SEADRILL NET INCOME $127 MLN
SEADRILL - February 28, 2017 - Seadrill Limited ("Seadrill" or "the Company"), a world leader in offshore drilling, announces its fourth quarter results for the period ended December 31, 2016.
• Revenue of $667 million
• Operating income of $118 million
• EBITDA of $354 million
• 99% economic utilization
• Reported net income of $127 million and diluted net income per share of $0.26
• Underlying net income , excluding non-recurring items and non-cash mark to market movements on derivatives, was $111 million and earnings per share was $0.24
• Cash and cash equivalents of $1.4 billion • Seadrill Limited order backlog of approximately $2.5 billion
Commenting today , Per Wullf, CEO and President of Seadrill Management Ltd., said: "We continue to see an improvement in the level of bidding activity following the increase and stabilization of oil prices. Improving dayrates will not be a feature of 2017, however, based on the expected level of scrapping and cold stacking activity we believe there is room for some optimism.
Our scale and young fleet position us well for the eventual recovery in the industry . Our key stakeholders have demonstrated a desire to be part of a solution to our restructuring requirements with the right structure and terms."
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.