However, the company is improving the result and increasing sales.
Seadrill added a $91 million order backlog in the third quarter. The company’s order backlog is now $3 billion. This represents an increase from $2.1 billion in the same quarter of the previous year.
US$718 million of order reserves related to the sale of seven jackup rigs to Saudi Arabia in October.
Seadrill sells seven drilling rigs for more than 6 billion crowns
- The company’s sales amounted to $269 million in the third quarter, compared to $222 million at the same time last year.
- Operating result ended at $20 million, compared to a loss of $4 million in the same period in the previous year.
- Profit after tax ended at negative $16 million, an improvement from negative $86 million in the third quarter of 2021.
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Watch for positive news from Seadrill on Wednesday
– Third quarter results confirm Seadrill’s consistent and strong performance, with once again high utilization levels, driven by our operational prowess. Total adjusted interest before discount was $71 million, in line with management’s expectations, says Seadrill CEO Simon Johnson.
The company had a cash balance of $349 million at the end of the third quarter. This is down from $516 million at the end of December in 2021.
The company went through bankruptcy and converted a large portion of its debt into equity. Creditors now control Seadrill, with Eksfin being the majority owner. The drilling company returned to Oslo Bors earlier in November. Seadrill also listed on the New York Stock Exchange last fall.
The company fell 3.28 percent on the Oslo Stock Exchange last month.
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