Seadrill Restricted has reported a fourth-quarter 2024 web revenue of $101 million, effectively over the $32 million for the earlier quarter. Fourth-quarter working revenues totaled $289 million, down 18 % from $354 million for the prior quarter primarily because of decrease contract revenues.
The corporate stated its contract revenues have been $204 million, a sequential lower of twenty-two % because of fewer working days following scheduled contract completions for West Phoenix and West Capella and deliberate out-of-service time for West Neptune.
Fourth-quarter 2024 whole working bills elevated by 5 % to $323 million, in comparison with $307 million for the third quarter. A discount in vessel and rig working bills was offset by will increase in merger and integration-related bills, administration contract bills, and promoting, common and administrative bills.
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“In the course of the fourth quarter, we secured long-term contracts for West Jupiter and West Tellus, including $1 billion in backlog; bought the cold-stacked West Prospero at a positive valuation in comparison with latest gross sales by our friends; and repurchased $100 million of shares beneath our share repurchase program”, President and Chief Government Officer Simon Johnson stated. “With a robust stability sheet, and sturdy backlog that extends meaningfully into 2029, we’re well-positioned to navigate any market volatility”.
The West Jupiter and West Tellus rigs have been awarded 1,095-day contracts by Petróleo Brasileiro S.A. (Petrobras) in Brazil. These contracts, beginning in 2026, add $1 billion to the corporate’s backlog and guarantee rig utilization by means of 2029.
West Vela, having accomplished its earlier effectively forward of schedule, gained an extra 40 days of labor, including roughly $20 million to the backlog and lengthening its operations to September 2025.
Sevan Louisiana’s contract within the U.S. Gulf has been prolonged to June 2025. As of February 26, 2025, Seadrill stated its order backlog reached roughly $3.0 billion, with roughly 75 % of accessible rig days contracted for 2025.
West Auriga and West Polaris started contracts with Petrobras on December 20, 2024, and February 18, 2025, respectively, with West Polaris’ begin delayed because of tools upgrades. West Tellus skilled 50 days of downtime within the first quarter of 2025 for regulatory points in Brazil. The West Neptune resumed drilling on February 16, 2025, after finishing surveys and upgrades, although the timeline was affected by vendor points and dangerous climate, Seadrill stated.
To contact the writer, e-mail andreson.n.paul@gmail.com
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