Seadrill Posts Larger-Than-Expected 3Q Loss After Emerging From Chapter 11
27 Novembro 2018 - 05:24AM
Dow Jones News
By Dominic Chopping
Seadrill Ltd. (SDRL) posted a bigger-than-expected third-quarter
net loss of $240 million on Tuesday, nearly five months after
emerging from chapter 11 bankruptcy protection, but said it sees
signs of improvement in the offshore drilling industry.
Seadrill, which operates a fleet of 35 drilling rigs and manages
a further 18 on behalf of other companies, filed for bankruptcy
protection last September after being hit by a perfect storm of
tumbling oil prices that prompted oil companies to slash
exploration plans while Seadrill was struggling to repay a mounting
debt pile.
But in July the company emerged from chapter 11 after completing
a restructuring that saw it equitize $2.4 billion in unsecured bond
obligations, over $1 billion in contingent newbuild obligations,
substantial unliquidated guaranty obligations, and $250 million in
unsecured interest rate and currency swap claims. It also extended
near-term debt maturities, providing the company with over $1
billion in fresh capital.
The $240 million net loss in the three months to Sept. 30 was
larger than the $179 million loss expected in a FactSet analyst
forecast.
Revenue came in at $249 million compared with a forecast of $284
million, while adjusted earnings before interest, tax, depreciation
and amortization totaled $46 million.
Seadrill expects adjusted Ebitda for the fourth quarter will be
lower than the third quarter, at around $35 million.
"Having restructured our business, we are now well positioned to
capitalize on the recovery," said Chief Executive Anton
Dibowitz.
"The fundamentals for our industry remain strong and there are
improving signs through increased contracting activity, additional
supply leaving the market and industry consolidation which should
lead to better pricing in the future. We are already starting to
see rate improvements for contracts starting in 2019/20."
The company said its backlog as of Nov. 27 totaled $2.1 billion
and since the end of the second quarter it has added $296 million
in backlog.
Write to Dominic Chopping at dominic.chopping@wsj.com;
@domchopping, @WSJNordics
(END) Dow Jones Newswires
November 27, 2018 02:09 ET (07:09 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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