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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Item 8. Consolidated Statements of Cash Flows
| 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 | ||||||
| Cash Flows from Operating Activities | ||||||
| Net income | 446 | 300 | 201 | 3,706 | ||
| Net income/(loss) from continuing operations | 446 | 300 | (73) | 3,739 | ||
| Net income/(loss) from discontinued operations | — | — | 274 | (33) | ||
| Adjustments related to discontinued operations (1) | — | — | (262) | 38 | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Change in allowance for credit losses | — | (1) | 1 | (1) | ||
| Depreciation and amortization | 168 | 155 | 135 | 17 | ||
| Gain on disposals | (234) | (14) | (1) | (2) | ||
| Amortization of debt issuance costs and discount on debt | 4 | 2 | — | 7 | ||
| Payment in kind interest | — | — | 30 | — | ||
| Share in results from associated companies (net of tax) | 9 | (37) | 2 | 2 | ||
| Non-cash reorganization items, net | — | — | — | (3,487) | ||
| Fresh Start valuation adjustments | — | — | — | (266) | ||
| Deferred tax benefit | (13) | (13) | (3) | (4) | ||
| Share based compensation expense | 17 | 8 | — | — | ||
| Other | 5 | 1 | (7) | (7) | ||
| Other cash movements in operating activities: | ||||||
| Payments for long-term maintenance | (261) | (108) | (83) | (2) | ||
| Repayments made under lease arrangements | — | — | — | (11) | ||
| Changes in operating assets and liabilities, net of effect of acquisitions and disposals: | ||||
|---|---|---|---|---|
| Trade accounts receivable | 29 | (25) | 32 | (11) |
| Trade accounts payable | 65 | (34) | 23 | — |
| Prepaid expenses/accrued revenue | (24) | (1) | 9 | — |
| Deferred revenue | 22 | 1 | 44 | (18) |
| Deferred mobilization costs | (92) | 25 | (111) | (4) |
| Related party receivables | 9 | 19 | (10) | (13) |
| Other assets | 2 | (22) | 49 | (4) |
| Other liabilities | (64) | 31 | 16 | 4 |
| Net cash provided by/(used in) operating activities | 88 | 287 | 65 | (56) |
(1)Relates to adjustments made to the net income/loss from discontinued operations to reconcile to net cash flows in operating activities from discontinued operations. The adjustments reconcile net income/(loss) from discontinued operations to net cash provided by/(used in) operating activities, other cash movements in operating activities, and changes in operating assets and liabilities, net of effect of acquisitions and disposals. The net cash provided by operating activities for the year ended December 31, 2024 and December 31, 2023 wasnil, for the successor period from February 23, 2022 through December 31, 2022 was $12 million and for the predecessor period from January 1, 2022 through February 22, 2022 was $5 million.
| 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 | |
| Cash Flows from Investing Activities | ||||
| Additions to drilling units and equipment | (157) | (101) | (131) | (18) |
| Proceeds from sales of tender-assist units | — | 84 | — | — |
| Proceeds from disposal of assets | 383 | 14 | 1 | 2 |
| Net proceeds on disposal of business and cash impact from deconsolidation | — | 21 | 659 | (94) |
| Acquisition of Subsidiary | — | 24 | — | — |
| Funds advanced to discontinued operations | — | — | (16) | (20) |
| Net cash used in investing activities - discontinued operations | — | — | (40) | — |
| Net cash provided by/(used in) investing activities | 226 | 42 | 473 | (130) |
| Cash Flows from Financing Activities | ||||
|---|---|---|---|---|
| Proceeds from debt | — | 576 | — | 175 |
| Proceeds from convertible bond issuance | — | — | — | 50 |
| Repayments of secured credit facilities | — | (478) | (464) | (160) |
| Share issuance costs | — | (4) | — | — |
| Debt issuance costs | — | (31) | — | — |
| Shares repurchased | (532) | (263) | — | — |
| Net cash provided by financing activities - discontinued operations | — | — | 16 | 20 |
| Net cash (used in)/provided by financing activities | (532) | (200) | (448) | 85 |
| Effect of exchange rate changes on cash and cash equivalents | (5) | 1 | (1) | 6 |
| Net (decrease)/increase in cash and cash equivalents, including restricted cash | (223) | 130 | 89 | (95) |
| Cash and cash equivalents, including restricted cash, at beginning of the year | 728 | 598 | 509 | 604 |
| Cash and cash equivalents, including restricted cash, at the beginning of year - continuing operations | 728 | 598 | 490 | 516 |
| Cash and cash equivalents, including restricted cash, at the beginning of year - discontinued operations | — | — | 19 | 88 |
| Cash and cash equivalents, including restricted cash, at the end of year | 505 | 728 | 598 | 509 |
| Cash and cash equivalents, including restricted cash, at the end of year - continuing operations (2) | 505 | 728 | 598 | 490 |
| Cash and cash equivalents, including restricted cash, at the end of year - discontinued operations | — | — | — | 19 |
| Supplementary disclosure of cash flow information | ||||
| Interest paid | (54) | (36) | (57) | — |
| Net taxes paid | (17) | (24) | (5) | (1) |
| Reorganization items, net paid | — | — | (13) | (56) |
(2) Comprised of cash and cash equivalents as of December 31, 2024 of$478 million (2023:$697 million, 2022:$480 million), restricted cash of$27 million (2023:$31 million, 2022:$44 million), and restricted cash included in non-current assets ofnil (2023: nil, 2022:$74 million).
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