Seadrill Limited (SDRL) - Second Half 2020 Results

        Subsequent Events Stuart Jackson, CEO, commented: "Our 2 nd  half 2020 results reflect the impact of executing backlog contracted during tough market conditions.  As a consequence, we have also taken significant impairments on our assets as the likelihood of scrapping more assets increases.  Whilst addressing the asset side of our balance sheet we have also taken action on the liabilities side and filed certain companies for Chapter 11 protection within the US...

 

    Subsequent Events

Stuart Jackson, CEO, commented:

"Our 2^nd half 2020 results reflect the impact of executing backlog contracted during tough market conditions.  As a consequence, we have also taken significant impairments on our assets as the likelihood of scrapping more assets increases.  Whilst addressing the asset side of our balance sheet we have also taken action on the liabilities side and filed certain companies for Chapter 11 protection within the US Bankruptcy Code.  The Chapter 11 process will run for many months as we seek solutions with our different creditor groups.  However, I feel confident that we will find a suitable resolution which will see a financially more robust Seadrill continue delivering safe, efficient operations for our customers."

 

¹Technical utilization is calculated as the total hours available for work, excluding planned maintenance, divided by the total number of hours in the period.

²Economic utilization is calculated as total revenue, excluding bonuses, for the period as a proportion of the full operating dayrate multiplied by the number of days on contract in the period.

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