SEADRILL NET INCOME DOWN 80%
- Revenue of $891 million
- EBITDA of $528 million
- 96% economic utilization
- Reported Net Income of $88 million and diluted earnings per share of $0.15
- Cash and cash equivalents of $1.09 billion
- The Seadrill Group achieved 97% economic utilization
- Seadrill Group orderbacklog of approximately $9.1 billion
Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said
"During the first quarter we achieved record operational uptime and we continue to see the benefits of our cost reduction program coming through.
Our key priorities for the year are cost reduction, managing newbuild deferments and concluding our financing plans, while ensuring that we continue to maintain safe and efficient operations. I am pleased to say we have made good progress in all three areas during the first quarter."
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THE LOCAL FRANCE - Angola and French oil giant Total formally launched a major new offshore oil project Saturday to aid the country's economy that plunged into crisis following oil price dips in 2014.
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