Seadrill(US:SDRL) Businesswireยท2025-11-05 21:30Core Viewpoint - Seadrill Limited reported a net loss of $11 million for the third quarter of 2025, a significant improvement from a net loss of $42 million in the previous quarter, while total operating revenues decreased to $363 million from $377 million [3][4][6]. Financial Highlights - Total operating revenues for Q3 2025 were $363 million, down from $377 million in Q2 2025, primarily due to lower economic utilization and fewer rig operating days [4][6]. - Contract revenues amounted to $280 million, compared to $288 million in the prior quarter [3][19]. - Adjusted EBITDA was reported at $86 million, down from $106 million in the previous quarter, with an adjusted EBITDA margin of 24.4% [3][6][27]. - The diluted loss per share improved to $0.17 from $0.68 in the prior quarter [3][19]. Operational Results - The company secured over $300 million in new contracts across five rigs, enhancing its order backlog [5][6]. - Economic utilization for the quarter was reported at 91.1%, down from 93.4% in the previous quarter [29][31]. - Total operating expenses decreased by $34 million to $337 million, with a notable reduction in management contract expenses [6][19]. Balance Sheet and Cash Flow - As of September 30, 2025, Seadrill had gross principal debt of $625 million and cash and cash equivalents of $428 million, resulting in a net debt position of $197 million [7][21]. - Net cash provided by operating activities during Q3 2025 was $28 million, with free cash flow reported at $9 million [7][32][33]. Order Backlog - Seadrill's order backlog as of November 5, 2025, was approximately $2.5 billion, reflecting the company's strong position in securing contracts [9][11].