Seadrill just released their 4th quarter earnings results with strong message from their CEO:
Highlights
- Revenue of $292 millionÂ
- Operating loss of $69 millionÂ
- Adjusted EBITDA of $73 millionÂ
- 96% economic utilization
- Reported net loss of $360 million and net loss per share of $3.62
- Total cash of $2 billionÂ
- Seadrill Limited order backlog of approximately $2 billion
- Added $89 million in backlog since our last earnings report in November
Anton Dibowitz, CEO, commented:
“The offshore drilling market continues to show signs of improvement with increased tendering activity and better contract economics. We expect more activity in 2019 to lead to a tighter supply demand balance and improved pricing in 2020 as the recovery progresses.
We are delighted to have entered into a Joint Venture with Sonangol to manage and operate four rigs focused on the Angolan market. This relationship provides us with access to a market that is expected to show significant growth over the next five years as well as an opportunity to continue expanding our fleet of premium ultra-deepwater rigs.
We remain focused on continued cost reduction and disciplined use of capital including the terms on which we will contract our premium fleet.â€Â
Photo: Seadrill
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