Seadrill Reports Q1 2024 Results: $367M Revenue, $124M Adj. EBITDA

TL;DR

Seadrill Q1: $367M revenue, $80M profit, $124M Adj. EBITDA. Solid quarter.

AI Summary

Seadrill Limited reported its first quarter 2024 results on May 14, 2024. The company generated $367 million in revenue, achieving an operating profit of $80 million and Adjusted EBITDA of $124 million. This performance resulted in an Adjusted EBITDA Margin.

Why It Matters

This filing provides investors with Seadrill's financial performance for the first quarter of 2024, indicating revenue and profitability metrics.

Risk Assessment

Risk Level: low — This is a routine financial results announcement with no significant new risks or events disclosed.

Key Numbers

• $367M — Revenue (First quarter 2024 revenue)
• $80M — Operating Profit (First quarter 2024 operating profit)
• $124M — Adjusted EBITDA (First quarter 2024 Adjusted EBITDA)

Key Players & Entities

• Seadrill Limited (company) — Registrant
• SDRL (company) — Ticker symbol on NYSE & OSE
• May 14, 2024 (date) — Date of results announcement
• $367 million (dollar_amount) — First quarter 2024 revenue
• $80 million (dollar_amount) — First quarter 2024 operating profit
• $124 million (dollar_amount) — First quarter 2024 Adjusted EBITDA

FAQ

Key Financial Figures

• $80 million — hlights Delivered operating profit of $80 million and Adjusted EBITDA (1) of $124 million
• $124 million — $80 million and Adjusted EBITDA (1) of $124 million on $367 million of revenue, resulting i
• $367 million — Adjusted EBITDA (1) of $124 million on $367 million of revenue, resulting in an Adjusted EB
• $545,000 — e current cycle with a clean dayrate of $545,000 for a one-well contract Repurchased 9
• $1.47 — 2023 Reaffirmed full-year guidance of $1.47 to $1.52 billion in revenue, $400 to $4
• $1.52 billion — affirmed full-year guidance of $1.47 to $1.52 billion in revenue, $400 to $450 million in Adj
• $400 — e of $1.47 to $1.52 billion in revenue, $400 to $450 million in Adjusted EBITDA (1)
• $450 million — 47 to $1.52 billion in revenue, $400 to $450 million in Adjusted EBITDA (1) , and $400 to $4
• $367 m — quarter 2024 operating revenues totaled $367 million, compared to $408 million the pri
• $408 million — enues totaled $367 million, compared to $408 million the prior quarter, a $41 million sequen
• $41 million — ed to $408 million the prior quarter, a $41 million sequential decrease. Contract revenues
• $275 m — ential decrease. Contract revenues were $275 million, compared to $315 million the pri
• $315 million — revenues were $275 million, compared to $315 million the prior quarter, primarily related to
• $303 m — of this year. Operating expenses were $303 million, compared to $356 million the pri
• $356 million — expenses were $303 million, compared to $356 million the prior quarter, a decrease of $53 mi

Filing Documents

• d722321d6k.htm (6-K) — 146KB
• g722321dsp3.jpg (GRAPHIC) — 2KB
• 0001193125-24-138309.txt ( ) — 151KB

Forward-Looking Statements

Forward-Looking Statements This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Companys outlook and guidance, plans, strategies, business prospects, rig activity, share repurchases and changes and trends in its business and the markets in which it operates, are forward-looking statements. These statements may include words such as assumes, projects, forecasts, estimates, expects, anticipates, believes, plans, intends, may, might, will, would, can, could, should or, in each case, their negative, or other variations or comparable terminology in connection with any discussion of the timing or nature of future operating or financial performance or other events. These differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Item 3D, Risk Factors in the Companys Annual Report on Form 20-F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the SEC) on March 27, 2024, offshore drilling market conditions including supply and demand, day rates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys, upgrades and regulatory work for the drilling rigs in the Companys flee

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SEADRILL LIMITED Date: May 14, 2024 By: /s/ Grant Creed Name: Grant Creed Title: Chief Financial Officer THE SECTIONS OF THIS REPORT ON FORM 6-K ENTITLED OPERATIONAL AND COMMERCIAL ACTIVITY AND FORWARD-LOOKING STATEMENTS AND THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN THIS REPORT ON FORM 6-K (COLLECTIVELY, THE INCORPORATED INFORMATION) ARE 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. EXCEPT FOR THE INCORPORATED INFORMATION, NO OTHER PORTION OF THIS REPORT ON FORM 6-K IS INCORPORATED BY REFERENCE INTO THE ABOVE REGISTRATION STATEMENTS.

View Full Filing

View this 6-K filing on SEC EDGAR