Seadrill lost $23 million before taxes in the fourth quarter. The rig company’s revenues fell in the fourth quarter.

On Thursday, the rig company Seadrill delivered its accounting report for the fourth quarter.

Seadrill lost $23 million before taxes in the fourth quarter. In the same quarter of the previous year, the company had a profit before tax of 33 million dollars.

Revenue fell from $276 million in the fourth quarter of 2021 to $228 million in the fourth quarter of last year.

Adjusted ebitda ended at 39 million dollars in the quarter, compared to 57 million dollars the previous quarter.

Total operating income was 228 million dollars in the period against 269 the previous year. Operating profit ended at minus 7 million dollars.

The cash balance at the end of the quarter was 480 million dollars.

According to the company, adjusted ebitda ended in line with expectations, but lower than previous quarters. It is, according to the company, a result of:

“free time for West Tellus, which completed upgrades for its upcoming long-term campaign with Petrobras starting in early January 2023; (ii) fewer rig operating days for West Hercules, which ended its operations in Canada and then demobilized to Norway; and (iii) due to the fact that the Company did not have a full quarter of operation of the jackup rigs that were sold”

Acquisition

On Monday, it became clear that Seadrill has completed the acquisition of Aquadrill, according to a message on Monday. At Christmas time last year, it became clear that Seadrill is buying its former subsidiary.

In connection with the completion of the transaction, Seadrill has issued 29,866,503 shares to former Aquadrill shareholders.

– We are pleased to have completed the acquisition of Aquadrill, and welcome the fleet to the Seadrill family. Today is a crucial milestone for our company, and we are convinced that we are well positioned for this upswing in the industry. We remain optimistic about the continued development of the rig market and our ability to deliver value to our shareholders, said CEO Simon Johnson.

John Fredriksen-founded

Seadrill returned to Oslo Børs in April last year, and the development of the share has been particularly positive since just before Christmas. The share is up around 41.9 percent since the new year.

The rig company founded by John Fredriksen entered a bankruptcy process in early 2021, and later that year Seadrill’s rescue plan was approved by the bankruptcy court in Texas.

In the bankruptcy process, large parts of the Seadrill debt were converted into shares. This meant that the former Fredriksen-owned company is now controlled by the creditors, with Eksfin as the largest owner.