Seadrill Limited (NYSE:SDRL) Q3 2023 Earnings Conference Call November 28, 2023 10:00 AM ET
Company Participants
Benjamin Wiseman - Corporate Finance Manager & Investor Relations
Simon Johnson - President & Chief Executive Officer
Samir Ali - Executive Vice President & Chief Commercial Officer
Grant Creed - Executive Vice President & Chief Financial Officer
Leif Nelson - Executive Vice President & Chief Operating and Technology Officer
Conference Call Participants
Greg Lewis - BTIG
Eddie Kim - Barclays
Fredrik Stene - Clarkson Securities
Vahid Khorsand - BWS Financial
Truls Olsen - Fearnley Securities
Operator
Good morning, and welcome to Seadrill's Third Quarter 2023 Earnings Call. All participants are in a listen-only mode. After the speaker's presentation, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded.
I would now like to turn the call over to Benjamin Wiseman, Corporate Finance Manager and Investor Relations. Thank you. Please go ahead.
Benjamin Wiseman
Thank you, operator. Welcome to Seadrill's Third Quarter 2023 Earnings Call. With me today are Simon Johnson, our President and Chief Executive Officer; Grant Creed, Executive Vice President and Chief Financial Officer; Samir Ali, Executive Vice President and Chief Commercial Officer; and Leif Nelson, Executive Vice President and Chief Operating and Technology Officer.
Before we begin, I would like to remind you that some of today's comments are forward-looking statements within the meaning of securities laws. They involve risks and uncertainties, and actual results may differ materially. No one should assume these forward-looking statements remain valid later in the quarter or year.
For a more detailed discussion of the major risk factors affecting our business, please refer to our latest Forms 20-F and 6-K filed with the U.S. Securities and Exchange Commission. Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in the earnings release available on our website.
Later in the call, following our prepared remarks, we will host a question-and-answer session. Please limit yourself to one question and one follow-up to permit more participation.
Now, let me turn the call over to Simon.
Simon Johnson
Hello, everyone, and thank you for joining us today. I'll begin with some opening comments about the third quarter results, followed by a few corporate updates before Samir covers our recent commercial activity and the market outlook. Grant will then provide a financial overview before opening up for Q&A. For the third quarter of 2023, Seadrill reported adjusted EBITDA of $151 million on $414 million of revenues resulting in a margin of 36.5%, which screens favorably across our peer group. Adjusted EBITDA was robust, and therefore, we have increased our full year 2023 guidance with the range now $485 million to $505 million.