Seadrill Limited, the offshore drilling company based in Bermuda which came out of Chapter 11 bankruptcy and provisional liquidation in February, has reported an operating profit of $42 million for the first quarter of the year.

The company reported a strong operational performance in the quarter, resulting in 99 per cent technical utilisation.

Seadrill said the quarter saw a successful restructuring of the company's balance sheet with a streamlined and simplified capital structure.

Operating revenues were $293 million and adjusted ebitda was $78 million, representing 26.6 per cent ebitda margin.

The company had cash and cash equivalents of $553 million as at March 31, of which $393 million was unrestricted cash.

Seadrill had an order backlog of $2.4 billion as at March 31, with several options exercised during the period, and multiple new contracts signed post-period, increasing the order backlog to $2.8 billion as at May 25.

Simon Johnson, CEO, said: “Seadrill has made a strong start to 2022, evidenced by an industry-leading backlog position and our continued operational excellence.

“Seadrill works with the best customers in the sector and operates in the world's leading basins.

“Our continued success in the first quarter of 2022 and beyond is testament to the tremendous efforts of the staff across the whole business, whose commitment and professionalism makes Seadrill what it is today.”

He added: "Our newly streamlined and simplified capital structure puts Seadrill in prime position to set the standard in offshore drilling as a leader in the market.”