Seadrill Limited, the Bermudian-based offshore drilling company, has reported an operating loss of $7 million for the fourth quarter of 2022.

That compares with an operating profit of $20 million in the third quarter of the year.

Operating revenues decreased by 15 per cent to $228 million in Q4 largely due to fewer rig operating days overall across the fleet.

Total adjusted earnings before interest, taxes, depreciation and amortisation was $41 million in Q4 in line with expectations and previous guidance, but lower than prior quarters.

Seadrill said it added approximately $187 million of order backlog during the quarter, bringing the total as of December 31 to approximately $2.3 billion.

The company reported consistent operational performance in Q4, resulting in 95 per cent technical utilisation.

In October, Seadrill completed the sale of the legal entities that own and operate seven jack-up rigs – AOD I, AOD II, AOD III, West Callisto, West Ariel, West Cressida and West Leda – in the Kingdom of Saudi Arabia.

The jack-up sale triggered a mandatory payment of $204 million (inclusive of principal, accrued interest and exit fee) under Seadrill's secured second lien debt facility.

Cash and cash equivalents, which excludes restricted cash, as at December 31 was $480 million.

Simon Johnson, president and CEO, said: "2022 was an extraordinary year of transformation for Seadrill that began with our successful emergence from restructuring in February.

“We later completed the sale of our seven jack-ups in the Kingdom of Saudi Arabia which enabled us to reshape our capital structure through substantial debt prepayments.”

On April 3, Seadrill completed the all-stock acquisition of Aquadrill LLC, at which point Aquadrill became a wholly-owned subsidiary of Seadrill.

The combined company order backlog as of April 5 was approximately $2.6 billion, with a fleet of 29 owned and managed units.

Seadrill said the combination creates an industry-leading offshore drilling company, with a modern and high specification fleet.

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Bermudian-based SFL Corporation Ltd, one of the world's largest ship-owning companies, has agreed to sell the two 2008-built chemical tankers SFL Weser and SFL Elbe to an unrelated third party.

The sales proceeds to SFL are approximately $19.5 million for the debt free vessels.

Both vessels have been employed in the spot market the last two years and delivery of the vessels to the buyer is expected to take place in the second quarter.

A book impairment of approximately $7 million is expected to be recorded in the first quarter relating to the sales.

The 2009-built Suezmax tanker Glorycrown, which was announced sold in February, has been delivered to its new owner.

The final sales price of approximately $43.5 million is higher than previously disclosed, and a book gain of approximately $9 million is expected to be recorded in the first quarter relating to the sale.