Seadrill Ltd, the Bermudian-based offshore drilling company, has reported an operating profit of $20 million for the third quarter of the year.

The company had total operating revenues of $269 million, and total adjusted EBITDA of $71 million, representing a 23 per cent total adjusted EBITDA margin.

Seadrill said it had strong operational performance in 3Q 2022, resulting in 98 per cent technical utilisation.

Cash and cash equivalents were $349 million as at September 30, of which $224 million was unrestricted cash.

Seadrill added $91 million of order backlog, bringing the total at September 30 to approximately $3 billion, of which $718 million related to seven jack-up rigs contracted in Saudi Arabia that were sold in October.

Simon Johnson, CEO, said: "Third-quarter results reaffirmed Seadrill's consistent and solid performance this year, with once again high levels of utilisation during the quarter, driven by our operational excellence. Total adjusted EBITDA was $71 million, in line with management's expectations.”

He added: “We remain in a strong position to continue delivering for all our stakeholders and to capitalise on market opportunities. We are focused on ensuring our fleet is one of the youngest and most-technologically advanced in the offshore drilling business and expect to be at the forefront of the sector's recovery as it continues to be buoyed by strong fundamentals."