20-F Filing

SEADRILL LTD CIK: 1737706 FY 2018

Filing Information

Form Type	20-F
Accession Number	`0001628280-19-003602`
Period End Date	20181231
Filing Date	20190328
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	sdrl-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 33 Cash Flow Statement 64 Stockholders Equity 15 Comprehensive Income 12

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Common shares, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.54B	USD	Point-in-time
Common shares, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$2.00	USD	Point-in-time
Common shares, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$2.00	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$461.00M	USD	Point-in-time
Common shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	111.11M	shares	Point-in-time
Common shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	111.11M	shares	Point-in-time
Common shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	100.00M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$57.00M	USD	Point-in-time
Common shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	500.94M	shares	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$208.00M	USD	Point-in-time
Amount due from related parties - current	`DueFromRelatedPartiesCurrent`	$177.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$322.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.77B	USD	Point-in-time
Investment in associated companies	`EquityMethodInvestments`	$800.00M	USD	Point-in-time
Newbuildings	`ConstructionInProgressGross`	-	USD	Point-in-time
Drilling units	`DrillingUnitsNet`	$6.66B	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNet`	$18.00M	USD	Point-in-time
Equipment	`PropertyPlantAndEquipmentOther`	$29.00M	USD	Point-in-time
Amount due from related parties - non-current	`DueFromRelatedPartiesNoncurrent`	$539.00M	USD	Point-in-time
Assets held for sale	`DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent`	-	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$36.00M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$8.08B	USD	Point-in-time
Total assets	`Assets`	$10.85B	USD	Point-in-time
Debt due within one year	`LongtermDebtCurrentMaturitiesNetofDebtIssuanceCosts`	$33.00M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$82.00M	USD	Point-in-time
Amounts due to related parties - current	`DueToRelatedPartiesCurrent`	$39.00M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$310.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$464.00M	USD	Point-in-time
Liabilities subject to compromise	`LiabilitiesSubjectToCompromise`	-	USD	Point-in-time
Long-term debt	`LongtermDebtExcludingCurrentMaturitiesNetofDebtIssuanceCosts`	$6.88B	USD	Point-in-time
Long-term debt due to related parties	`DueToRelatedPartiesNoncurrent`	$222.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$87.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$121.00M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$7.31B	USD	Point-in-time
Commitments and contingencies (see note 32)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$38.00M	USD	Point-in-time
Common shares of par value US$0.10 per share: 111,000,000 shares authorized and 100,000,000 issued at December 31, 2018 (Successor) (Common shares of par value US$2.00 per share: 800,000,000 shares authorized and 504,518,940 issued at December 31, 2017 (Predecessor)	`CommonStockValue`	$10.00M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.49B	USD	Point-in-time
Contributed surplus	`OtherAdditionalCapital`	-	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-611.00M	USD	Point-in-time
Total Shareholders equity	`StockholdersEquity`	$2.88B	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$152.00M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$154.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.04B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.65B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$10.85B	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Contract revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$469.00M	USD	2 Qtrs
Revenues	`Revenues`	$541.00M	USD	2 Qtrs
Depreciation	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$236.00M	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$58.00M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$62.00M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$737.00M	USD	2 Qtrs
Impairment of long lived assets	`AssetImpairmentCharges`	-	USD	2 Qtrs
Loss on disposals	`GainLossOnDispositionOfAssets`	-	USD	2 Qtrs
Other operating income	`OtherOperatingIncome`	$21.00M	USD	2 Qtrs
Total other operating items	`OtherOperatingIncomeLoss`	$21.00M	USD	2 Qtrs
Operating (loss)/income	`OperatingIncomeLoss`	$-175.00M	USD	2 Qtrs
Interest income	`InvestmentIncomeNet`	$40.00M	USD	2 Qtrs
Interest expense	`InterestIncomeExpenseNet`	$-261.00M	USD	2 Qtrs
Loss on impairment of investments	`OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet`	-	USD	2 Qtrs
Share in results from associated companies (net of tax)	`IncomeLossFromEquityMethodInvestments`	$-90.00M	USD	2 Qtrs
(Loss)/gain on derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$-31.00M	USD	2 Qtrs
Gain on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	2 Qtrs
Gain on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$19.00M	USD	Annual
Foreign exchange (loss)/gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.00M	USD	2 Qtrs
Loss on marketable securities	`MarketableSecuritiesRealizedGainLoss`	$-64.00M	USD	2 Qtrs
Reorganization items, net	`ReorganizationItems`	$9.00M	USD	2 Qtrs
Other financial and non-operating items	`OtherNonoperatingIncomeExpense`	$-3.00M	USD	2 Qtrs
Total financial and other non-operating items	`NonoperatingIncomeExpense`	$-422.00M	USD	2 Qtrs
(Loss)/income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-597.00M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$8.00M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-605.00M	USD	2 Qtrs
Net loss attributable to the parent	`NetIncomeLoss`	$-602.00M	USD	2 Qtrs
Net (loss)/gain attributable to the non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-160.00M	USD	2 Qtrs
Net (loss)/gain attributable to the non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00M	USD	2 Qtrs
Net (loss)/gain attributable to the redeemable non-controlling interest	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	$-1.00M	USD	2 Qtrs
Net (loss)/gain attributable to the redeemable non-controlling interest	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	$-150.00M	USD	2 Qtrs
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-6.02	USD	2 Qtrs
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-6.02	USD	2 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-605.00M	USD	2 Qtrs
Depreciation	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$236.00M	USD	2 Qtrs
Amortization of deferred loan charges	`AmortizationOfFinancingCosts`	-	USD	2 Qtrs
Amortization of unfavorable and favorable contracts	`AmortizationofFavorableUnfavorableContracts`	$58.00M	USD	2 Qtrs
Share of results from associated companies	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-90.00M	USD	2 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	-	USD	2 Qtrs
Loss on disposals	`GainLossOnSalesOfAssetsAndAssetImpairmentCharges`	-	USD	2 Qtrs
Contingent consideration realized	`GainLossonContingentConsiderationRelatedtoDisposals`	-	USD	2 Qtrs
Interest unwind on contingent consideration assets	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1`	$1.00M	USD	2 Qtrs
Unrealized loss/(gain) related to derivative financial instruments	`UnrealizedGainLossOnDerivatives`	$-31.00M	USD	2 Qtrs
Loss on impairment of long-lived assets	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	2 Qtrs
Loss on impairment of investments	`UnrealizedGainLossOnSecurities`	-	USD	2 Qtrs
Deferred tax (benefit)/expense	`DeferredIncomeTaxExpenseBenefit`	$-22.00M	USD	2 Qtrs
Unrealized foreign exchange loss/(gain) on long-term debt	`ForeignCurrencyTransactionGainLossUnrealized`	-	USD	2 Qtrs
Amortization of discount on debt	`AmortizationOfDebtDiscountPremium`	$23.00M	USD	2 Qtrs
Gain on derecognition of investment in associated company	`DeconsolidationGainOrLossAmount`	-	USD	2 Qtrs
Gain on debt extinguishment	`GainsLossesonExtinguishmentofDebtOperatingActivities`	-	USD	2 Qtrs
Unrealized loss on marketable securities	`GainLossOnSaleOfEquityInvestments`	$-64.00M	USD	2 Qtrs
Non-cash gain on liabilities subject to compromise	`NonCashGainOnLiabilitiesSubjectToCompromise`	-	USD	2 Qtrs
Fresh start valuation adjustments	`FreshStartValuationAdjustments`	-	USD	2 Qtrs
Other re-organization items	`NonoperatingReorganizationItems`	-	USD	2 Qtrs
Other	`OtherNoncashIncomeExpense`	$2.00M	USD	2 Qtrs
Distributions received from associated companies	`EquityMethodInvestmentDividendsOrDistributions`	$32.00M	USD	2 Qtrs
Payments for long-term maintenance	`PaymentOfLongTermMaintenanceCost`	$71.00M	USD	2 Qtrs
Trade accounts receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-64.00M	USD	2 Qtrs
Trade accounts payable	`IncreaseDecreaseInAccountsPayable`	$-31.00M	USD	2 Qtrs
Prepaid expenses/accrued revenue	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-12.00M	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$21.00M	USD	2 Qtrs
Related party receivables	`IncreaseDecreaseInDueFromRelatedParties`	$-7.00M	USD	2 Qtrs
Related party payables	`IncreaseDecreaseInDueToRelatedParties`	$54.00M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$20.00M	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$34.00M	USD	2 Qtrs
Net cash (used in)/provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-26.00M	USD	2 Qtrs
Additions to newbuildings	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	-	USD	2 Qtrs
Additions to drilling units and equipment	`PaymentsToAcquireMachineryAndEquipment`	$27.00M	USD	2 Qtrs
Refund of yard installments	`ProceedsFromAdvancesForConstruction`	-	USD	2 Qtrs
Contingent consideration received	`ProceedsfromContingentConsiderationRelatedtoDisposals`	$65.00M	USD	2 Qtrs
Settlement of West Mira	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	-	USD	2 Qtrs
Sale of rigs and equipment	`ProceedsfromSaleofOilandGasPropertyandEquipmentRigsandEquipment`	-	USD	2 Qtrs
Buyout of guarantee	`PaymentsForProceedsFromDepositOnLoan`	-	USD	2 Qtrs
Investment in associated companies	`PaymentsToAcquireEquityMethodInvestments`	-	USD	2 Qtrs
Payments received from loans granted to related parties	`ProceedsFromCollectionOfShortTermLoansToRelatedParties`	$-23.00M	USD	2 Qtrs
Loans granted to related parties	`PaymentsToFundLongtermLoansToRelatedParties`	-	USD	2 Qtrs
Proceeds from disposal of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$61.00M	USD	2 Qtrs
Proceeds from debt	`ProceedsFromIssuanceOfSecuredDebt`	$228.00M	USD	Annual
Proceeds from debt	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	2 Qtrs
Repayments of debt	`RepaymentsOfLongTermDebt`	$83.00M	USD	2 Qtrs
Mandatory redemption of New Secured Notes	`RepaymentsOfSecuredDebt`	$121.00M	USD	2 Qtrs
Debt fees paid	`PaymentsOfDebtIssuanceCosts`	$4.00M	USD	2 Qtrs
Repayments of debt to related party	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Dividends paid to non-controlling interests	`PaymentsOfDividendsMinorityInterest`	-	USD	2 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Cash settlement of restricted stock units	`PaymentforSettlementofEmployeeRestrictedStockUnits`	-	USD	2 Qtrs
Proceeds from issuance of shares	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	2 Qtrs
Net cash (used in)/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-208.00M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.00M	USD	2 Qtrs
Net (decrease)/increase in cash and cash equivalents, including restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-174.00M	USD	2 Qtrs
Cash and cash equivalents, including restricted cash, at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.00B	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.18B	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at the end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.00B	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at the end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.18B	USD	Point-in-time
Interest paid, net of capitalized interest	`InterestPaid`	$178.00M	USD	2 Qtrs
Taxes paid	`IncomeTaxesPaidNet`	$16.00M	USD	2 Qtrs

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, shares	`CommonStockSharesOutstanding`	100.00M	shares	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	500.94M	shares	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.04B	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.65B	USD	Point-in-time
Cash settlement of vested restricted stock units	`PaymentforSettlementofEmployeeRestrictedStockUnits`	-	USD	2 Qtrs
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-7.00M	USD	2 Qtrs
Issuance of Successor common stock, shares	`StockIssuedDuringPeriodSharesNewIssues`	15.68M	shares	Annual
Issuance of Successor common stock	`StockIssuedDuringPeriodValueNewIssues`	$3.50B	USD	Point-in-time
Revaluation of redeemable non-controlling interest	`RevaluationOfRedeemableNoncontrollingInterest`	$-9.00M	USD	2 Qtrs
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest	`NetIncomeLossIncludingPortionAttributabletoNoncontrollingInterestExcludingRedeemableNoncontrollingInterest`	$-604.00M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-605.00M	USD	2 Qtrs
Ending Balance, Shares	`CommonStockSharesOutstanding`	100.00M	shares	Point-in-time
Ending Balance, Shares	`CommonStockSharesOutstanding`	500.94M	shares	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.04B	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.65B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-605.00M	USD	2 Qtrs
Unrealized gain on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	2 Qtrs
Change in fair value of debt component of Archer convertible bond	`OtherComprehensiveIncomeDeconsolidationOfSubsidiaries`	$-3.00M	USD	2 Qtrs
Other than temporary impairment of marketable securities, reclassification to Statement of Operations	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	-	USD	2 Qtrs
Actuarial gain/(loss) relating to pensions	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.00M	USD	2 Qtrs
Unrealized gain on interest rate swaps in VIEs and subsidiaries	`OtherComprehensiveIncomeLossUnrealizedGainOnInterestRateSwapsInVIEsAndSubsidiariesNetOfTax`	-	USD	2 Qtrs
Share of other comprehensive (loss)/income from associated companies	`OtherComprehensiveIncomeOtherNetOfTax`	$-5.00M	USD	2 Qtrs
Other comprehensive (loss)/income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-7.00M	USD	2 Qtrs
Total comprehensive (loss)/income for the period	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-612.00M	USD	2 Qtrs
Comprehensive (loss)/income attributable to the parent	`ComprehensiveIncomeNetOfTax`	$-609.00M	USD	2 Qtrs
Comprehensive (loss)/income attributable to the non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-2.00M	USD	2 Qtrs
Comprehensive Income (Loss), Net of Tax, Attributable to Redeemable Noncontrolling Interest	`ComprehensiveIncomeLossNetofTaxAttributabletoRedeemableNoncontrollingInterest`	$-1.00M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.