Seadrill Limited (NYSE:SDRL) Q1 2024 Earnings Conference Call May 15, 2024 10:00 AM ET Company Participants Lydia Mabry - Director of Investor Relations Simon Johnson - President and Chief Executive Officer Grant Creed - Executive Vice President and Chief Financial Officer Samir Ali - Executive Vice President, Chief Commercial Officer Marcel Wieggers - Senior Vice President of Operations Conference Call Participants Ben Nolan - Stifel Greg Lewis - BTIG Kurt Hallead - Benchmark Josh Jayne - Daniel Energy Par ...

Seadrill (SDRL) came out with quarterly earnings of $0.81 per share, beating the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 19.12%. A quarter ago, it was expected that this offshore drilling services provider would post earnings of $0.65 per share when it actually produced earnings of $0.95, delivering a surprise of 46.15%.Over the last four q ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 6-K ____________________________ REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Commission File Number: 001-39327 ____________________________ SEADRILL LIMITED (Exact name of Registrant as specified in its Charter) ____________________________ Park Place 55 Par-la-Ville Road Hamilton HM 11 Bermuda ...

Core Insights - Seadrill Limited has announced new contract awards for its drillships, West Capella and West Neptune, indicating a positive outlook for the company's operations in the offshore drilling sector [1][2]. Contract Awards - The West Capella drillship has secured a one-well contract in South Korea, valued at approximately $32 million, with an estimated duration of 40 days starting in December 2024 [1]. - The West Neptune drillship has received a contract extension in the U.S. Gulf of Mexico, valued at approximately $86 million, extending its operations by six months starting in the September quarter of 2025 [2]. Technical Specifications - West Capella is a sixth-generation ultra-deepwater drillship with a maximum drilling depth of 37,500 feet and operational capabilities in water depths of 10,000 feet. It can accommodate 180 personnel [2][3]. - West Neptune is a seventh-generation ultra-deepwater drillship with similar maximum drilling depth capabilities and can operate in water depths of 12,000 feet [3]. Upgrades and Innovations - Seadrill plans to enhance the West Neptune drillship with managed pressure drilling (MPD) capabilities during scheduled out-of-service periods, making it the tenth rig in the fleet with such technology [3]. Industry Context - The energy sector shows promising opportunities with companies like SM Energy and Hess Corp. demonstrating strong production outlooks and significant resource discoveries, respectively [4]. - Eni, a global integrated energy company, is focusing on liquefied natural gas, which is expected to play a crucial role in the energy transition due to its lower carbon footprint [5].

Debt Issuance and Refinancing - Seadrill issued $500 million in 8.375% Senior Secured Second Lien Notes due 2030 on July 27, 2023, followed by an additional $75 million issuance on August 8, 2023, to refinance existing secured debt[1]. - The company incurred approximately $26 million in issuance costs related to the refinancing of its debt[1]. - The new Senior Secured Revolving Credit Facility allows for borrowings of up to $225 million, with an accordion feature to increase this limit by an additional $100 million[1]. Financial Projections and Performance - The total operating revenues for the pro forma combined statement for the year ended December 31, 2023, are projected to be $1,580 million, up from $1,502 million for Seadrill's historical results[5]. - Operating profit for the pro forma combined entity is estimated at $323 million, compared to $329 million for Seadrill's historical results[5]. - The interest expense for the pro forma combined entity is projected to be $58 million, down from $59 million in Seadrill's historical results[5]. - The basic earnings per share (EPS) for continuing operations is projected to be $3.71 for the pro forma combined entity, compared to $3.82 for Seadrill's historical results[5]. Merger and Acquisition Details - The merger with Aquadrill on April 3, 2023, resulted in Seadrill acquiring 29.9 million common shares and $1 million in cash, with a total consideration of $30 million settled by tax withholding[1]. - The pro forma financial information assumes that the completed transactions occurred on January 1, 2023, reflecting their impacts in the historical consolidated balance sheet as of December 31, 2023[2]. - Seadrill issued 8 million shares to Aquadrill shareholders, impacting the weighted average shares outstanding[13]. - Seadrill recognized the effects of the merger in its historical financial statements, including adjustments to shares outstanding since January 1, 2023[12]. Adjustments and Depreciation - The pro forma adjustments include a depreciation and amortization increase of $11 million due to the merger, reflecting preliminary asset values[5][11]. - The total adjustment to depreciation and amortization is $(11) million, reflecting various adjustments including a $70 million depreciation expense for fair value of drilling units[12]. - The estimated remaining useful lives for the acquired drilling units range from 15 to 21 years, affecting depreciation calculations[12]. - The amortization expense for unfavorable contract liabilities is $42 million, contributing to the overall financial adjustments[12]. Interest Expense Adjustments - The removal of historical Initial Term Loan and Initial Second Lien interest expenses resulted in a total adjustment to interest expense of $1 million[15]. - Interest expense adjustments include a $12 million removal of Initial Term Loan interest expense and a $16 million removal of Initial Second Lien interest expense[15]. - The total adjustment to interest expense includes a $28 million expense related to Second Lien Notes[15]. - The dilutive impact of Seadrill's pre-transaction convertible bond is approximately 3% of the fully diluted pro forma common shares outstanding[13].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

Seadrill Limited (NYSE:SDRL) Q4 2023 Results Conference Call February 29, 2024 10:00 AM ET Company Participants Lydia Mabry - Director of Investor Relations Simon Johnson - President and Chief Executive Officer Grant Creed - Executive Vice President and Chief Financial Officer Samir Ali - Executive Vice President and Chief Commercial Officer Marcel Wieggers - Senior Vice President of Operations Conference Call Participants Frank Galanti - Stifel Greg Lewis - BTIG Fredrik Stene - Clarkson Securities Hamed Kh ...

Core Insights - Seadrill Limited reported a full-year operating profit of $329 million and Adjusted EBITDA of $495 million for 2023, aligning with guidance [2][7] - The company secured significant contracts in Brazil and the U.S. Gulf of Mexico, achieving some of the highest dayrates in the current market cycle [2][10] - Seadrill completed $342 million in share repurchases, representing 11% of its share capital, as part of its ongoing buyback program [2][8] Quarterly Highlights - For Q4 2023, Seadrill reported total operating revenues of $408 million, with contract revenues of $315 million, a slight decrease from the previous quarter [3][5] - Adjusted EBITDA for Q4 2023 was $100 million, down from $151 million in Q3 2023, reflecting a decrease in operating profit to $52 million from $117 million [3][5][29] - The company operated an average of 12 rigs with an economic utilization rate of 92.4% [5][33] Financial Performance - Full-year total operating revenues reached approximately $1.5 billion, a 48% increase from $1.0 billion in the previous year [6][7] - Operating expenses increased to $356 million in Q4 2023, primarily due to provisions, repair and maintenance projects, and personnel costs [5] - Net cash provided by operating activities for Q4 was $140 million, marking a 25% improvement from Q3 [6] Share Repurchase Program - Seadrill initiated a $250 million buyback program in September 2023, which was expanded by an additional $250 million in December 2023 [8] - As of February 27, 2024, the company had repurchased a total of eight million shares at an average price of $43.36 per share [8] Balance Sheet Overview - As of December 31, 2023, Seadrill had gross principal debt of $625 million and cash and cash equivalents of $728 million [9][21] - The company maintains an additional $225 million in available borrowings under its undrawn senior secured revolving credit facility [9] Operational and Commercial Activity - Seadrill's order backlog stood at approximately $2.9 billion as of February 28, 2024, including $1.1 billion in contract additions since November 2023 [10] - Notable contracts secured include $1.1 billion in Brazil and a $74 million contract in the U.S. Gulf of Mexico [11][12]

HAMILTON, Bermuda--(BUSINESS WIRE)--February 5, 2024-- Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) will report its fourth quarter and full year 2023 results on Wednesday, February 28, 2024 after the NYSE closes for trading. The Company will host a conference call to discuss its results on Thursday, February 29, 2024 at 09:00 CST / 16:00 CET. Interested participants may join the call by dialing +1 (888) 660-6819 (Passcode: 7310670) at least 15 minutes prior to the scheduled start time. ...

Seadrill Limited (SDRL) , an offshore driller, announced multiple contract awards and a contract extension for its West Vela and West Capella drillships worth $97.5 million. The company also provided an update regarding its West Auriga drillship.Seadrill’s West Vela drillship was secured by Talos Production in the U.S. Gulf of Mexico. The total value of the contract is around $73.5 million, excluding managed pressure drilling services. The deal has an estimated duration of 150 days, scheduled to begin in th ...