Seadrill Announces Fourth Quarter and Full Year 2023 Results
- Seadrill reported an operating profit of $329 million and full-year Adjusted EBITDA of $495 million.
- The company secured market-leading contracts in Brazil and the U.S. Gulf of Mexico.
- Seadrill completed $342 million of share repurchases, representing 11% of its share capital.
- Fourth quarter Adjusted EBITDA was $100 million, in line with management expectations.
- President and CEO, Simon Johnson, highlighted the company's focus on simplifying and strengthening its business through the Aquadrill acquisition.
- None.
Insights
The financial results of Seadrill Limited reflect a robust operating profit and Adjusted EBITDA, signaling a strong financial performance aligned with the company's guidance. The declaration of market-leading contracts in Brazil and the U.S. Gulf of Mexico is indicative of the company's competitive positioning and its ability to secure lucrative deals within the industry. The significant share repurchase activity, amounting to 11% of share capital, denotes a shareholder-friendly capital allocation strategy, potentially leading to earnings per share accretion and reflecting management's confidence in the company's intrinsic value.
However, the quarter-over-quarter decrease in Adjusted EBITDA and EBITDA Margin suggests a contraction in operational efficiency or potential market pressures. Investors should monitor these metrics closely as they could be indicative of underlying trends that may affect future profitability. The company's proactive approach to managing contracting gaps and cost inflation is essential in the current economic climate, where cost management is critical to maintaining margins.
Seadrill's strategic acquisition of Aquadrill and the securing of high dayrate contracts underscore the company's strategic expansion and its ability to capitalize on market opportunities. The offshore drilling sector is cyclical and Seadrill's positioning in this cycle, with a focus on high-demand regions such as Brazil and the Gulf of Mexico, suggests a favorable outlook on demand for its services. The reference to 2024 as a year of transition paired with planned inventory of shipyard stays and capital expenditure indicates a forward-looking investment in fleet maintenance and readiness, which is critical for long-term operational success.
Investors should consider the potential impact of these investments on short-term liquidity and long-term asset value. The industry-specific term 'dayrates' refers to the daily rental rate charged by drilling contractors to oil companies, which serves as a key performance indicator for the profitability of contracts. The achievement of high dayrates reflects positively on the company's market leverage and operational excellence.
The external economic factors, such as oil price volatility and geopolitical tensions, can significantly impact Seadrill's operations and profitability. The company's proactive stance in managing exposure to contracting gaps and cost inflation is a prudent measure, particularly in an industry susceptible to cyclical and structural changes. The mention of a year of transition suggests that Seadrill is preparing for shifts in the macroeconomic environment or industry dynamics that could affect its operations.
Investors should note the potential risks associated with the capital-intensive nature of the offshore drilling industry, including the need for continuous investment in fleet maintenance and the impact of environmental regulations. The company's ability to navigate these challenges while maintaining financial discipline and operational efficiency will be critical in sustaining its competitive advantage and ensuring long-term stakeholder value.
Quarterly highlights
-
Delivered full-year operating profit of
$329 million $495 million -
Reported fourth quarter Adjusted EBITDA(1) of
$100 million -
Secured market-leading contracts in both
Brazil and theU.S. Gulf ofMexico , representing some of the highest dayrates achieved so far in this market cycle -
As of February 27, 2024, completed
$342 million 11% of its share capital, as part of its share repurchase program initiated in September 2023 and expanded in December 2023
Financial highlights
|
Three months ended |
|
Figures in USD million, unless otherwise indicated |
December 31, 2023 |
September 30, 2023 |
Total Operating Revenues |
408 |
414 |
Contract Revenues |
315 |
324 |
Operating Profit |
52 |
117 |
Adjusted EBITDA (1) |
100 |
151 |
Adjusted EBITDA Margin (1) |
|
|
Diluted Earnings Per Share ($) |
0.95 |
1.10 |
"We continued to simplify and strengthen our business through 2023, achieving scale through the Aquadrill acquisition and delivering operational and financial results that allowed us to make meaningful returns to shareholders through our repurchase program," remarked President and Chief Executive Officer, Simon Johnson.
"We have long anticipated 2024 will be a year of transition. We have planned and prepared for a busy inventory of shipyard stays and accompanying capital expenditure. We continue to act proactively to manage and mitigate our exposure to contracting gaps and cost inflation when these appear. Though 2024 will certainly have some challenges, our optimism about the medium- and longer-term outlook for the offshore deepwater drilling industry and our competitive positioning within it remains positive and unchanged."
Financial and operational results
For the fourth quarter 2023, Seadrill recognized
Net cash provided by operating activities was
Full-year total operating revenues were approximately
Share repurchases
During the fourth quarter, Seadrill completed its initial
Balance sheet
As of December 31, 2023, Seadrill had gross principal debt of
Operational and commercial activity
As of February 28, 2024 Seadrill's Order Backlog(2) stood at approximately
-
In December 2023, Seadrill announced it had secured
$1.1 billion Brazil contracts, following a competitive bidding process. Petrobras awarded 1,064-day fixed-term contracts to both the West Auriga and the West Polaris, representing approximately$577 million $518 million Brazil . -
In January 2024, Seadrill announced Talos Production Inc. had awarded the West Vela a contract in the
U.S. Gulf ofMexico with an estimated duration of 150 days and a total contract value of approximately$74 million
Prior to beginning their new contracts, all three of these rigs will transition from existing third-party managers to Seadrill, allowing the Company to capture intended cost savings from its Aquadrill acquisition.
The Company today provided an updated fleet status report on its website, www.seadrill.com/investors.
Conference call information
Seadrill 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. The Company will also webcast the call live on its website, www.seadrill.com/investors, where a replay and prepared remarks, which includes guidance for fiscal year 2024 and a reconciliation of any non-GAAP financial metrics in such guidance, will be available afterwards.
(1)Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow are non-GAAP measures. The appendices to this press release include definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measure.
(2) Order Backlog includes all firm contracts at the contractual operating dayrate multiplied by the number of days remaining in the firm contract period. It includes management contract revenues and lease revenues from bareboat charter arrangements and excludes revenues for mobilization, demobilization, contract preparation, and other incentive provisions and backlog relating to non-consolidated entities.
About Seadrill
Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. Seadrill’s high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations across geographies, from shallow to ultra-deepwater environments.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including those regarding the Company’s outlook and guidance, plans, strategies, business prospects, rig activity, share repurchases, changes and trends in its business and the markets in which it operates are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms "assumes", "projects", "forecasts", "estimates", "expects", "anticipates", "believes", "plans", "intends", "may", "might", "will", "would", "can", "could", "should" or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, offshore drilling market conditions including supply and demand, day rates, customer drilling programs and effects of new rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance of the drilling rigs in the Company’s fleet, the cost and timing of shipyard and other capital projects, the performance of the drilling rigs in the Company’s fleet, delay in payment or disputes with customers, Seadrill's ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, liquidity and adequacy of cash flow from operations, fluctuations in the international price of oil, international financial market conditions, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the impact of global economic conditions and global health threats, pandemics and epidemics, our ability to maintain relationships with suppliers, customers, employees and other third parties and our ability to maintain adequate financing to support our business plans, our ability to successfully complete any acquisitions, divestitures and mergers, our liquidity and the adequacy of cash flows for our obligations, our liquidity and the adequacy of cash flows for our obligations, our ability to satisfy the continued listing requirements of the New York Stock Exchange and the Oslo Stock Exchange, or other exchanges where our common shares may be listed, or to cure any continued listing standard deficiency with respect thereto, the cancellation of drilling contracts currently included in reported contract backlog, losses on impairment of long-lived fixed assets, shipyard, construction and other delays, the results of meetings of our shareholders, political and other uncertainties, including those related to the conflict in
The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, the Company cannot assess the impact of each such factors on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Seadrill Limited
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|||||||||||
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|
Successor |
|
Successor |
|
|
Predecessor |
||||
|
|
Three months
|
|
Three months
|
|
Twelve
|
|
Period from
|
|
|
Period from
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
Contract revenues |
|
315 |
|
139 |
|
1,154 |
|
574 |
|
|
124 |
Reimbursable revenues |
|
6 |
|
6 |
|
32 |
|
27 |
|
|
4 |
Management contract revenues (1) |
|
73 |
|
64 |
|
271 |
|
203 |
|
|
36 |
Other revenues (1) |
|
14 |
|
19 |
|
45 |
|
39 |
|
|
5 |
Total operating revenues |
|
408 |
|
228 |
|
1,502 |
|
843 |
|
|
169 |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Vessel and rig operating expenses (2) |
|
(220) |
|
(122) |
|
(705) |
|
(445) |
|
|
(76) |
Reimbursable expenses |
|
(5) |
|
(6) |
|
(29) |
|
(24) |
|
|
(4) |
Depreciation and amortization |
|
(44) |
|
(43) |
|
(155) |
|
(135) |
|
|
(17) |
Management contract expenses |
|
(58) |
|
(49) |
|
(200) |
|
(148) |
|
|
(31) |
Merger and integration related expenses |
|
(3) |
|
(3) |
|
(24) |
|
(3) |
|
|
— |
Selling, general and administrative expenses |
|
(26) |
|
(13) |
|
(74) |
|
(54) |
|
|
(6) |
Total operating expenses |
|
(356) |
|
(236) |
|
(1,187) |
|
(809) |
|
|
(134) |
Other operating items |
|
|
|
|
|
|
|
|
|
|
|
Gain on disposals |
|
— |
|
1 |
|
14 |
|
1 |
|
|
2 |
Total other operating items |
|
— |
|
1 |
|
14 |
|
1 |
|
|
2 |
Operating profit/(loss) |
|
52 |
|
(7) |
|
329 |
|
35 |
|
|
37 |
Financial and other non-operating items |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
13 |
|
7 |
|
35 |
|
14 |
|
|
— |
Interest expense |
|
(15) |
|
(25) |
|
(59) |
|
(98) |
|
|
(7) |
Share in results from associated companies (net of tax) |
|
10 |
|
5 |
|
37 |
|
(2) |
|
|
(2) |
Reorganization items, net |
|
— |
|
(3) |
|
— |
|
(15) |
|
|
3,683 |
Other financial and non-operating items |
|
(6) |
|
— |
|
(25) |
|
3 |
|
|
30 |
Total financial and other non-operating items, net |
|
2 |
|
(16) |
|
(12) |
|
(98) |
|
|
3,704 |
Profit/(loss) before income taxes |
|
54 |
|
(23) |
|
317 |
|
(63) |
|
|
3,741 |
Income tax benefit/(expense) |
|
19 |
|
— |
|
(17) |
|
(10) |
|
|
(2) |
Net income/(loss) from continuing operations |
|
73 |
|
(23) |
|
300 |
|
(73) |
|
|
3,739 |
Income/(loss) after tax from discontinued operations |
|
— |
|
272 |
|
— |
|
274 |
|
|
(33) |
Net income |
|
73 |
|
249 |
|
300 |
|
201 |
|
|
3,706 |
Basic EPS: continuing operations ($) |
|
0.97 |
|
(0.46) |
|
4.23 |
|
(1.46) |
|
|
37.25 |
Diluted EPS: continuing operations ($) |
|
0.95 |
|
(0.46) |
|
4.12 |
|
(1.46) |
|
|
37.25 |
Basic EPS ($) |
|
0.97 |
|
4.98 |
|
4.23 |
|
4.02 |
|
|
36.92 |
Diluted EPS ($) |
|
0.95 |
|
4.75 |
|
4.12 |
|
3.88 |
|
|
36.92 |
(1) Includes revenue received from related parties of
(2) Includes costs paid to related parties of
Seadrill Limited
|
||||
|
|
December 31,
|
|
December 31,
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
697 |
|
480 |
Restricted cash |
|
31 |
|
44 |
Accounts receivable, net |
|
222 |
|
137 |
Amounts due from related parties, net |
|
9 |
|
27 |
Other current assets |
|
199 |
|
169 |
Total current assets |
|
1,158 |
|
857 |
Non-current assets |
|
|
|
|
Investments in associated companies |
|
90 |
|
84 |
Drilling units |
|
2,858 |
|
1,668 |
Restricted cash |
|
— |
|
74 |
Deferred tax assets |
|
46 |
|
15 |
Equipment |
|
10 |
|
10 |
Other non-current assets |
|
56 |
|
93 |
Total non-current assets |
|
3,060 |
|
1,944 |
Total assets |
|
4,218 |
|
2,801 |
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Debt due within one year |
|
— |
|
22 |
Trade accounts payable |
|
53 |
|
76 |
Other current liabilities |
|
336 |
|
306 |
Total current liabilities |
|
389 |
|
404 |
Non-current liabilities |
|
|
|
|
Long-term debt |
|
608 |
|
496 |
Deferred tax liabilities |
|
9 |
|
9 |
Other non-current liabilities |
|
229 |
|
190 |
Total non-current liabilities |
|
846 |
|
695 |
Commitments and contingencies |
|
|
|
|
Equity |
|
|
|
|
Common shares of par value |
|
1 |
|
— |
Additional paid-in capital |
|
2,480 |
|
1,499 |
Accumulated other comprehensive income |
|
1 |
|
2 |
Retained earnings |
|
501 |
|
201 |
Total equity |
|
2,983 |
|
1,702 |
Total liabilities and equity |
|
4,218 |
|
2,801 |
Seadrill Limited
|
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|
|
Successor |
|
|
Predecessor |
||
|
|
Year ended
|
|
Period from
|
|
|
Period from
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
Net income |
|
300 |
|
201 |
|
|
3,706 |
Net income/(loss) from continuing operations |
|
300 |
|
(73) |
|
|
3,739 |
Net income/(loss) from discontinued operations |
|
— |
|
274 |
|
|
(33) |
Adjustments related to discontinued operations (1) |
|
— |
|
(262) |
|
|
38 |
Adjustments to reconcile net profit/(loss) to net cash provided by/(used in) operating activities: |
|
|
|
|
|
|
|
Change in allowance for credit losses |
|
(1) |
|
1 |
|
|
(1) |
Depreciation and amortization |
|
155 |
|
135 |
|
|
17 |
Gain on disposals |
|
(14) |
|
(1) |
|
|
(2) |
Amortization of debt issuance costs and discount on debt |
|
2 |
|
— |
|
|
7 |
Payment in kind interest |
|
— |
|
30 |
|
|
— |
Share in results from associated companies (net of tax) |
|
(37) |
|
2 |
|
|
2 |
Non-cash gain reorganization items, net |
|
— |
|
— |
|
|
(3,487) |
Fresh Start valuation adjustments |
|
— |
|
— |
|
|
(266) |
Others |
|
9 |
|
(7) |
|
|
(7) |
Deferred tax benefit |
|
(13) |
|
(3) |
|
|
(4) |
Other cash movements in operating activities |
|
|
|
|
|
|
|
Payments for long-term maintenance |
|
(108) |
|
(83) |
|
|
(2) |
Repayments made under failed sales and leaseback arrangements |
|
— |
|
— |
|
|
(11) |
Changes in operating assets and liabilities, net of effect of acquisitions and disposals |
|
|
|
|
|
|
|
Trade accounts receivable |
|
(25) |
|
32 |
|
|
(11) |
Trade accounts payable |
|
(34) |
|
23 |
|
|
— |
Prepaid expenses/accrued revenue |
|
(1) |
|
9 |
|
|
— |
Deferred revenue |
|
1 |
|
44 |
|
|
(18) |
Deferred mobilization costs |
|
25 |
|
(111) |
|
|
(4) |
Related party receivables |
|
19 |
|
(10) |
|
|
(13) |
Other assets |
|
(22) |
|
49 |
|
|
(4) |
Other liabilities |
|
31 |
|
16 |
|
|
4 |
Net cash flows provided by/(used in) operating activities |
|
287 |
|
65 |
|
|
(56) |
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
Additions to drilling units and equipment |
|
(101) |
|
(131) |
|
|
(18) |
Proceeds from sales of tender-assist units |
|
84 |
|
— |
|
|
— |
Proceeds from disposal of assets |
|
14 |
|
1 |
|
|
2 |
Net proceeds on disposal of business and cash impact from deconsolidation |
|
21 |
|
659 |
|
|
(94) |
Acquisition of Subsidiary |
|
24 |
|
— |
|
|
— |
Funds advanced to discontinued operations |
|
— |
|
(16) |
|
|
(20) |
Net cash used in investing activities - discontinued operations |
|
— |
|
(40) |
|
|
— |
Net cash flows provided by/(used in) investing activities |
|
42 |
|
473 |
|
|
(130) |
| (1) |
Relates to adjustments made to the net income/(loss) from discontinued operations to reconcile to net cash flows in operating activities from discontinued operations. The adjustments reconcile net income/(loss) from discontinued operations to net cash provided by/(used in) operating activities, other cash movements in operating activities, and changes in operating assets and liabilities, net of effect of acquisitions and disposals. The net cash provided by operating activities for the year ended December 31, 2023 was nil, for the successor period from February 23, 2022 through December 31, 2022 (Successor) was |
|
Seadrill Limited
|
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|
Successor |
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|
Predecessor |
||
|
|
Year ended
|
|
Period from
|
|
|
Period from
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
Proceeds from bond issuance |
|
576 |
|
— |
|
|
175 |
Proceeds from convertible bond issuance |
|
— |
|
— |
|
|
50 |
Repayments of secured credit facilities |
|
(478) |
|
(464) |
|
|
(160) |
Share issuance costs |
|
(4) |
|
— |
|
|
— |
Share repurchases |
|
(263) |
|
— |
|
|
— |
Debt issuance costs |
|
(31) |
|
— |
|
|
— |
Net cash provided by financing activities - discontinued operations |
|
— |
|
16 |
|
|
20 |
Net cash (used in)/provided by financing activities |
|
(200) |
|
(448) |
|
|
85 |
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
1 |
|
(1) |
|
|
6 |
Net increase/(decrease) in cash and cash equivalents, including restricted cash |
|
130 |
|
89 |
|
|
(95) |
Cash and cash equivalents, including restricted cash, at beginning of the period |
|
598 |
|
509 |
|
|
604 |
Included in cash and cash equivalents and restricted cash per the balance sheet |
|
598 |
|
490 |
|
|
516 |
Included in assets of discontinued operations |
|
— |
|
19 |
|
|
88 |
Cash and cash equivalents, including restricted cash, at the end of period |
|
728 |
|
598 |
|
|
509 |
Included in cash and cash equivalents and restricted cash per the balance sheet |
|
728 |
|
598 |
|
|
490 |
Included in assets of discontinued operations |
|
— |
|
— |
|
|
19 |
|
|
|
|
|
|
|
|
Supplementary disclosure of cash flow information |
|
|
|
|
|
|
|
Interest paid |
|
(36) |
|
(57) |
|
|
— |
Taxes paid |
|
(24) |
|
(5) |
|
|
(1) |
Reorganization items, net paid |
|
— |
|
(13) |
|
|
(56) |
Appendix I - Reconciliation of Operating Profit to Adjusted EBITDA
Adjusted EBITDA represents operating profit before depreciation, amortization and similar non-cash charges. Additionally, in any given period the Company may have significant, unusual or non-recurring items which may be excluded from Adjusted EBITDA for that period. When applicable, these items are fully disclosed and incorporated into the reconciliation provided below.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total operating revenues.
Adjusted EBITDA is a non-GAAP financial measure used by investors to measure Seadrill's ongoing financial and operating strength. The Company believes that Adjusted EBITDA assists investors by excluding the potentially disparate effects between periods of interest, other financial items, taxes and depreciation and amortization, which are affected by various and possibly changing financing methods, capital structure and historical cost basis and which may significantly affect operating profit between periods.
Adjusted EBITDA should not be considered as an alternative to operating profit or any other indicator of Seadrill's performance calculated in accordance with US GAAP.
The table below reconciles operating profit to Adjusted EBITDA for the three months ended December 31, 2023 and September 30, 2023.
Figures in USD million, unless otherwise indicated |
Three months
|
|
Three months
|
Operating profit |
52 |
|
117 |
Depreciation and amortization |
44 |
|
39 |
Merger and integration related expenses |
3 |
|
2 |
Other adjustments (1) |
1 |
|
(7) |
Adjusted EBITDA (a) |
100 |
|
151 |
Total operating revenues (b) |
408 |
|
414 |
Adjusted EBITDA Margin (a)/(b) |
|
|
|
(1) Primarily gains on sundry asset disposals in September 2023 and costs associated with the closure of the Company's
The table below reconciles operating profit to Adjusted EBITDA for the twelve months ended December 31, 2023.
Figures in USD million, unless otherwise indicated |
Twelve months
|
Operating profit |
329 |
Depreciation and amortization |
155 |
Merger and integration related expenses |
24 |
Other adjustments (1) |
(13) |
Adjusted EBITDA (a) |
495 |
Total operating revenues (b) |
1,502 |
Adjusted EBITDA Margin (a)/(b) |
|
(1) Primarily gains on sundry asset disposals and costs associated with the closure of the Company's
Appendix II - Contract Revenues Supporting Information
Contract Revenues Supporting Information(1) |
Three months
|
|
Three months
|
|
|||
Average number of rigs on contract(2) |
12 |
|
12 |
Average contractual dayrates(3) (in $ thousands) |
298 |
|
290 |
Economic utilization(4) |
|
|
|
(1) Excludes three drillships managed on behalf of Sonadrill (West Gemini, Sonangol Quenguela, Sonangol Libongos); and excludes rigs bareboat chartered to Gulfdrill (West Telesto, West Castor, West Tucana).
(2) The average number of rigs on contract is calculated by dividing the aggregate days the Company's rigs were on contract during the reporting period by the number of days in that reporting period.
(3) The average contractual dayrate is calculated by dividing the aggregate contractual dayrates during a reporting period by the aggregate number of days for the reporting period.
(4) Economic utilization is defined as dayrate revenue earned during the period, excluding bonuses, divided by the contractual operating dayrate, multiplied by the number of days on contract in the period. If a drilling unit earns its full operating dayrate throughout a reporting period, its economic utilization would be
Appendix III - Reconciliation of net cash flows provided by operating activities to Free Cash Flow
The Company also presents Free Cash Flow as a non-GAAP liquidity measure. Free Cash Flow is calculated as net cash provided by (used in) operating activities less cash paid for additions to drilling units and equipment. The table below reconciles net cash flows provided by operating activities to Free Cash Flow for the three months ended December 31, 2023 and September 30, 2023.
Figures in USD million |
Three months
|
|
Three months
|
|
|||
Net cash flows provided by operating activities |
140 |
|
112 |
Additions to drilling units and equipment |
(48) |
|
(28) |
Free Cash Flow |
92 |
|
84 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228112285/en/
Seadrill contact information
Lydia Brantley Mabry
Director of Investor Relations
T: +1 (832) 252-7064
E: lydia.mabry@seadrill.com
Source: Seadrill Limited
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