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Seadrill Q2 revenue up 6%

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Christian Fernsby ▼ | August 20, 2019
Seadrill Limited announces second quarter 2019 results.
Seadrill   Adjusted EBITDA was $69 million

• Solid operational performance in the quarter with 96% economic utilization

• Revenue up 6% at $321 million with increasing reimbursable revenues

• Operating Loss of $73 million

• Adjusted EBITDA of $69 million

• Reported net loss of $206 million equivalent to net loss per share of $2.03

• Total cash of $1.5 billion following completion of the Senior Secured Notes tender offer

• Order backlog of $1.9 billion as at 30 June 2019

Since the end of the second quarter, Seadrill and GDI entered into a 50:50 joint venture, Gulfdrill, which will initially manage and operate five premium jack-ups in Qatar with Qatar Petroleum.

The five contracts will commence during 2020 and run into 2023 & 2024.

The total contract value is expected to be $656 million (including mobilization fees).

The contracts have options which could add up to $700 million in additional total contract value.

Gulfdrill will initially bareboat charter the West Telesto and West Castor from Seadrill and has secured bareboat charters for three additional units from a third-party shipyard.