Seadrill posts $206M 2Q loss. Long-term work dayrates improving

Offshore drilling contractor Seadrill posted a net loss of $206 million in the second quarter of 2019, compared to a net loss of $432 million in the second quarter of 2018.

Adjusted EBITDA for the second quarter was $69 million which was higher than Seadrill’s guidance of $55 million primarily due to the timing of maintenance expenditures.

Total operating revenues for the quarter were $321 million, down from $348 million in 2Q 2019. Rig contract revenues fell to $253 million, from $311 million in 2Q 2018.

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