Revenue Drop In Q2 For Shelf Drilling
For the second quarter of 2017, Shelf Drilling reported revenues of $142.8 million, compared with $169.9 million in the same period a year earlier. The decrease in total revenue was largely due to a decrease in average day rates and a decline in marketed utilization. Total rig operating expenses decreased by $11.5 million in second quarter 2017 to $65.0 million compared with the previous year’s quarter. This decrease was mainly due to lower expenses for rigs which were seeking marketing opportunities. For the second quarter of 2017 adjusted EBITDA was $56.5 million compared to $71.6 million for the same period in 2016, a decrease of $15.1 million, or 21.1%. The Company’s total debt at June 30, 2017 was $858.4 million including $331.4 million obligation under sale and leaseback for the two newbuilds.
Seadrill Partners Net 2Q/2017 Profit
Seadrill Partners reports a net income attributable to Seadrill Partners LLC Members of $11.7 on revenues of $267.9 million for the second three months of 2017. That was down from net income of $56.8 million on revenues of $327.5 million for 1Q/2017. The company said The decrease was primarily due to UDW semi West Aquarius (10,000′) earning a lower day rate on its new contract and lower termination fees relating to UDW drillship West Capella (10,000′), partially offset by a full quarter of operations for DW semi tender rig West Vencedor (6,561′).
Seadrill Posts 2Q/2017 Loss
Seadrill Ltd says it had a net loss of $158 million on revenues of $577 million for the three months ending June 30, 2017. Company CEO and President Anton Dibowitz said “Our primary objective at the moment is concluding final negotiations on our comprehensive restructuring plan, which is at an advanced stage and likely to be implemented via Chapter 11 proceedings on or before 12th September 2017”.