Seadrill Limited Announces Q1 2020 Financial Results

Seadrill Limited has announced the company’s financial results for the first quarter 2020. According to the financial details released by the company, the company has reported a loss in net revenue up to $321 million. The company recorded the economic utilization and technical utilization up to 93% and 95%, respectively.

The company has reported the operating loss of $1,284 million and adjusted EBITDA of $55 million. The company has recorded the net loss attributable to shareholders of $1564 million equivalent to net loss per share of $15.59. The company has added up to $77 million in backlog by maintaining a total backlog figure of $2.5 million.

Chief Executive Officer and President of Seadrill Limited, Anton Dibowitz said, “First and foremost, we need to recognize the way in which the whole Seadrill community has risen to the operational and logistical challenges arising because of COVID-19. We have continued our record of strong operational delivery in the quarter, working across 28 locations with over 4,000 employees from 57 different countries. Whilst our onshore personnel get used to a new mode of working, we have many offshore personnel whose continuous time working to maintain safe operations for our customers is now measured in terms of months rather than weeks.”

“I continue to be humbled by the dedication of our people who deliver safe and efficient operations during this trying time, including some of whom will be leaving us as we maintain our focus on our cost competitiveness and adjust staffing levels to account for lower activity levels,” Dibowitz further added.

“This industry has two fundamental challenges which are emphasized by recent events – there are too many rigs carrying too much debt. In the quarter we took an impairment of $1.2 billion as we recognize, along with others in the sector, that a number of our assets are increasingly unlikely to return to the market and need to be scrapped,” Dibowitz added in his statement.

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