SeaDrill Q3 Profit Declines, Revenue Edges Up And Tops View - Quick Facts

(RTTNews) - SeaDrill Limited (SDRL), an offshore drilling contractor, Wednesday said third-quarter net income attributable to the parent fell to $149 million from $286 million in the previous year. Earnings per share dropped to $0.31 from $0.60.

On average, 24 analysts polled by Thomson Reuters expected earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues were $1.293 billion, compared to $1.280 billion last year. Analysts expected revenues of $1.23 billion.

Seadrill said it is suspending dividend distributions and focusing on debt reduction and value creating opportunities due to significant deterioration in the broader markets.

Looking ahead, fourth-quarter EBITDA is expected to be higher than the third quarter results for the Seadrill Group on a consolidated basis. The Group is on track to earn around $10 million in EBITDA per day by the end of the year.