Seadrill Ltd, the Bermudian-based offshore drilling company, has delivered a second quarter profit of $253 million and a half-year profit of $313 million to June 30, according to their unaudited consolidated statements of operations.

The numbers are an improvement over the 2023 second quarter ($94 million) and six-month result ($137 million).

Seadrill said it had a second quarter operating profit of $288 million, compared with a first quarter operating profit of $80 million.

Adjusted earnings before interest, taxes, depreciation and amortisation were $133 million (Q1: $124m) on $375 million (Q1: $367m) of total operating revenues for an adjusted Ebitda margin of 35.5 per cent.

The company said it had repurchased a total of $566 million of shares, or more than 15 per cent of its issued share count, since initiating a repurchase programme last September.

At quarter-end, Seadrill had gross principal debt of $625 million and $862 million in cash and cash equivalents, including $27 million in restricted cash, for a net cash position of $237 million.

Simon Johnson, the president and chief executive, said: “Seadrill delivered a strong second quarter and generated a combined $257 million in adjusted Ebitda during the first half of year. Strong supply-side fundamentals underpin our faith in a long and enduring upcycle. However, we continue to see volatility that can affect financial outcomes.

“Now, as ever, through-cycle resiliency matters. As a company, we continue to benefit from a highly standardised fleet strategically positioned in advantaged geographies, a strong balance sheet, a disciplined management team, and a pursuit of operational excellence that allows us to deliver on our promise of safe, efficient operations for the benefit of all our stakeholders.”

As previously disclosed, Seadrill will delist from the Oslo Stock Exchange on September 10 and maintain a single listing on the New York Stock Exchange, consistent with efforts to simplify the business.

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Bermudian-based Valaris Ltd has reported that second quarter net income increased to $151 million from $26 million in the first quarter of the year.

The offshore drilling services company said adjusted earnings before interest, taxes, depreciation and amortisation increased to $139 million from $54 million in the first quarter primarily due to higher utilisation and average daily revenue for both the floater and jack-up fleets along with lower contract drilling expense.

Revenues increased to $610 million from $525 million in the first quarter of 2024.

Other income increased to $12 million from $9 million in the first quarter primarily due to an increase in interest income, partially offset by an increase in interest expense and a decrease in foreign currency gains.

Cash and cash equivalents and restricted cash decreased to $410 million as of June 30 from $509 million as of March 31. The decrease was primarily due to capital expenditures, partially offset by positive operating cashflow. In the second quarter, operating cashflow was negatively impacted by changes in working capital primarily due to an increase in accounts receivable related to higher revenues.

The company said its second quarter results were better than prior guidance primarily due to strong operating performance resulting in higher revenue efficiency, certain contracts extending longer than previously anticipated and the timing of certain costs that are now expected to be recognised in subsequent quarters.

President and chief executive Anton Dibowitz said: “In the second quarter, we built on our excellent start to 2024 with another quarter of strong safety and operating performance, delivering revenue efficiency of 99 per cent without a lost time incident. In addition, we achieved a meaningful improvement in our financial results during the second quarter, driven in part by a successful contract start-up for Valaris DS-7 — our sixth drillship reactivation completed since 2022.”

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Seven directors have been re-elected to the board at the annual general meeting of Golar LNG Ltd, the Bermudian-based owner of tankers that haul liquefied natural gas.

Returning directors are Tor Olav Troim, Daniel W Rabun, Thorleif Egeli, Carl E Steen, Niels G Stolt-Nielsen, Lori Wheeler Naess, and Georgina E Sousa.

A resolution was passed to approve remuneration of the company’s board of directors of a total amount of fees not to exceed $2.05 million for the year ended December 31, 2024.