Seadrill Q1 Revenues Rise 17% Q/Q, Reports Near-Fully Utilized Fleet

Seadrill Limited SDRL reported a Q1 2023 operating revenue of $266 million (+17% Q/Q), with technical utilization of 96%.
Seadrill added around $39 million of order backlog during the quarter, bringing the total to roughly $2.2 billion as of March 31, 2023.
Last month, Seadrill completed the acquisition of Aquadrill, which added $470 million in order backlog on April 3, 2023.
Adjusted EBITDA rose significantly to $85 million in Q1 2023 from $39 million in Q4 2022, led by an increase in operating days across the fleet mainly related to its four drillships in offshore Brazil and extension of the West Neptune in the US Gulf of Mexico.
Seadrill held $491 million in cash and equivalents as of March 31, 2023.
President & CEO Simon Johnson said, "We have a confident posture and remain constructive about this developing upcycle. Seadrill has an enhanced fleet following our acquisition of Aquadrill, which cemented our position as a key player in the offshore drilling sector, and we are highly focused on maximizing the value that it can generate for our shareholders."
Price Action: SDRL shares closed higher by 2.33% at $37.82 on Monday.

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