Highlights
-
Revenue down 19% at $321 million with lower proportion of reimbursable revenues
-
Technical utilization of 95% and economic utilization of 93%
-
Operating Loss of $1,284 million after making material asset impairments
-
Adjusted EBITDA of $55 million, representing 17.1% margin
-
Net loss attributable to shareholder of $1,564 million equivalent to net loss per share of $15.59
-
During the quarter we added $77 million in backlog, maintaining a total backlog figure of $2.5 billion
-
Closing cash of $1.2 billion
Subsequent Events
-
Significant market challenges arising from the sharp decline in the oil price
-
Additional operational and logistic challenges arising through COVID-19 pandemic restrictions
-
Financial and legal advisors appointed to evaluate comprehensive restructuring alternatives to reduce debt service costs and overall indebtedness
-
Announced on June 1, 2020, decision to delist from NYSE and maintain a single listing on the Oslo Stock Exchange
Source: Seadrill
