Oil Rig Operator Seadrill Doubles Quarterly Net Profit
Norwegian operator of offshore oil platforms Seadrill in the second quarter received a net profit of $94 million, which is 2.2 times higher than in the first quarter, a loss of $36 million was recorded for the same period last year, the company said in a report.
Revenue amounted to $414 million, up 1.6 times qoq. Adjusted EBITDA is $159 million, it exceeded the indicator of the first quarter by 1.9 times, and the second quarter of 2022 – by 2.1 times.
Seadrill’s operating expenses rose 1.4 times quarter-on-quarter to $308 million. The company attributes this to higher costs for vessels and drilling rigs due to fleet growth.
Free cash flow increased by $5 million (1.3 times) quarter-on-quarter to $20 million. The company’s total capital expenditure was $37 million.
Seadrill extended a contract in the second quarter to build several wells for the Sonangol Quenguela and West Gemini drillships operating in Angola. Two jack-up rigs West Castor and West Tucana continue to operate offshore Qatar.
Seadrill is registered in Bermuda and controlled by Norwegian tycoon John Fredriksen. As of August 15, 2023, the company’s order book is $2.4 billion.
