Seadrill Limited provides offshore drilling services to the oil and gas industry worldwide. The company operates through Floaters and Jack-up Rigs segments. The company was founded in 2005 and is based in Hamilton, Bermuda.
Seadrill (SDRL) has written down the value of its oil drilling rigs by $1.2B and hired a team to evaluate a financial restructuring that could allow it to reduce $7.4B in debt.Following the impairment, the company reported a net loss of $1.57B for Q1, an increase from a loss of...
Image source: The Motley Fool. Seadrill Limited (NYSE: SDRL)Q1 2020 Earnings CallJun 2, 2020, 9:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood day and good afternoon, and welcome to the Seadrill Limited Q1 2020 Results for the Quarter Ended March 31, 2020 Conference Call.
Seadrill announced a writedown of $1.2 billion on the value of its oil drilling rigs on Tuesday and warned its survival hinges on converting parts of its $7.4 billion in debt into equity, sending its shares tumbling. The company plans to cut 1,400 jobs and lower costs by $130 million over the next 18 months, Chief Financial Officer Stuart Jackson told a conference call. "Until such time that an agreement is reached to restructure our borrowing commitments, substantial doubt remains over (the) ability to continue as a going concern," Seadrill said in its first-quarter earnings report on Tuesday.