Seadrill (SDRL) has reported 51.13 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $65 million, or $0.13 a share in the quarter, compared with $133 million, or $0.27 a share for the same period last year.
Revenue during the quarter plunged 36.14 percent to $569 million from $891 million in the previous year period. Total expenses were 85.41 percent of quarterly revenues, up from 63.19 percent for the same period last year. That has resulted in a contraction of 2223 basis points in operating margin to 14.59 percent.
Operating income for the quarter was $83 million, compared with $328 million in the previous year period.
Commenting today, Per Wullf, chief executive officer and president of Seadrill Management Ltd., said: "Tendering activity continues to increase, especially in the North Sea, South-East Asia and Middle-East segments. While competition remains fierce for available work we are well positioned with our scale, young modern fleet and highly skilled workforce.
Operating cash flow drops significantlySeadrill has generated cash of $155 million from operating activities during the quarter, down 47.28 percent or $ 139 million, when compared with the last year period. Cash flow from investing activities was $181 million for the quarter as against cash outgo of $2 million in the last year period.
The company has spent $244 million cash to carry out financing activities during the quarter as against cash outgo of $253 million in the last year period.
Cash and cash equivalents stood at stood at $1,462 million as at Mar. 31, 2017.
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