Seadrill Ltd
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
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Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| (In $ millions, except per share data) | 2025 | 2024 | 2025 | 2024 |
| Operating revenues | ||||
| Contract revenues | 288 | 267 | 536 | 542 |
| Reimbursable revenues (1) | 16 | 15 | 31 | 35 |
| Management contract revenues (1) | 65 | 65 | 126 | 123 |
| Leasing revenues (1) | 8 | 26 | 16 | 37 |
| Other revenues (1) | — | 2 | 3 | 5 |
| Total operating revenues | 377 | 375 | 712 | 742 |
| Operating expenses | ||||
| Vessel and rig operating expenses | (180) | (165) | (359) | (345) |
| Reimbursable expenses | (16) | (14) | (31) | (34) |
| Depreciation and amortization | (56) | (43) | (111) | (81) |
| Management contract expenses | (93) | (41) | (138) | (79) |
| Selling, general and administrative expenses | (26) | (24) | (49) | (49) |
| Merger and integration related expenses | — | (3) | — | (5) |
| Total operating expenses | (371) | (290) | (688) | (593) |
| Other operating items | ||||
| Gain on disposals | — | 203 | — | 203 |
| Other operating income | — | — | — | 16 |
| Total other operating items | — | 203 | — | 219 |
| Operating profit | 6 | 288 | 24 | 368 |
| Financial and other non-operating items | ||||
| Interest income | 3 | 7 | 7 | 14 |
| Interest expense | (15) | (16) | (30) | (31) |
| Equity in earnings/(losses) of equity method investments (net of tax) | 6 | (15) | 14 | (11) |
| Other financial and non-operating items | (13) | (8) | (27) | (14) |
| Total financial and other non-operating items, net | (19) | (32) | (36) | (42) |
| (Loss)/profit before income taxes | (13) | 256 | (12) | 326 |
| Income tax expense | (29) | (3) | (44) | (13) |
| Net (loss)/income | (42) | 253 | (56) | 313 |
| Basic (LPS)/EPS ($) | (0.68) | 3.61 | (0.91) | 4.41 |
| Diluted (LPS)/EPS ($) | (0.68) | 3.49 | (0.91) | 4.27 |
(1)Includes revenue from related parties of $79 million and $158 million, for the three and six months ended June 30, 2025, respectively, and $96 million and $172 million for the three and six months ended June 30, 2024, respectively. Refer to Note 10 -"Related party transactions" for further details.
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