Seadrill Ltd. Boosts Full-Year Guidance in Q3 2024 Results

TL;DR

Seadrill beats Q3 expectations, raises full-year forecast.

AI Summary

Seadrill Limited announced its third quarter 2024 results on November 12, 2024, reporting increased full-year guidance. The company's principal executive office is located at Park Place, 55 Par-la-Ville Road, Hamilton HM 11, Bermuda.

Why It Matters

This filing indicates positive performance and improved outlook for Seadrill, potentially impacting investor confidence and market perception of the offshore drilling sector.

Risk Assessment

Risk Level: low — The filing is a routine earnings release and guidance update, with no immediate negative or high-risk events disclosed.

Key Players & Entities

• Seadrill Limited (company) — Registrant
• November 12, 2024 (date) — Filing date and earnings announcement date
• Park Place, 55 Par-la-Ville Road, Hamilton HM 11, Bermuda (location) — Principal executive office address

FAQ

Key Financial Figures

• $47 million — ghlights Delivered operating profit of $47 million and Adjusted EBITDA (1) of $93 million,
• $93 m — $47 million and Adjusted EBITDA (1) of $93 million, achieving $350 million of Adjust
• $350 million — ed EBITDA (1) of $93 million, achieving $350 million of Adjusted EBITDA (1) year-to-date In
• $340 million — djusted EBITDA (1) guidance by 13% from $340 million to $385 million Repurchased 4.0 millio
• $385 million — 1) guidance by 13% from $340 million to $385 million Repurchased 4.0 million shares during
• $183 m — ion shares during the third quarter for $183 million, bringing year-to-date repurchase
• $427 million — n, bringing year-to-date repurchases to $427 million Financial Highlights Figures in USD
• $354 m — quarter 2024 operating revenues totaled $354 million, compared to $375 million in the
• $375 million — enues totaled $354 million, compared to $375 million in the second quarter, a decrease of 6%
• $263 m — decrease of 6%. Contract revenues were $263 million, similar to prior quarter results
• $62 million — ions. Management contract revenues were $62 million in the third quarter, down $3 million f
• $3 million — $62 million in the third quarter, down $3 million from the second quarter, when the Compa
• $9 m — ll joint venture. Leasing revenues were $9 million, compared to $26 million in the s
• $26 million — g revenues were $9 million, compared to $26 million in the second quarter, as retroactive b
• $10 million — e for the West Gemini and approximately $10 million of BBC income earned by the Qatar jack-

Filing Documents

• seadrillpressrelease6-k202.htm (6-K) — 287KB
• seadrilllogo2015q3ba29.jpg (GRAPHIC) — 22KB
• 0001628280-24-047275.txt ( ) — 318KB

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 Company's 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 statements are based on management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to 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 Company's 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 Company'

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 November 12, 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 INTERIM CONDENSED 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.

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View this 6-K filing on SEC EDGAR