Seadrill's (SDRL) Q2 net profit more than tripled Y/Y to $1.73B, or $3.68/share, including a one-time gain of $1.26B from the sale of 18 tender rigs in April; net profit of $470M excluding the one-time gain beat $334M consensus.
EBITDA rose 5% to a record $665M, beating expectations for $631M.
Revenue was $1.27B vs. $1.12B a year earlier and $1.15B consensus.
Utilization rate rose slightly to 94% for floating drillships and semi-submersible rigs, and fell slightly to 98% for jack-up rigs.
Says it has recovered from sub-standard performance in previous quarters, H2 will show a significant increase in operating profit as eight new rigs are expected to commence operation, and the fundamental outlook remains positive for the offshore drilling industry.
Shares +4.8% premarket.