SDRL - Seadrill Limited Announces First Quarter 2017 Results

Highlights

• Revenue of $569 million
• Operating income of $83 million
• EBITDA of $291 million
• 98% economic utilization
• Reported net income of $57 million and diluted net income per share of $0.13
• Underlying net income, excluding non-recurring items and non-cash mark to market movements on derivatives, was $22 million and earnings per share was $0.06
• Cash and cash equivalents of $1.5 billion
• Seadrill Limited order backlog of approximately $3.4 billion

Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said:

"Tendering activity continues to increase, especially in the North Sea, South-East Asia and Middle-East segments.  While competition remains fierce for available work we are well positioned with our scale, young modern fleet and highly skilled workforce.

We remain committed to keeping our units working in the short-term and have successfully re-contracted a number of our available units.

Our priority continues to be to implement our restructuring plan with the right structure and terms for our stakeholders."

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.