SDRL has published its operational and financial highlights for the third quarter of 2015.
Highlights
Revenue of US$985 million.
EBITDA1 of US$546 million.
92% economic utilisation.
Excluding non-recurring items and non-cash mark to market movements on derivatives, Net Income of US$136 million and earnings per share of US$0.21
Reported Net loss of US$1.9 billion and diluted loss per share of US$3.70, primarily due to US$1.8 billion of non-cash impairment charges to investments and goodwill. US$1.1 billion relates to the write-down to fair value of investments in Seadrill Partners, the initial recognition of which resulted in a non-cash gain on deconsolidation of US$2.3 billion in January 2014.
The Seadrill Group4 achieved 93% economic utilisation.
Seadrill Group orderbacklog of approximately US$12.0 billion.
Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said:
"We have had a strong operating quarter and we continue to make good progress on our cost savings programme. Our discussions with the shipyards continue to be constructive regarding deferrals.
We believe that market conditions are likely to remain challenging through 2016 and the coming quarters will provide insight into the 2017 environment. It is important to recognise that we are in a cyclical business. The longer this downturn lasts, the more robust the recovery will be when it happens. Seadrill is in a position to capitalise on the upturn with the the most modern fleet and world class operations."