Seadrill Limited (SDRL) Announces First Quarter 2022 Results

Source: 5/25/2022, Location: South America

Seadrill Limited (“Seadrill” or "the Company") (SDRL), a leader in offshore drilling, provides financial results for the quarter ended March 31, 2022.

Q1 2022 Highlights
- Strong operational performance in Q1 2022, resulting in 99% technical utilization.
- Successful restructuring of the company's balance sheet with a streamlined and simplified capital structure.
- Operating Revenues of $293 million and adjusted EBITDA of $78 million, representing 26.6% EBITDA margin.
- Cash and cash equivalents of $553 million as at March 31, 2022 of which $393 million was unrestricted cash.
- Order Backlog of $2.4 billion as at March 31, 2022, with several options exercised during the period, and multiple new contracts signed post-period, increasing Order Backlog to $2.8 billion as at May 25, 2022.

Financial Highlights
Figures in USD million, unless otherwise indicated
Total Operating Revenue
Predecessor (Three months ended March 31, 2022): 293
Predecessor (Three months ended December 31, 2021): 305
Change (%): (4) %

Adjusted EBITDA
Predecessor (Three months ended March 31, 2022): 78
Predecessor (Three months ended December 31, 2021): 98
Change (%): (20) %

Adjusted EBITDA Margin (%)
Predecessor (Three months ended March 31, 2022): 26.6
Predecessor (Three months ended December 31, 2021): 32.1
Change (%): (17) %

Operating Profit
Predecessor (Three months ended March 31, 2022): 42
Predecessor (Three months ended December 31, 2021): 96
Change (%): (56) %

Simon Johnson, CEO, commented:

"Seadrill has made a strong start to 2022, evidenced by an industry-leading backlog position and our continued operational excellence. Seadrill works with the best customers in the sector and operates in the world’s leading basins. Our continued success in the first quarter of 2022 and beyond is testament to the tremendous efforts of the staff across the whole business, whose commitment and professionalism makes Seadrill what it is today.

Our newly streamlined and simplified capital structure puts Seadrill in prime position to set the standard in offshore drilling as a leader in the market. Seadrill has one of the youngest fleets of scale in the sector and we have taken a disciplined approach to the reactivation of rigs as the market continues its recovery. Combined with our excellent operational and safety record, we are in a strong position to deliver significant returns for our stakeholders and to participate in the necessary industry realignment. Our recent contract wins in the Middle East and the Gulf of Mexico demonstrate the confidence our customers have in our technical performance and the best-in-class quality of our operations, and underline the strong market fundamentals that will continue to underpin Seadrill’s growth.”

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