Welcome to our dedicated page for Seadrill news (Ticker: SDRL), a resource for investors and traders seeking the latest updates and insights on Seadrill stock.
Seadrill Limited reports developments for an offshore drilling contractor focused on deepwater oil and gas drilling. News commonly covers fleet contracts, extensions and backlog for ultra-deepwater drillships such as West Neptune, West Vela, West Polaris, West Saturn, West Capella, West Jupiter and Sonangol Quenguela.
Company updates also address quarterly results, revenue and EBITDA guidance, capital expenditures, maintenance activity, debt and cash position, and operating activity in markets including the U.S. Gulf, Brazil, Angola and Malaysia. Seadrill's customer base includes national, integrated and independent oil companies, with Sonadrill providing additional Angola exposure through a joint venture structure.
Seadrill Limited (NYSE: SDRL) reported robust financial results for Q3 2022, achieving 98% technical utilization. The company generated $269 million in total operating revenues and $20 million in operating profit, with an Adjusted EBITDA of $71 million, translating to a 23% margin. Cash reserves stand at $349 million, including $224 million in unrestricted funds. Notably, Seadrill successfully sold seven jackup rigs in Saudi Arabia, contributing to a total order backlog of approximately $3 billion. The firm also relisted its shares on the NYSE and up-listed to the main Oslo Stock Exchange market.
Seadrill Limited (NYSE: SDRL) has officially uplisted from Euronext Expand to the Oslo Stock Exchange (OSE) as of November 17, 2022. This move fulfills the company's goal of dual listings in 2022, enhancing its presence in Norway's financial markets. CEO Simon Johnson expressed optimism about strengthening investor relationships and expanding business prospects across global oil and gas resources. The company operates a technologically advanced fleet, conducting offshore drilling in various environments, emphasizing its strategic growth within the industry.
Seadrill Limited (NYSE: SDRL) announced on November 16, 2022, the approval and publication of a prospectus supplement linked to its imminent listing on the Oslo Stock Exchange. This follows the board's approval from the Oslo Stock Exchange for the company's application to trade on its main list. The initial prospectus was released on April 27, 2022, and the supplement is intended to be read alongside it. The company operates a technologically advanced fleet for offshore drilling globally.
Seadrill Limited (NYSE: SDRL) announced a significant contract extension for its joint venture, Sonadrill Holding Ltd, securing a 12-well extension in Angola at a rate of $402,500 per day. This total contract value approximates $327 million, with operations expected to commence in Q4 2022 and last for 25 months. Seadrill continues to manage the drillships under this venture, reinforcing its position as a leading operator in Angola's oil sector. The CEO highlighted the anticipated generation of substantial free cash flow from this contract, benefiting both Seadrill and Sonangol shareholders.
Seadrill Limited (NYSE: SDRL) announced that its 3Q22 earnings will be released on November 30, 2022. The company will host a virtual presentation at 9:00am EST, followed by a Q&A session exclusive to analysts. Participants can join via conference call or webcast, with access to presentation materials available on Seadrill's website. Seadrill operates a technologically advanced offshore drilling fleet, serving clients worldwide. The release also includes forward-looking statements regarding market conditions and operational risks.
Seadrill Limited (NYSE: SDRL) has announced the binding Share Purchase Agreements for the sale of its 35% stake in Paratus Energy Services Limited. This move includes other interests held through Paratus, related to companies like SeaMex Group and Archer Ltd. The transaction is subject to standard closing conditions, including competition authority approvals, and is expected to finalize in Q4 2022 or early 2023. Seadrill continues to leverage advanced technologies in offshore drilling operations worldwide.
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Seadrill Limited has announced a further extension of its forbearance agreement concerning its 12.0% senior secured notes due 2025. This extension, which follows previous announcements on April 19 and May 17, 2021, allows certain Note Holders to refrain from exercising enforcement rights related to events of default, including missed interest payments and ongoing Chapter 11 proceedings. The purpose is to provide time for the Issuer and stakeholders to negotiate a comprehensive balance sheet restructuring, potentially through a court-supervised process.