Seadrill Ltd
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Consolidated Statements of Operations
(In $ millions, except per share data)
| Successor · Predecessor | ||||
|---|---|---|---|---|
| Year ended December 31, 2024 | Year ended December 31, 2023 | Period from February 23, 2022 through December 31, 2022 | Period from January 1, 2022 through February 22, 2022 | |
| Operating revenues | ||||
| Contract revenues | 1,009 | 1,154 | 574 | 124 |
| Reimbursable revenues (1) | 70 | 58 | 52 | 24 |
| Management contract revenues (1) | 247 | 245 | 178 | 16 |
| Leasing revenues (1) | 54 | 33 | 24 | 4 |
| Other revenues (1) | 5 | 12 | 15 | 1 |
| Total operating revenues | 1,385 | 1,502 | 843 | 169 |
| Operating expenses | ||||
| Vessel and rig operating expenses (1) | (681) | (705) | (445) | (76) |
| Reimbursable expenses | (68) | (55) | (49) | (24) |
| Depreciation and amortization | (168) | (155) | (135) | (17) |
| Management contract expenses | (175) | (174) | (123) | (11) |
| Merger and integration related expenses | (24) | (24) | (3) | — |
| Selling, general and administrative expenses | (107) | (74) | (54) | (6) |
| Total operating expenses | (1,223) | (1,187) | (809) | (134) |
| Other operating items | ||||
| Gain on disposals | 234 | 14 | 1 | 2 |
| Other operating income | 16 | — | — | — |
| Total other operating items | 250 | 14 | 1 | 2 |
| Operating profit | 412 | 329 | 35 | 37 |
| Financial and other non-operating items | ||||
| Interest income | 25 | 35 | 14 | — |
| Interest expense | (61) | (59) | (98) | (7) |
| Share in results from associated companies (net of tax) | (9) | 37 | (2) | (2) |
| Reorganization items, net | — | — | (15) | 3,683 |
| Other financial and non-operating items | (34) | (25) | 3 | 30 |
| Total financial and other non-operating items, net | (79) | (12) | (98) | 3,704 |
| Profit/(loss) before income taxes | 333 | 317 | (63) | 3,741 |
| Income tax benefit/(expense) | 113 | (17) | (10) | (2) |
| Net income/(loss) from continuing operations | 446 | 300 | (73) | 3,739 |
| Net income/(loss) after tax from discontinued operations | — | — | 274 | (33) |
| Net income | 446 | 300 | 201 | 3,706 |
| Basic EPS/(LPS): continuing operations ($) | 6.56 | 4.23 | (1.46) | 37.25 |
| Diluted EPS/(LPS): continuing operations ($) | 6.37 | 4.12 | (1.46) | 37.25 |
| Basic EPS ($) | 6.56 | 4.23 | 4.02 | 36.92 |
| Diluted EPS ($) | 6.37 | 4.12 | 3.88 | 36.92 |
(1) Includes revenue received from related parties of $319 million, $298 million, $216 million and $19 million, and costs paid to related parties ofnil, nil, nil and $3 million, for the year ended December 31, 2024, December 31, 2023, period from February 23, 2022 through December 31, 2022 (Successor), and period from January 1, 2022 through February 22, 2022, (Predecessor), respectively. Refer to Note 24 – "Related party transactions" for further details.
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