Slide 1: Q4 2019 Results
Q4 2019 Results February 27, 2020
Slide 2: Disclaimer
Disclaimer This presentation includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company’s plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. These stat
Slide 3: Agenda
Agenda Highlights & Market Outlook Financial Performance Q&A 3
Slide 4: Q4 2019 Highlights
Q4 2019 Highlights FINANCIALS ▪ Technical utilization of 97% (1) and Economic utilization(2) of 93% ▪ Adjusted EBITDA of $39 million due to lower activity levels from rigs completing contracts ▪ Total cash of $1.4 billion COMMERCIAL ▪ Added over $1 billion in backlog and active fleet 2020 contract c
Slide 5: Commercial
Commercial $1 billion of backlog secured in Q4 2019 Increased total backlog 3,000 2,500 Benign UDW +$221m 2,000 $ million 1,500 1,000 Harsh +$502m Environment 500 - Q1 2019 Q2 2019 Q3 2019 Q4 2019 Benign Jack-ups +$307m ▪ Industry leading backlog additions for Q4 ▪ Added more backlog than consumed i
Slide 6: Revenue and EBITDA Bridge
Revenue and EBITDA Bridge Revenue: Revenue: $398m (3Q19:$367m) ▪ 8% increase primarily driven by an increase in reimbursable costs for Northern Drilling. ▪ 5% lower operating days due to certain floaters being idle between contracts or completing their contracts in the quarter. ▪ Other revenue incre
Slide 7: Results from Associated Companies
Results from Associated Companies Joint Ventures and drilling investments - $(17)million (3Q19: $(33)million) P&L Impact 8 floaters ~65% ▪ 95% utilization delivering $77 million EBITDA in the quarter 3 tenders ▪ 91% utilization following downtime on the West Titania 50 % 5 jack-ups ▪ Delivered $32 m
Slide 8: Abbreviated Income Statement
Abbreviated Income Statement $millions 4Q19 3Q19 Adjusted EBITDA 39 85 Depreciation and amortization (132) (143) Operating loss (93) (58) Share in results from associated companies (17) (33) Loss on impairment of investments — (302) Impairment of convertible bond from related party (11) — Other fina
Slide 9: Abbreviated Cash Flow
Abbreviated Cash Flow $millions 4Q19 3Q19 Net Loss (199) (521) Adjustments to reconcile net loss to net cash provided by operating activities 145 494 Distributions received from associated company - 9 Payments for long-term maintenance (41) (36) Changes in operating assets and liabilities 39 38 Tota
Slide 10: Abbreviated Balance Sheet
Abbreviated Balance Sheet $millions 4Q19 3Q19 Cash and restricted cash 1,357 1,445 Other current assets 523 605 Other non-current assets 7,399 7,441 Total assets 9,279 9,491 Current liabilities 770 711 Non-current liabilities 6,659 6,735 Equity and redeemable non-controlling interest 1,850 2,045 Tot
Slide 11: Q&A
Seadnill Q&A
Slide 12: Appendix - Non-GAAP Financial Measures
Appendix - Non-GAAP Financial Measures *Adjusted EBITDA represents operating income before depreciation, amortization and similar non-cash charges. Additionally, in any given period we may have significant, unusual or non-recurring items which we may exclude from Adjusted EBITDA for that period. Whe