Seadrill Limited, the Bermudian-based offshore drilling company, has reported an operating profit of $25 million for the second quarter of the year.

The company had total operating revenues of $284 million, and adjusted Ebitda of $75 million, representing 26.4 per cent Ebitda margin.

Seadrill reported strong operational performance in the quarter, resulting in 98 per cent technical utilisation.

Cash and cash equivalents were $468 million at June 30, of which $336 million was unrestricted cash.

During the period Seadrill added $940 million of order backlog, including new three-year firm term contracts for jack-ups West Ariel, West Cressida and West Leda, and three-year extensions for AOD I, AOD III and West Callisto, bringing order backlog to $3.1 billion at June 30.

Simon Johnson, CEO, said: “Seadrill has maintained its strong 2022 performance into this quarter, evidenced by an impressive technical utilisation across the fleet, which is driven by our safe and successful operational delivery.

“Seadrill's customers are the best in the oil and gas sector and we're proud to partner with them in the world's leading basins.”

He added: “We have continued to deliver a strong operational performance whilst undergoing several significant rig reactivation projects. We are in a strong position to carry on creating value for our stakeholders and to take a leading role in the necessary and ongoing realignment within the market.

“The rig market continues to show strong signs of recovery, with utilisation across asset classes and geographies all trending in the right direction."