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2016-11-22 18:35:00

SEADRILL NET LOSS $656 MLN

SEADRILL NET LOSS $656 MLN

Seadrill Limited Announces Third Quarter 2016 Results

Highlights

  • Revenue of $743 million
  • Operating income of $247 million
  • EBITDA of $441 million
  • 95% economic utilization
  • Reported Net Loss of $656 million and diluted loss per share of $1.29, reflecting an $882 million non-cash impairment to investments primarily relating to Seadrill Partners.
  • Underlying Net Income , excluding non-recurring items and non-cash mark to market movements on derivatives,was $135 million and earnings per share was $0.28.
  • Cash and cash equivalents of $1.3 billion
  • Seadrill Limited orderbacklog of approximately $3.0 billion

Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said: "The offshore drilling market continues to be challenging however we are seeing an improvement in the level of bidding activity. Most of the new work is for short term contracts at or near cash flow breakeven levels, and 2017 is expected to remain challenging. However, we expect the market to gradually improve as costs have been reset across the value chain and more drilling activity will be needed to avoid accelerated production declines."

SEADRILL 2Q 2016 RESULTS

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Earlier: 

SEADRILL NET INCOME $334 MLN 

SEADRILL NET INCOME DOWN 80% 

SEADRILL NET LOSS $750 MLN 

SEADRILL ACHIEVED 95% 

SEADRILL 2Q 2015 RESULTS

 

 

Tags: SEADRILL, NORWAY

Chronicle:

SEADRILL NET LOSS $656 MLN
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

SEADRILL NET LOSS $656 MLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

SEADRILL NET LOSS $656 MLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

SEADRILL NET LOSS $656 MLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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