Seadrill earned $80 million from operations in Q1 – E24

The drilling company increased its income and profits in the first three months of the year.

CedrillCedrillThe drilling company is listed on the Oslo Stock Exchange and Wall Street. Mainly operates drilling vessels. It shows the numbers for the first quarter of 2023 late Tuesday evening:

• Total operating income was US$367 million, compared to US$266 million in the previous year.
• Operating profit (ebit) reached $80 million, compared to $51 million in the previous year.
• The pre-tax result was $70 million, compared to $44 million the previous year.

– Seadrill has had a strong start to the year, says CEO Simon Johnson in the letter.

– We believe that Seadrill's competitive fleet, focused market position and strong balance sheet will support sustainable income and return on capital.

Seadrill appears to be maintaining its 2024 guidance.

In its fourth-quarter report, Seadrill announced that it is seeing a decline in profits for 2024, with… ebitda ebitda Operating result before depreciation and write-off.Between 400 to 450 million dollars. Analysts indicated that the level was better than previously expected.

The EBITDA figure ended at $124 million in the first quarter.

Seadrill stock rose about six percent in after-hours trading on the New York Stock Exchange on Tuesday.

– Busy year

Seadrill has a market capitalization of NOK 40.4 billion. Over the year, the share rose by 14 percent.

The company has gone bankrupt twice since the oil crisis, but has settled its debts. After listing on the Oslo Stock Exchange again in the spring of 2022, debt was paid off again, drilling rigs were sold, and Seadrill made acquisitions.

CEO Johnson stressed this winter that “2024 will undoubtedly face some challenges,” but Seadrill is optimistic about the prospects for the deepwater rig market in the medium and long term.

– We have planned and prepared for a busy year with stays at the shipyard and related investments, he comments.

USA only

Earlier this year, it became known that Seadrill applied to delist Oslo Børs shares and only wants to be listed on the New York Stock Exchange.

The Board of Directors stated that most of the daily trading volume of the Company's common stock is now conducted on the New York Stock Exchange.

– The Board of Directors believes that the delisting process will eliminate regulatory duplication, complexity and costs associated with managing a dual listing.

Seadrill's board also believes that an exclusive listing in New York could improve access to US shareholders and analysis coverage.