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Seadrill Ltd (NYSE:SDRL) Extends Contracts With Saudi Arabian Oil Co.

Seadrill Ltd (NYSE:SDRL) has announced on Friday that it received three-year contract extensions from Saudi Arabian Oil Co., which is popularly known as Saudi Aramco, for the AOD I and AOD II jack-ups, which are now expected to expire by June and July 2019, respectively.

With the extensions, Seadrill will continue the current existing contracts with Saudi Aramco, adding about $225 million in contract backlogs. The company is delighted to further work with Saudi Aramco, with which the units have worked since 2013.

Debt-for-Equity Exchange

In June, Seadrill has settled the issuance and registration of 7.50 million new shares. The company has also disclosed that its new issued share capital now amounts to approximately of $1.02 billion, which represents about 508.44 million shares of issued and outstanding common stocks.

New EVP

In other recent news, the Board of Directors of Seadrill has also named Anton Dibowitz, CPA as the company’s new Executive Vice President (EVP), maintaining his post as the Chief Commercial Officer (CCO).

Since Dibowitz joined Seadrill in 2007, he has always been a key player in the company’s commercial growth. Having spent about half of his nearly-two-decade stint in the drilling industry with Seadrill, Dibowitz is believed to facilitate the company’s long-term prospects given his additional responsibilities.

Q1 Financial Highlights

Seadrill revealed its first quarter results last May, reporting a total revenue of $891 million. For the period, the company had a net income of $88 million and a diluted earnings per share (EPS) of $0.15. Seadrill ended the quarter with its cash and cash equivalents amounting to a total of $1.09 billion and its overall order backlog amounting to about $9.10 billion.

Per Wullf, Seadrill CEO and President, noted that the effects of the company’s cost-cutting programs have been evident during the period. For the remaining part of the year, Wullf said that Seadrill shall maintain its focus on its cost-cutting solutions as it continues to guarantee efficient operations.

Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on Wallstreetpr.com as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at [email protected] or follow Nicholas Kitonyi @nmaithyak on Twitter.

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