Seadrill reports Q1 GAAP EPS (23c) vs $1.54 last year

Reports Q1 revenue $335M, consensus $326.24M. Adjusted EBITDA was $73M vs. $28M in the prior quarter. As of May 12 Seadrill’s (SDRL) Order Backlog was approximately $2.8B. “Our strategy to operate a floater-focused fleet at the heart of the deepwater market positions Seadrill well to navigate near-term volatility,” said President and CEO Simon Johnson. “We remain focused on adding to our durable backlog, which extends meaningfully through 2028, and we are actively engaged with customers for opportunities starting in the next 12 months. This proactive approach and our robust financial position provide a platform for long-term value creation.”