Start Time: 09:00 January 1, 0000 9:43 AM ET
Seadrill Limited (NYSE:SDRL)
Q3 2024 Earnings Call
November 13, 2024, 09:00 AM ET
Company Participants
Simon Johnson - President and CEO
Grant Creed - EVP and CFO
Samir Ali - EVP and CCO
Lydia Mabry - Director of IR
Conference Call Participants
David Smith - Pickering Energy Partners
Kurt Hallead - Benchmark
Fredrik Stene - Clarksons Securities
Hamed Khorsand - BWS Financial
Josh Jayne - Daniel Energy Partners
Noel Parks - Tuohy Brothers Investment Research
Operator
Hello, and welcome to the Seadrill Third Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions].
I would now like to turn the conference over to Lydia Mabry, Director of Investor Relations. You may begin.
Lydia Mabry
Welcome to Seadrill's third quarter 2024 earnings call. Today's call will feature prepared remarks from Simon Johnson, our President and Chief Executive Officer; Samir Ali, Executive Vice President and Chief Commercial Officer; and Grant Creed, Executive Vice President and Chief Financial Officer.
Our comments include forward-looking statements that involve risks and uncertainties. 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 obligation 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 that affect our business.
During the call, we will also reference non-GAAP measures. Our earnings release filed with the SEC and available on our website includes reconciliations with the nearest corresponding GAAP measures. Our use of the term EBITDA on today's call corresponds with the term adjusted EBITDA as defined in our earnings release.
I'll now turn the call to Simon.
Simon Johnson
Thank you for joining us on our quarterly conference call. I will begin with a few comments on our quarterly performance before discussing our market outlook and strategy. Samir will then talk about tactics and contracting before Grant reviews our quarterly financial and operational performance and full year outlook.
Our third quarter results exceeded expectations. We delivered $93 million in adjusted EBITDA, securing additional work and uncommitted capacity propels us above our previous full year guidance. Most notably, the Sevan Louisiana continued its existing contract with an independent operator in the U.S. Gulf of Mexico. We're now increasing our EBITDA guidance midpoint by 13% to $385 million.