Seadrill Returns To Q2 Profit; To Repurchase Up To $250 Mln Of Shares

(RTTNews) - Seadrill Limited (SDRL) an oil and gas drilling company, on Tuesday reported earnings for the second quarter of the year, compared to loss last year on strong revenues. The company also intends to buy back up to $250 million of shares.

The company reported quarterly earnings of $94 million or $1.16 per share, compared to a loss of $36 million or a loss of $0.72 per share last year.

The latest results included contribution from contracted rigs acquired as part of the Aquadrill deal, which concluded in April this year.

Adjusted EBITDA increased to $159 million from $85 million of the prior year, bringing up the margin to 38.4 percent from 32 percent.

Revenue climbed to $414 million from $253 million of the previous year. The revenue grew sequentially by 56 percent.

On Monday , shares of Seadrill closed at $47.87, down 0.27% on the New York Stock Exchange.