Seadrill limited announces 2Q16 results

Highlights

Revenue of US$868 million.

Operating income of US$364 million.

EBITDA of US$557 million.

98% economic utilisation.

Reported Net Income of US$276 million and diluted earnings per share of US$0.52.

Cash and cash equivalents of US$1.3 billion.

The Seadrill Group achieved 99% economic utilisation.

Seadrill Limited order backlog of approximately US$3.6 billion; Seadrill Group US$8.0 billion.

Per Wullf, CEO and President of Seadrill Management Ltd., said:

"During 2Q16 we have improved on the record uptime we achieved in 1Q, reaching 98% economic utilisation, whilst continuing to see our costs reduce quarter over quarter.

There continues to be a significant supply overhang and the market conditions remain challenging, however, there is some volume returning to the spot market, although primarily for short term work. Our priorities for the remainder of the year continue to be delivering safe and efficient operations for our customers whilst concluding on our financing plans."

This information is subject of the disclosure requirements pursuant to section 5 - 12 of the Norwegian Securities Trading Act.

For more information, please visit: www.seadrill.com

Adapted from a press release by Louise Mulhall

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/25082016/seadrill-limited-announces-second-quarter-2016-results/