Latest news with #SimonJohnson
Yahoo
23-05-2025
- Politics
- Yahoo
Sweden lowers terrorist threat assessment back to level before 2023 Koran burnings
By Simon Johnson and Johan Ahlander STOCKHOLM (Reuters) -Sweden's SAPO security service lowered its national terrorist threat warning on Friday back to the "elevated" level assessed before 2023, when it was raised in the wake of a spate of Koran burnings. SAPO had raised the threat level to "high", the second highest level, after several high profile cases in which anti-Islam activists based in Sweden burned copies of the holy book, outraging Muslims in several countries. SAPO said that after a period during which Sweden was singled out as a specific target in militant propaganda, it was now increasingly being treated as a part of the West more generally. "Sweden has gone from being a priority target to a legitimate target for violent Islamism globally," SAPO head Charlotte von Essen told a news conference. "The threat of attacks from violent extremism, in the traditional sense, is not as high as before." She stressed that Sweden was not immune and that attacks could always happen regardless of the terror level assessment. The Koran burnings in 2023 prompted angry protesters to storm and vandalise Sweden's embassy in Baghdad and drew calls to violence from militant groups such as Hezbollah, al Shabaab and al Qaeda. Iranian Supreme Leader Ayatollah Ali Khamenei also urged severe punishment for those responsible and said Sweden was in battle mode against the Muslim world. Salwan Momika, an Iraqi refugee behind most Koran burnings in Sweden in recent years, was shot dead in January, a murder that is still unsolved but believed by police to be connected to his anti-Islam activities. SAPO also said threats to Jews and Israeli targets in Sweden had increased since the October 7, 2023, attack on Israel by Hamas-led fighters, which triggered the war in Gaza.
Powys County Times
16-05-2025
- Powys County Times
Man armed with meat tenderiser outside Tesco Welshpool
A man with "substantial" mental health issues was armed with a meat tenderiser to protect himself outside a supermarket after hearing voices in his head. Police officers drew out their Tasers at Simon Johnson who was drinking from a bottle of champagne and holding the kitchen equipment outside Tesco in Welshpool while customers were told to stay away on the evening of April 3. Welshpool Magistrates' Court was told that Johnson bought the meat tenderiser because he believed people were after him and was scared that they would cause him harm. Johnson, of no fixed abode but had been sleeping in a tent at the time of his arrest, was sentenced to 26 weeks imprisonment which was suspended for 18 months after pleading guilty to possessing an offensive weapon in a public place. Prosecutor Suzanne Cartwright told the magistrates that Tesco store manager Duncan Borthwick noted it was "odd" that Johnson was buying a bottle of Champagne and a meat tenderiser, so he kept an eye on him. Johnson was looking "agitated" walking back and forth outside the entrance of the Mill Lane supermarket before asking Mr Borthwick to call the police because "someone was after him but didn't say who". Johnson was arrested and told police that he was scared after he hadn't taken his prescribed daily medication for a few days. The 41-year-old, who has 53 convictions for 164 offences over almost 30 years, was almost at the end of a six-month sentence which was suspended for 12 months at the time of his latest offending. The prosecutor told the magistrates that the suspended sentence must be activated unless there were exceptional circumstances. Defence solicitor Gurleen Kaur said her client's offending was contributed by his mental health issues which include psychosis, hallucinations and paranoia. Johnson had been released in February after being sectioned last year. "The defendant had a genuine belief at the time that he was being chased by somebody," Ms Kaur said. "He was stood outside the Tesco store front in case somebody came to him. He didn't intend to distress anyone or use it against anyone; only for self-defence because he had the genuine belief he was going to be attacked." She added: "He is extremely remorseful and didn't intend to hurt anyone or cause fear of violence to take place. "The exceptional circumstances are his mental health which needs addressing." The probation service told the court that despite Johnson being assessed as high risk of reoffending and harm to the public, his rehabilitation would not be successful in prison. Chair of the magistrates' bench Anthony Jackson told Johnson: "We are concerned about your mental health having what we've heard, and we acknowledge that you were sectioned a while back. "We believe that exceptional circumstances must apply and there is no worth in you being on a custodial sentence when quite clearly you need some help." The court then heard that Johnson wanted to leave Powys, where he has no family or friends, and go to Wrexham to tell the local authority that he is homeless.
Yahoo
13-05-2025
- Business
- Yahoo
Seadrill Announces First Quarter 2025 Results
HAMILTON, Bermuda, May 12, 2025--(BUSINESS WIRE)--Seadrill Limited ("Seadrill" or the "Company") (NYSE: SDRL) today announced its first quarter 2025 results. Quarterly Highlights Reported a net loss of $14 million and Adjusted EBITDA(1) of $73 million West Auriga and West Polaris commenced their respective contracts in December 2024 and February 2025 Maintains the previously issued 2025 guidance ranges Financial Highlights Figures in USD million, unless otherwise indicated Three months endedMarch 31, 2025 Three months endedDecember 31, 2024 Total operating revenues 335 289 Contract revenues 248 204 Net (loss)/income (14 ) 101 Adjusted EBITDA(1) 73 28 Adjusted EBITDA Margin(1) 21.8 % 9.7 % Diluted (loss)/earnings per share ($) (0.23 ) 1.54 "Our strategy to operate a floater-focused fleet at the heart of the deepwater market positions Seadrill well to navigate near-term volatility," said President and CEO Simon Johnson. "We remain focused on adding to our durable backlog, which extends meaningfully through 2028, and we are actively engaged with customers for opportunities starting in the next 12 months. This proactive approach and our robust financial position provide a platform for long-term value creation." Financial and Operational ResultsFirst quarter 2025 total operating revenues increased $46 million to $335 million, compared to $289 million in the prior quarter. Contract revenues, up $44 million to $248 million, drove almost all the sequential improvement. An increase in operating days attributable to the West Auriga and West Polaris, which commenced their respective contracts in December 2024 and February 2025, was partially offset by lower economic utilization principally related to rigs operating in Brazil. First quarter 2025 total operating expenses decreased by $6 million to $317 million, compared to $323 million in the previous quarter. The decrease reflects a reduction in merger and integration costs following the handover of the final two Aquadrill rigs in 2024, and lower selling, general and administrative expenses. These decreases were partially offset by increases in vessel and rig operating expenses and depreciation and amortization following recent contract commencements for the West Auriga and West Polaris. Net loss for the first quarter was $14 million. Adjusted EBITDA(1) was $73 million, compared to $28 million in the prior quarter. Balance Sheet and Cash FlowAt quarter-end, Seadrill had gross principal debt of $625 million and $430 million in cash and cash equivalents, including $26 million of restricted cash. Net cash used in operating activities during the first quarter of 2025 was $27 million and payments for capital additions captured in net cash used in investing activities were $45 million. Free Cash Flow(1) was negative $72 million. Free Cash Flow(1) in the first quarter included payments for contract preparation and mobilization, primarily related to the West Auriga and West Polaris, in addition to other working capital movements. Order BacklogAs of May 12, 2025, Seadrill's Order Backlog(2) was approximately $2.8 billion. The Company today provided an updated fleet status report on the Investor Relations section of its website, OutlookFor the full year 2025, Seadrill maintains the previously issued guidance for total operating revenues in the range of $1,300 million to $1,360 million, which excludes reimbursable revenues of $35 million, Adjusted EBITDA(3) in the range of $320 million to $380 million, and capital expenditures in the range of $250 million to $300 million. Conference Call InformationThe Company will host a conference call to discuss its results on Monday, May 12 at 08:00 CT / 15:00 CET. Interested participants may join the call by dialing +1 (800) 715-9871 (Conference ID: 5348977) at least 15 minutes prior to the scheduled start time. The Company will webcast the call live on the Investor Relations section of its website, where a replay will be available afterwards. (1) These are non-GAAP measures. For a definition and a reconciliation to the most comparable GAAP measure, see Appendices. (2) Order Backlog includes all firm contracts at the contractual operating dayrate multiplied by the number of days remaining in the firm contract period. It includes management contract revenues and leasing revenues from bareboat charter arrangements and excludes revenues for mobilization, demobilization, contract preparation, and other incentive provisions and backlog relating to non-consolidated entities. (3) Due to the forward-looking nature of Adjusted EBITDA, the Company cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income/(loss). Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Seadrill's full year 2025 GAAP financial results. About SeadrillSeadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit Forward-Looking StatementsThis news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company's outlook and guidance, plans, strategies, business prospects, financial performance, operations, rig activity and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms "assumes", "projects", "forecasts", "estimates", "expects", "anticipates", "believes", "plans", "intends", "may", "might", "will", "would", "can", "could", "should" or, in each case, their negative, or other variations or comparable terminology. These statements are based on management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 27, 2025, offshore drilling market conditions including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys, upgrades and regulatory work for the drilling units in the Company's fleet, the performance of the drilling units in the Company's fleet, delay in payment or disputes with customers, the Company's ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States ("U.S.") trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company's fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, our ability to maintain relationships with suppliers, customers, employees and other third parties, our ability to maintain adequate financing to support our business plans, our ability to successfully complete and realize the intended benefits of any mergers, acquisitions and divestitures, and the impact of other strategic transactions, our liquidity and the adequacy of cash flows to satisfy our obligations, future activity under and in respect of the Company's share repurchase program, our ability to satisfy (or timely cure any noncompliance with) the continued listing requirements of the New York Stock Exchange, the cancellation of drilling contracts currently included in reported contract backlog, losses on impairment of long-lived fixed assets, shipyard, construction and other delays, the results of meetings of our shareholders, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, the effect and results of litigation, regulatory matters, settlements, audits, assessments and contingencies, including any litigation related to acquisitions or dispositions, the concentration of our revenues in certain geographical jurisdictions, limitations on insurance coverage, our ability to attract and retain skilled personnel on commercially reasonable terms, the level of expected capital expenditures, our expected financing of such capital expenditures and the timing and cost of completion of capital projects, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC. The foregoing risks and uncertainties are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond our control. In many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to any person(s) acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website ( to communicate with investors, and we intend to post presentations and fleet status reports there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release. Furthermore, references to our website URLs are intended to be inactive textual references only. SEADRILL LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) Three months ended March 31, (In $ millions, except per share data) 2025 2024 Operating revenues Contract revenues 248 275 Reimbursable revenues (1) 15 20 Management contract revenues (1) 61 58 Leasing revenues (1) 8 11 Other revenues (1) 3 3 Total operating revenues 335 367 Operating expenses Vessel and rig operating expenses (179 ) (180 ) Reimbursable expenses (15 ) (20 ) Depreciation and amortization (55 ) (38 ) Management contract expenses (45 ) (38 ) Selling, general and administrative expenses (23 ) (25 ) Merger and integration related expenses — (2 ) Total operating expenses (317 ) (303 ) Other operating items Other operating income — 16 Total other operating items — 16 Operating profit 18 80 Financial and other non-operating items Interest income 4 7 Interest expense (15 ) (15 ) Equity in earnings of equity method investments (net of tax) 8 4 Other financial and non-operating items (14 ) (6 ) Total financial and other non-operating items, net (17 ) (10 ) Profit before income taxes 1 70 Income tax expense (15 ) (10 ) Net (loss)/income (14 ) 60 Basic (LPS)/EPS ($) (0.23 ) 0.83 Diluted (LPS)/EPS ($) (0.23 ) 0.81 (1) Includes revenue from related parties of $79 million and $76 million, for the three months ended March 31, 2025, and March 31, 2024, respectively. SEADRILL LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) (In $ millions, except share data) March 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 404 478 Restricted cash 26 27 Accounts receivables, net 143 193 Other current assets 228 230 Total current assets 801 928 Non-current assets Equity method investments 76 68 Drilling units (net of accumulated depreciation of 491 as of March 31, 2025 (December 31, 2024: 430) 2,969 2,946 Deferred tax assets 60 63 Equipment 5 5 Other non-current assets 152 146 Total non-current assets 3,262 3,228 Total assets 4,063 4,156 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable 78 118 Other current liabilities 321 383 Total current liabilities 399 501 Non-current liabilities Long-term debt 611 610 Deferred tax liabilities 11 11 Other non-current liabilities 134 116 Total non-current liabilities 756 737 Commitments and contingencies Shareholders' equity Common shares of par value $0.01 per share: 375,000,000 shares authorized as of March 31, 2025 (December 31, 2024: 375,000,000) and 62,163,028 issued as of March 31, 2025 (December 31, 2024: 62,154,422) 1 1 Additional paid-in capital 1,973 1,969 Accumulated other comprehensive income 1 1 Retained earnings 933 947 Total shareholders' equity 2,908 2,918 Total liabilities and shareholders' equity 4,063 4,156 SEADRILL LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Three months ended March 31, (In $ millions) 2025 2024 Cash flows from operating activities Net (loss)/income (14 ) 60 Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: Depreciation and amortization 55 38 Equity in earnings of equity method investments (net of tax) (8 ) (4 ) Deferred tax expense/(benefit) 3 (5 ) Unrealized (gain)/loss on foreign exchange (1 ) 3 Amortization of debt issue costs 1 1 Share based compensation expense 4 3 Other 12 — Other cash movements in operating activities Additions to long-term maintenance (54 ) (29 ) Changes in operating assets and liabilities Trade accounts receivable 42 25 Trade accounts payable (35 ) 11 Prepaid expenses/accrued revenue (2 ) (7 ) Deferred revenue (9 ) 5 Deferred mobilization costs 6 4 Related party receivables — (5 ) Other assets (2 ) (21 ) Other liabilities (25 ) (50 ) Net cash (used in)/provided by operating activities (27 ) 29 Cash flows from investing activities Additions to drilling units and equipment (45 ) (23 ) Other (4 ) — Net cash used in investing activities (49 ) (23 ) Cash flows from financing activities Shares repurchased — (119 ) Net cash used in financing activities — (119 ) Effect of exchange rate changes on cash 1 (3 ) Net decrease in cash and cash equivalents, including restricted cash (75 ) (116 ) Cash and cash equivalents, including restricted cash, at beginning of the period 505 728 Cash and cash equivalents, including restricted cash, at the end of period 430 612 Appendix I - Reconciliation of Net (loss)/income to Adjusted EBITDA (Unaudited) Adjusted EBITDA represents Net (loss)/income before depreciation and amortization, taxes, total financial items and other income and similar non-cash charges. Additionally, in any given period, the Company may have significant, unusual or non-recurring items which may be excluded from Adjusted EBITDA for that period. When applicable, these items are fully disclosed and incorporated into the reconciliation provided below. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Total operating revenues. Adjusted EBITDA excluding Reimbursables, represents Adjusted EBITDA, excluding Reimbursable revenues and Reimbursable expenses. Adjusted EBITDA Margin excluding Reimbursables represents Adjusted EBITDA excluding Reimbursables as a percentage of Total operating revenues excluding Reimbursable revenues. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables are non-GAAP financial measures. The Company believes that the aforementioned non-GAAP financial measures assist investors by excluding the potentially disparate effects between periods of depreciation and amortization, income tax benefit/expense, total financial items and non-operating items, merger and integration related expenses, gain on disposals and other adjustments specified, which are affected by various and possibly changing financing methods, capital structure and historical cost basis and which may significantly affect Net (loss)/income between periods. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables should not be considered as alternatives to Net (loss)/income or any other indicator of Seadrill Limited's performance calculated in accordance with GAAP. Because the definitions of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies. The tables below reconcile Net (loss)/income, the most directly comparable GAAP measure, to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables. Figures in USD million, unless otherwise indicated Three months endedMarch 31,2025 Three months endedDecember 31,2024 Net (loss)/income (a) (14 ) 101 Depreciation and amortization 55 45 Income tax expense/(benefit) 15 (133 ) Total financial and other non-operating items, net 17 29 Merger and integration related expenses — 17 Gain on disposal — (31 ) Adjusted EBITDA (b) 73 28 Total operating revenues (c) 335 289 Net (loss)/income margin (a)/(c) (4.2 )% 34.9 % Adjusted EBITDA margin (b)/(c) 21.8 % 9.7 % Figures in USD million, unless otherwise indicated Three months endedMarch 31,2025 Three months endedDecember 31,2024 Adjusted EBITDA (b) 73 28 Reimbursable revenues (15 ) (15 ) Reimbursable expenses 15 15 Adjusted EBITDA excluding Reimbursables (d) 73 28 Total operating revenues (c) 335 289 Reimbursable revenues (15 ) (15 ) Total operating revenues excluding Reimbursable revenues (e) 320 274 Adjusted EBITDA margin excluding Reimbursables (d)/(e) 22.8 % 10.2 % Appendix II - Contract Revenues Supporting Information (Unaudited) Contract Revenues Supporting Information(1) Three months endedMarch 31, 2025 Three months endedDecember 31, 2024 Average number of rigs on contract(2) 9 8 Average contractual dayrates(3) (in $ thousands) 323 289 Economic utilization(4) 83.9 % 93.0 % (1) Excludes three drillships managed on behalf of Sonadrill (West Gemini, Sonangol Quenguela, Sonangol Libongos); and excludes rigs bareboat chartered to Sonadrill (West Gemini) and Gulfdrill, before disposal in June 2024 (West Telesto, West Castor, West Tucana). (2) The average number of rigs on contract is calculated by dividing the aggregate days the Company's rigs were on contract during the reporting period by the number of days in that reporting period. (3) The average contractual dayrate is calculated by dividing the aggregate contractual dayrates during a reporting period by the aggregate number of days for the reporting period. (4) Economic utilization is defined as dayrate revenue earned during the period, excluding bonuses, divided by the contractual operating dayrate, multiplied by the number of days on contract in the period. If a drilling unit earns its full operating dayrate throughout a reporting period, its economic utilization would be 100%. However, there are many situations that give rise to a dayrate being earned that is less than the contractual operating rate, such as planned downtime for maintenance. In such situations, economic utilization reduces below 100%. Appendix III - Reconciliation of Net cash flows (used in)/provided by operating activities to Free Cash Flow (Unaudited) The Company also presents Free Cash Flow as a non-GAAP liquidity measure. Free Cash Flow is calculated as Net cash (used in)/provided by operating activities less Additions to drilling units and equipment. The Company believes Free Cash Flow is useful to investors, as it allows greater transparency of the utilization or generation of cash by the business. Because the definition of Free Cash Flow may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The table below reconciles Net cash flows (used in)/provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the three months ended March 31, 2025 and December 31, 2024. Figures in USD million Three months endedMarch 31,2025 Three months endedDecember 31,2024 Net cash flows (used in)/provided by operating activities (27 ) 7 Additions to drilling units and equipment (45 ) (38 ) Free Cash Flow (72 ) (31 ) View source version on Contacts Kevin SmithVP - Corporate Finance & IRir@
Business Wire
12-05-2025
- Business
- Business Wire
Seadrill Announces First Quarter 2025 Results
HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited ('Seadrill' or the 'Company') (NYSE: SDRL) today announced its first quarter 2025 results. Quarterly Highlights Reported a net loss of $14 million and Adjusted EBITDA (1) of $73 million West Auriga and West Polaris commenced their respective contracts in December 2024 and February 2025 Maintains the previously issued 2025 guidance ranges Financial Highlights Figures in USD million, unless otherwise indicated Three months ended March 31, 2025 Three months ended December 31, 2024 Total operating revenues 335 289 Contract revenues 248 204 Net (loss)/income (14 ) 101 Adjusted EBITDA (1) 73 28 Adjusted EBITDA Margin (1) 21.8 % 9.7 % Diluted (loss)/earnings per share ($) (0.23 ) 1.54 Expand 'Our strategy to operate a floater-focused fleet at the heart of the deepwater market positions Seadrill well to navigate near-term volatility," said President and CEO Simon Johnson. "We remain focused on adding to our durable backlog, which extends meaningfully through 2028, and we are actively engaged with customers for opportunities starting in the next 12 months. This proactive approach and our robust financial position provide a platform for long-term value creation." Financial and Operational Results First quarter 2025 total operating revenues increased $46 million to $335 million, compared to $289 million in the prior quarter. Contract revenues, up $44 million to $248 million, drove almost all the sequential improvement. An increase in operating days attributable to the West Auriga and West Polaris, which commenced their respective contracts in December 2024 and February 2025, was partially offset by lower economic utilization principally related to rigs operating in Brazil. First quarter 2025 total operating expenses decreased by $6 million to $317 million, compared to $323 million in the previous quarter. The decrease reflects a reduction in merger and integration costs following the handover of the final two Aquadrill rigs in 2024, and lower selling, general and administrative expenses. These decreases were partially offset by increases in vessel and rig operating expenses and depreciation and amortization following recent contract commencements for the West Auriga and West Polaris. Net loss for the first quarter was $14 million. Adjusted EBITDA (1) was $73 million, compared to $28 million in the prior quarter. Balance Sheet and Cash Flow At quarter-end, Seadrill had gross principal debt of $625 million and $430 million in cash and cash equivalents, including $26 million of restricted cash. Net cash used in operating activities during the first quarter of 2025 was $27 million and payments for capital additions captured in net cash used in investing activities were $45 million. Free Cash Flow (1) was negative $72 million. Free Cash Flow (1) in the first quarter included payments for contract preparation and mobilization, primarily related to the West Auriga and West Polaris, in addition to other working capital movements. Order Backlog As of May 12, 2025, Seadrill's Order Backlog (2) was approximately $2.8 billion. The Company today provided an updated fleet status report on the Investor Relations section of its website, Outlook For the full year 2025, Seadrill maintains the previously issued guidance for total operating revenues in the range of $1,300 million to $1,360 million, which excludes reimbursable revenues of $35 million, Adjusted EBITDA (3) in the range of $320 million to $380 million, and capital expenditures in the range of $250 million to $300 million. Conference Call Information The Company will host a conference call to discuss its results on Monday, May 12 at 08:00 CT / 15:00 CET. Interested participants may join the call by dialing +1 (800) 715-9871 (Conference ID: 5348977) at least 15 minutes prior to the scheduled start time. The Company will webcast the call live on the Investor Relations section of its website, where a replay will be available afterwards. (1) These are non-GAAP measures. For a definition and a reconciliation to the most comparable GAAP measure, see Appendices. (2) Order Backlog includes all firm contracts at the contractual operating dayrate multiplied by the number of days remaining in the firm contract period. It includes management contract revenues and leasing revenues from bareboat charter arrangements and excludes revenues for mobilization, demobilization, contract preparation, and other incentive provisions and backlog relating to non-consolidated entities. (3) Due to the forward-looking nature of Adjusted EBITDA, the Company cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income/(loss). Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Seadrill's full year 2025 GAAP financial results. Expand About Seadrill Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit Forward-Looking Statements This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company's outlook and guidance, plans, strategies, business prospects, financial performance, operations, rig activity and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms "assumes", "projects", "forecasts", "estimates", "expects", "anticipates", "believes", "plans", "intends", "may", "might", "will", "would", "can", "could", "should" or, in each case, their negative, or other variations or comparable terminology. These statements are based on management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the 'SEC') on February 27, 2025, offshore drilling market conditions including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys, upgrades and regulatory work for the drilling units in the Company's fleet, the performance of the drilling units in the Company's fleet, delay in payment or disputes with customers, the Company's ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States ("U.S.") trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company's fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, our ability to maintain relationships with suppliers, customers, employees and other third parties, our ability to maintain adequate financing to support our business plans, our ability to successfully complete and realize the intended benefits of any mergers, acquisitions and divestitures, and the impact of other strategic transactions, our liquidity and the adequacy of cash flows to satisfy our obligations, future activity under and in respect of the Company's share repurchase program, our ability to satisfy (or timely cure any noncompliance with) the continued listing requirements of the New York Stock Exchange, the cancellation of drilling contracts currently included in reported contract backlog, losses on impairment of long-lived fixed assets, shipyard, construction and other delays, the results of meetings of our shareholders, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, the effect and results of litigation, regulatory matters, settlements, audits, assessments and contingencies, including any litigation related to acquisitions or dispositions, the concentration of our revenues in certain geographical jurisdictions, limitations on insurance coverage, our ability to attract and retain skilled personnel on commercially reasonable terms, the level of expected capital expenditures, our expected financing of such capital expenditures and the timing and cost of completion of capital projects, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC. The foregoing risks and uncertainties are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond our control. In many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to any person(s) acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website ( to communicate with investors, and we intend to post presentations and fleet status reports there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release. Furthermore, references to our website URLs are intended to be inactive textual references only. (1) Includes revenue from related parties of $79 million and $76 million, for the three months ended March 31, 2025, and March 31, 2024, respectively. Expand SEADRILL LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In $ millions, except share data) March 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 404 478 Restricted cash 26 27 Accounts receivables, net 143 193 Other current assets 228 230 Total current assets 801 928 Non-current assets Equity method investments 76 68 Drilling units (net of accumulated depreciation of 491 as of March 31, 2025 (December 31, 2024: 430) 2,969 2,946 Deferred tax assets 60 63 Equipment 5 5 Other non-current assets 152 146 Total non-current assets 3,262 3,228 Total assets 4,063 4,156 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable 78 118 Other current liabilities 321 383 Total current liabilities 399 501 Non-current liabilities Long-term debt 611 610 Deferred tax liabilities 11 11 Other non-current liabilities 134 116 Total non-current liabilities 756 737 Commitments and contingencies Shareholders' equity Common shares of par value $0.01 per share: 375,000,000 shares authorized as of March 31, 2025 (December 31, 2024: 375,000,000) and 62,163,028 issued as of March 31, 2025 (December 31, 2024: 62,154,422) 1 1 Additional paid-in capital 1,973 1,969 Accumulated other comprehensive income 1 1 Retained earnings 933 947 Total shareholders' equity 2,908 2,918 Total liabilities and shareholders' equity 4,063 4,156 Expand SEADRILL LIMITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In $ millions) 2025 2024 Cash flows from operating activities Net (loss)/income (14 ) 60 Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: Depreciation and amortization 55 38 Equity in earnings of equity method investments (net of tax) (8 ) (4 ) Deferred tax expense/(benefit) 3 (5 ) Unrealized (gain)/loss on foreign exchange (1 ) 3 Amortization of debt issue costs 1 1 Share based compensation expense 4 3 Other 12 — Other cash movements in operating activities Additions to long-term maintenance (54 ) (29 ) Changes in operating assets and liabilities Trade accounts receivable 42 25 Trade accounts payable (35 ) 11 Prepaid expenses/accrued revenue (2 ) (7 ) Deferred revenue (9 ) 5 Deferred mobilization costs 6 4 Related party receivables — (5 ) Other assets (2 ) (21 ) Other liabilities (25 ) (50 ) Net cash (used in)/provided by operating activities (27 ) 29 Cash flows from investing activities Additions to drilling units and equipment (45 ) (23 ) Other (4 ) — Net cash used in investing activities (49 ) (23 ) Cash flows from financing activities Shares repurchased — (119 ) Net cash used in financing activities — (119 ) Effect of exchange rate changes on cash 1 (3 ) Net decrease in cash and cash equivalents, including restricted cash (75 ) (116 ) Cash and cash equivalents, including restricted cash, at beginning of the period 505 728 Cash and cash equivalents, including restricted cash, at the end of period 430 612 Expand Appendix I - Reconciliation of Net (loss)/income to Adjusted EBITDA (Unaudited) Adjusted EBITDA represents Net (loss)/income before depreciation and amortization, taxes, total financial items and other income and similar non-cash charges. Additionally, in any given period, the Company may have significant, unusual or non-recurring items which may be excluded from Adjusted EBITDA for that period. When applicable, these items are fully disclosed and incorporated into the reconciliation provided below. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Total operating revenues. Adjusted EBITDA excluding Reimbursables, represents Adjusted EBITDA, excluding Reimbursable revenues and Reimbursable expenses. Adjusted EBITDA Margin excluding Reimbursables represents Adjusted EBITDA excluding Reimbursables as a percentage of Total operating revenues excluding Reimbursable revenues. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables are non-GAAP financial measures. The Company believes that the aforementioned non-GAAP financial measures assist investors by excluding the potentially disparate effects between periods of depreciation and amortization, income tax benefit/expense, total financial items and non-operating items, merger and integration related expenses, gain on disposals and other adjustments specified, which are affected by various and possibly changing financing methods, capital structure and historical cost basis and which may significantly affect Net (loss)/income between periods. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables should not be considered as alternatives to Net (loss)/income or any other indicator of Seadrill Limited's performance calculated in accordance with GAAP. Because the definitions of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies. The tables below reconcile Net (loss)/income, the most directly comparable GAAP measure, to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables. Figures in USD million, unless otherwise indicated Three months ended March 31, 2025 Three months ended December 31, 2024 Adjusted EBITDA (b) 73 28 Reimbursable revenues (15 ) (15 ) Reimbursable expenses 15 15 Adjusted EBITDA excluding Reimbursables (d) 73 28 Total operating revenues (c) 335 289 Reimbursable revenues (15 ) (15 ) Total operating revenues excluding Reimbursable revenues (e) 320 274 Adjusted EBITDA margin excluding Reimbursables (d)/(e) 22.8 % 10.2 % Expand Appendix II - Contract Revenues Supporting Information (Unaudited) Contract Revenues Supporting Information (1) Three months ended March 31, 2025 Three months ended December 31, 2024 Average number of rigs on contract (2) 9 8 Average contractual dayrates (3) (in $ thousands) 323 289 Economic utilization (4) 83.9 % 93.0 % Expand (1) Excludes three drillships managed on behalf of Sonadrill (West Gemini, Sonangol Quenguela, Sonangol Libongos); and excludes rigs bareboat chartered to Sonadrill (West Gemini) and Gulfdrill, before disposal in June 2024 (West Telesto, West Castor, West Tucana). (2) The average number of rigs on contract is calculated by dividing the aggregate days the Company's rigs were on contract during the reporting period by the number of days in that reporting period. (3) The average contractual dayrate is calculated by dividing the aggregate contractual dayrates during a reporting period by the aggregate number of days for the reporting period. (4) Economic utilization is defined as dayrate revenue earned during the period, excluding bonuses, divided by the contractual operating dayrate, multiplied by the number of days on contract in the period. If a drilling unit earns its full operating dayrate throughout a reporting period, its economic utilization would be 100%. However, there are many situations that give rise to a dayrate being earned that is less than the contractual operating rate, such as planned downtime for maintenance. In such situations, economic utilization reduces below 100%. Expand Appendix III - Reconciliation of Net cash flows (used in)/provided by operating activities to Free Cash Flow (Unaudited) The Company also presents Free Cash Flow as a non-GAAP liquidity measure. Free Cash Flow is calculated as Net cash (used in)/provided by operating activities less Additions to drilling units and equipment. The Company believes Free Cash Flow is useful to investors, as it allows greater transparency of the utilization or generation of cash by the business. Because the definition of Free Cash Flow may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The table below reconciles Net cash flows (used in)/provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the three months ended March 31, 2025 and December 31, 2024.
New York Times
17-04-2025
- Sport
- New York Times
Chelsea 1 Legia Warsaw 2 (4-2 agg) – Semi-finals secured but boos as Maresca's side lose
Chelsea's bid to win the Conference League remains on track but their collective ego suffered a blow as they were beaten at home by Legia Warsaw. Already leading 3-0 on aggregate following last week's quarter-final first leg in Poland, Enzo Maresca's side will play in next month's semi-finals but Tomas Pekhart's penalty and a header from Steve Kapuadi either side of a goal from Marc Cucurella secured a famous European win for Legia. Advertisement Yet Chelsea's European campaign will continue, with Swedish side Djurgarden now standing between them and a place in the Conference League final in Wroclaw, Poland, on May 28. Simon Johnson and Dan Sheldon break down the main talking points from a downbeat night at Stamford Bridge. If Maresca hoped to improve his relationship with Chelsea fans, then this fixture did not help his cause. Losing their first home game in the Conference League proper has to be considered an embarrassment, even if Chelsea booked their place in the semi-finals courtesy of a 3-0 victory secured in Poland last week. Maresca made a strong defence of his first season in charge during his pre-match press conference, insisting progress has been made and urging Chelsea followers to 'trust' him. Legia showed they were limited opposition in the first leg last week and, despite that, Maresca picked a strong side. Instead of killing the tie off, Chelsea played with arrogance, as if they felt the tie was already won and they could just go through the motions. Lots of academy talent, including Tyrique George, who scored his first senior goal for the club last week, was named on the bench. You suspect that some of the club's youngsters would have put more effort in than the more established players. George showed exactly that, causing far more of a threat in the second half than Nicolas Jackson managed. But for a narrow offside against Noni Madueke, he would have scored the equaliser and doubled his tally for the Blues. Chelsea fans let their feelings be known. There was one period of play in the first half when the men in blue laboured in possession and were greeted with a cacophony of jeers. There were other signs of unrest from the stands, although the home ends were simply stunned into silence when Legia scored in each half. Advertisement Fewer than 30,000 fans showed up. Even taking into account there was more segregation next to the Legia supporters in the away end than normal, it looked like Chelsea's fanbase voted with their feet and many opted not to come. This was the club's lowest attendance at Stamford Bridge this season and the full-time whistle was met with boos. Maresca clearly has a tough task on his hands to galvanise the crowd and get them back onside over the coming weeks. Simon Johnson Chelsea had a comfortable enough lead heading into this evening's game to not be overly concerned about a dramatic Legia comeback. It turned out the 3-0 lead from the first leg was exactly what they needed as the Polish visitors fought their way back into the tie, much to the bemusement of Chelsea's supporters, who at one stage jeered their side's sluggish efforts in the first half. A Filip Jorgensen error led to a penalty for the visitors, which was scored — Jorgensen should have saved it — by Pekhart, with captain Kapuadi adding Legia's second. Chelsea may have had 70 per cent of possession and several attacking players on the pitch, including Jackson, Cole Palmer and Jadon Sancho, but it was Cucurella who proved to be their bright spark again. The left-back, who entered the match as the club's top scorer in 2025, netted his sixth goal since December 15. Although it is great for Cucurella to be scoring with regularity, it must be a cause of concern for Maresca that Chelsea are becoming reliant on the Spaniard's goals, even though they have an array of attacking talent at their disposal. Had it not been for VAR spotting an offside, Cucurella would have finished the game with two goals to his name. The 26-year-old, assisted by Sancho in the 33rd minute, created some space for himself inside the six-yard area, leaving a simple tap-in from close range. In the timeframe that Cucurella has scored six goals, Palmer, for example, has managed half of that number. Dan Sheldon There was real surprise when the Chelsea team news was released 75 minutes before kick-off, and the first XI contained the names of Palmer and Jackson. Given Chelsea secured a 3-0 lead in the away leg, it seemed a rather bizarre decision to risk two of Chelsea's most important players, especially ahead of a must-win Premier League game at Fulham on Sunday. Advertisement Maresca must have thought it was a great opportunity for both players to rediscover their confidence in front of goal. Palmer last found the net three months ago, against Bournemouth on January 14, his barren streak stretching over 14 fixtures. Due to Jackson suffering a hamstring injury in February, he has had an even longer wait, having last scored against Brentford on December 15 (11 fixtures without a goal). Palmer had a glorious opportunity within two minutes to end his frustration, but he looked a shadow of the player that used to beat keepers for fun as he hit a poor shot well wide of the near post, having had lots of space to run into. Shortly afterwards, Palmer attempted to head in on the rebound after Christopher Nkunku's shot was saved, but 'keeper Vladan Kovacevic recovered to stop it on the line. At least Palmer caused a threat in the first half. Jackson looked lethargic, so much so that on the half-hour mark, he took far too much time to run onto a ball played down the channel and failed to even get a touch as Kapuadi comfortably got there first. It may have been part of the plan anyway, but it was not the greatest shock to see Jackson replaced at half-time by George. Palmer lasted just another 12 minutes after the interval before being substituted and was unable to make a positive impact. It just made Maresca's choice to play them all the more bizarre because neither of them got the boost they needed and have also not benefited from rest ahead of the west London derby either. Simon Johnson There was plenty of talk in the build-up about the potential for Legia's supporters to cause trouble outside Stamford Bridge before the game kicked off, but a slick operation led to more than 1,000 supporters entering the stadium long before 8pm. A significant police presence outside the ground, with multiple vans, riot police, horses and sniffer dogs making their presence felt. There was even a police helicopter in the air, along with a drone, filming from above in case any trouble materialised. Advertisement Reports of a stabbing were quickly dismissed by London's Metropolitan Police, replying to a report on social media to say the roadblock was 'just routine crowd control' and that there have been 'no reports of a stabbing', also noting how the post will 'cause unnecessary alarm for the many fans' in attendance. During the first half, Legia's supporters, who were being watched closely by riot police inside Stamford Bridge, decided to take their tops off as they spurred their team on. Despite the searches taking place outside the away entrance, though, Legia's fans still managed to enter the ground with flares, which they set off in the second half, meaning yet another UEFA fine will be heading their way. Legia Warsaw's supporters have set off flares in the away end at Stamford Bridge. Another UEFA fine coming their way. #CFC @TheAthleticFC — Dan Sheldon (@Dan_Sheldon_) April 17, 2025 Dan Sheldon 'First of all, we are for sure not happy with the defeat. We probably tried to manage the result, rotation with the players and (to) avoid injury. 'We have an important game on Sunday (against Fulham). We are in the semi-final, but we were trying to manage from the first leg with the result. 'It's a learning process because of the amount of games we have had this season. You have to play every three days and decide when to rotate players. It's a learning process for me. We have eight games to go, and they are all finals for us. Hopefully we can win on Sunday and give (ourselves) a big boost.' Sunday, April 20: Fulham (Away), Premier League, 2pm UK, 9am ET
