Seadrill Ltd Files 1Q24 Interim Report

TL;DR

Seadrill dropped its Q1 2024 report, check financials.

AI Summary

Seadrill Limited filed its Form 6-K for the quarterly period ended March 31, 2024. The report includes the company's interim financial information and management's discussion. Seadrill is incorporated in Bermuda and its principal executive offices are located in Hamilton.

Why It Matters

This filing provides investors with an update on Seadrill's financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating any immediate new risks.

Key Players & Entities

• Seadrill Limited (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 001-39327 (other) — Commission File Number
• Hamilton, Bermuda (location) — Principal executive office location

FAQ

Key Financial Figures

• $46.95 — with a weighted average share price of $46.95. Refer to "Liquidity and Capital Resour
• $83 — The Brent oil price at May 13, 2024 was $83 . Dec-2021 Dec-2022 Dec-2023 Mar-2024
• $300 thousand — e three months ended March 31, 2024 was $300 thousand compared to $262 thousand for the three
• $262 thousand — 31, 2024 was $300 thousand compared to $262 thousand for the three months ended March 31, 20
• $3 million — elated to our joint ventures, including $3 million of management contract revenues and $3

Filing Documents

• seadrillpressrelease6-k202.htm (6-K) — 787KB
• 0001628280-24-023296.txt ( ) — 788KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 4 Interim Financial Statements (unaudited) Unaudited Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 F- 2 Unaudited Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 F- 3 Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 F- 4 Unaudited Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 F- 5 Notes to the Unaudited Consolidated Financial Statements F- 6 THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO (I) THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-271916) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 15, 2023 AND (II) THE REGISTRATION STATEMENT ON FORM S-8 (NO. 333-276710) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 26, 2024. 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS The statements included in this report on Form 6-K regarding future financial performance and results of operations and other statements that are not historical facts, are forward-looking statements within the meaning of Section 27A of the United States ( U.S. ) Securities Act of 1933, as amended (the Securities Act ), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements in this report on Form 6-K include, but are not limited to, statements about the following subjects the effect of any disputes and actions with respect to production levels by, among or between major oil and gas producing countries and any expectations we may have with respect thereto our results of operations, our cash flow from operations, our revenue efficiency and other performance indicators and optimization of rig-based spending the offshore drilling market, including the effects of variations in commodity prices, supply and d

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our financial condition and results of operations in conjunction with the interim Financial Statements as of and for the three months ended March 31, 2024 presented in this report, as well as the historical Consolidated Financial Statements and related notes of Seadrill Limited included in the 2023 20-F. Among other things, those financial statements include more detailed information regarding the basis of presentation for the following information. The unaudited Consolidated Financial Statements of Seadrill Limited included in this report have been prepared in accordance with United States Generally Accepted Accounting Principles and are presented in US Dollars. Management's Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of our financial statements with a narrative from the perspective of management. Overview Seadrill Limited (along with any one or more of its consolidated subsidiaries, or to all such entities, referred to as Seadrill, we, us, our, and the Company) is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Our primary business is the ownership and operation of drillships, semi-submersible rigs and jackup rigs for operations in shallow to ultra-deepwater in both benign and harsh environments. We contract our drilling units to drill wells for our customers on a dayrate basis. Our customers include oil super-majors, state-owned national oil companies and independent oil and gas companies. In addition, we provide management services to certain affiliated entities. As of March 31, 2024, we owned a total of 19 drilling rigs, of which 13 were operating (inclusive of three leased to the Gulfdrill LLC ( Gulfdrill ) joint venture and one leased to the Sonadrill joint venture), two were undergoing contract preparation

View Full Filing

View this 6-K filing on SEC EDGAR