Seadrill announces its first quarter results for the period ended March 31, 2019.
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Revenues of $302 million for the first quarter (4Q18: $292 million) increased 3% primarily due to reimbursable revenues for which there is a corresponding reimbursables expense.
Excluding reimbursable revenues, revenue was broadly flat as the lower utilization level on our floater fleet and the lower dayrate on the West Callisto contract extension was offset the West Carina commencing operations.
Total operating expenses of $399 million for the first quarter (4Q18: $382 million) increased 4%.
This was primarily due to reimbursable expenses mentioned above, and a small increase in vessel and rig operating expenses due to the commencement of the West Carina.
Other operating income of $26 million for the first quarter (4Q18: $21 million) relates to the final installment of an overdue receivable which was not recognized as an asset as part of fresh start accounting.
Operating loss was $71 million (4Q18: $69 million) as a result of the movements referred to above.
Adjusted EBITDA for the first quarter was $72 million which was higher than our guidance of $60 million primarily due to deferred timing of spend relating to moving stacked rigs to lower cost locations.
Total financial and other items resulted in an expense of $207 million in the quarter (4Q18: $285 million).
The decrease in the expense was primarily due to movements in marketable securities related to our investment in Seadrill Partners common units and Archer, movements in the market value of our interest rate cap derivatives and results from associated companies after taking into account the unwind of basis differences.
Income tax expense for the quarter was $18 million (4Q18: $6 million) based on the forecasted annual effective tax rate for the full year being applied to the first quarter results.
Net loss was $296 million (4Q18: $360 million) resulting in loss per share of $2.95 (4Q18: $3.62). ■