Seadrill Ltd, the Bermudian-based offshore drilling company, has reported third-quarter income of $90 million.

The company said it delivered $151 million of adjusted earnings before interest, tax, depreciation and amortisation on $414 million of revenue, resulting in an adjusted ebitda margin of 36.5 per cent.

Seadrill updated its full-year market guidance, with the adjusted ebitda range now $485 million to $505 million.

The company had total operating revenues of $414 million, contract revenues of $324 million and an operating profit of $117 million.

President and chief executive Simon Johnson said: "In September, we initiated our $250 million share repurchase programme and have made excellent progress to date. In our view, the price level at which we have executed the buyback is highly accretive.

“Market fundamentals remain robust and our positive view on the length and durability of this upcycle is unchanged.

“With this in mind and considering our strong financial position, Seadrill’s board of directors has authorised a further $250 million in share repurchases, taking the aggregate to $500 million.

“This enables us to continue to return capital to our shareholders that cannot be allocated more efficiently within the business.”