SEADRILL NET LOSS $656 MLN
Seadrill Limited Announces Third Quarter 2016 Results
- 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."
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