Seadrill Limited announces 1Q16 results

Published by Louise Mulhall, Editorial Assistant
Oilfield Technology, Thursday, 26 May 2016 15:00

Financial highlights

Revenue of US$891 million.

EBITDA of US$528 million.

96% economic utilisation.

Reported Net Income of US$88 million and diluted earnings per share of US$0.15

Cash and cash equivalents of US$1.09 billion.

The Seadrill Group achieved 97% economic utilisation.

Seadrill Group orderbacklog of approximately US$9.1 billion

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

"During the first quarter we achieved record operational uptime and we continue to see the benefits of our cost reduction programme coming through.

Our key priorities for the year are cost reduction, managing newbuild deferments and concluding our financing plans, while ensuring that we continue to maintain safe and efficient operations. I am pleased to say we have made good progress in all three areas during the first quarter."

Adapted from a press release by Louise Mulhall

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/26052016/seadrill-limited-announces-1q16-results/

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Financial highlights

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

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