Seadrill Limited ( (SDRL) ) has released its Q3 earnings. Here is a breakdown of the information Seadrill Limited presented to its investors.
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Seadrill Limited is a leading company in the deepwater oil and gas drilling industry, known for its modern fleet, experienced crews, and advanced technologies to unlock resources for oil companies globally. In the third quarter of 2024, Seadrill announced an operating profit of $47 million and an adjusted EBITDA of $93 million, with a significant increase in full-year guidance for adjusted EBITDA from $340 million to $385 million. The company also repurchased 4 million shares for $183 million during the quarter.
The company reported total operating revenues of $354 million for the third quarter, a slight decrease from the previous quarter. Despite the decrease in revenues, Seadrill’s contract revenues remained stable, and the company attributed the decline to fewer operating days and non-repeating charter income. The net income for the quarter stood at $32 million, and the company maintained a strong balance sheet with a net debt position of $33 million.
Seadrill’s operational activities included securing additional drilling work for the Sevan Louisiana and mobilizing rigs to Brazil. The company also managed to maintain a significant order backlog of $2.3 billion and has 70% of its available rig days contracted for 2025. Despite market challenges, Seadrill is confident in the offshore drilling industry’s long-term potential and its strategic position within it.
Looking forward, Seadrill remains focused on maximizing cash flow and managing its fleet efficiently. With a robust balance sheet and concentrated fleet of premium floaters, the company is well-positioned to navigate market fluctuations and enhance shareholder value over time.
