HAMILTON from Bermuda, March 4, 2021 / PRNewswire / – Seadrill Limited (“Seadrill” or “the Company”) (OSE: SDRL, OTCQX: SDRLF), a global leader in offshore drilling, announces a business update for the fourth quarter of 2020 and provides financial results for six-month period ended December 31, 2020.
- Technical use1 96% and economical use2 by 94%.
- The total backlog is $ 1.9 billion with about $ 50 million added during the quarter.
- Cash and cash equivalents at December 31, 2020 of $ 723 million including $ 526 million was unlimited.
- Non-cash impairment of $ 2.9 billion.
- $ 0.5 billion non-cash gain arising from the deconsolidation of certain subsidiaries of SFL Corporation Limited.
Figures in millions of USD, unless otherwise indicated
1 hour 20 minutes
Total operating income
Adjusted EBITDA margin (%)
Net loss attributable to the shareholder
Net loss per share
- Sure February 7, 2021 some of the company’s wholly owned subsidiaries have filed for Chapter 11 bankruptcy protection and February 10, 2021, the Company and some of the Company’s consolidated subsidiaries filed for Chapter 11 bankruptcy protection in United States. We expect that the eventual outcome of this process will lead to a significant reduction or elimination of current shareholder positions.
Stuart jackson, CEO, commented:
“Our 2nd The results for the first half of 2020 reflect the impact of the execution of the order book contracted under difficult market conditions. As a result, we have also taken significant write-downs on our assets as the likelihood of scrapping more assets increases. While addressing the asset side of our balance sheet, we have also taken action on the liabilities side and filed certain companies for Chapter 11 protection in the United States Bankruptcy Code. The Chapter 11 process will last for many months as we seek solutions with our various groups of creditors. However, I am confident that we will find an appropriate solution that will allow a financially more robust Seadrill to continue to provide safe and efficient operations for our customers. “
1Technical usage is calculated as the total number of hours available for work, excluding scheduled maintenance, divided by the total number of hours in the period.
2Economic usage is calculated as the total turnover, excluding premiums, for the period as a proportion of the full daily operating rate multiplied by the number of contract days in the period.
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SOURCE Seadrill Limited