Technical utilization of 95% and economic utilization of 93%.

Operating Loss of $1,284 million after making material asset impairments.

Adjusted EBITDA of $55 million, representing 17.1% margin.

Net loss attributable to shareholder of $1,564 million equivalent to net loss per share of $15.59.

During the quarter we added $77 million in backlog, maintaining a total backlog figure of $2.5 billion.

Closing cash of $1.2 billion.

Seadrill announces its intention to delist from the New York Stock Exchange (NYSE).

On March 26, 2020, Seadrill received written notice from the NYSE that it was not in compliance with the NYSE continued listing standard with respect to the minimum average share price required, because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days. On April 8, 2020, the Company provided the required notice to the NYSE, in which the Company stated its intent to seek a cure of its non compliance with the NYSE continued listing standard at that time.