Seadrill reports Q1 $891 million revenue

Seadrill Limited has announced the performance results for the period of three months ended March 31 2016 (Q1, 2016). The results are the following:

Revenue of $891 million
EBITDA of $528 million
96% economic utilization
Reported Net Income of $88 million and diluted earnings per share of $0.15
Cash and cash equivalents of $1.09 billion
The Seadrill Group achieved 97% economic utilization
Seadrill Group orderbacklog of approximately $9.1 billion

Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said: "During the first quarter we achieved record operational uptime and we continue to see the benefits of our cost reduction program coming through.

"Our key priorities for the year are cost reduction, managing newbuild deferments and concluding our financing plans, while ensuring that we continue to maintain safe and efficient operations. I am pleased to say we have made good progress in all three areas during the first quarter."

Seadrill is a leading offshore deepwater drilling company. The company operates a versatile fleet of 63 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh environment and benign environments.