Seadrill Limited (NYSE:SDRL) Q1 2024 Earnings Conference Call May 15, 2024 10:00 AM ET

Company Participants

Lydia Mabry - Director of Investor Relations
Simon Johnson - President and Chief Executive Officer
Grant Creed - Executive Vice President and Chief Financial Officer
Samir Ali - Executive Vice President, Chief Commercial Officer
Marcel Wieggers - Senior Vice President of Operations

Conference Call Participants

Ben Nolan - Stifel
Greg Lewis - BTIG
Kurt Hallead - Benchmark
Josh Jayne - Daniel Energy Partners
Doug Becker - Capital One
Hamed Khorsand - BWS Financial
Noel Parks - Tuohy Brothers
Fredrik Stene - Clarksons Securities

Operator

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Seadrill First Quarter Earnings Call.

All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I would now like to turn the call over to, Lydia Mabry, Director of Investor Relations. Please go ahead.

Lydia Mabry

Thank you, operator. Welcome to Seadrill’s first quarter 2024 earnings call.

Today’s call will feature prepared remarks from Simon Johnson, our President and Chief Executive Officer; Grant Creed, Executive Vice President and Chief Financial Officer; and Samir Ali, Executive Vice President and Chief Commercial Officer. Also joining us on the call is Marcel Wieggers, Senior Vice President of Operations.

Today’s call may include forward-looking statements that involve risks and uncertainty. Actual results may differ materially. No one should assume these forward-looking statements remain valid later in the quarter or year, and we assume no obligations to update. Our latest Forms 20-F and 6-K filed with the U.S. Securities and Exchange Commission provide a more detailed discussion of our forward-looking statements and the risk factors affecting our business.

During the call, we may also refer to non-GAAP measures. Our earnings release filed with the SEC includes reconciliations to the nearest corresponding GAAP measures and is available on our website. Our use of the term EBITDA on today’s call corresponds with the term adjusted EBITDA as defined in our earnings release.

Now, let me turn the call over to, Simon.

Simon Johnson

Thank you for joining us for our quarterly conference call. Seadrill’s had a strong start to the year. In the first quarter, we recorded $367 million in revenue, $124 million in EBITDA and returned to 33.8% EBITDA margin. We delivered safe, efficient operations to our E&P customers, and our results benefited from strong uptime.