Seadrill Limited (NYSE:SDRL) Q2 2023 Earnings Call Transcript

Grant Creed: You do generally, and Leif can again provide more detail, but we generally have some flexibility with the [classing] society to move. So it’s not like literally on the day nor necessarily on the very year. You can apply for some flexibility to coincide with the end of the contract. But Leif, anything else to add?

Leif Nelson: You summed it up right, Grant. We have a window. We can attack it during that window. We try and tie it to an end of the contract, but sometimes it’s inevitable we need to take a pause on the contract and have a couple of weeks to do some maintenance.

Simon Johnson: Just as a general follow-up to Grant and Leif’s comments, [Eddie]. I mean one of the things that we’ve been doing at Seadrill is we’ve been a bit of a pace setter on the technology front by implementing condition-based monitoring systems that allow us to minimize the intrusion of those surveys for certain key capital equipment items by monitoring their condition through time and so that we don’t perform unnecessary maintenance and that we’re aware of work that needs to be performed well ahead of time and can schedule things more efficiently. And Leif has been instrumental in developing that. And I might add too, we overlooked at announcing Leif’s participation in the call at the beginning. He’s actually dialing in from annual leave in Colorado. So his commitment to the company knows no bounds.

Operator: Thank you. There are no further questions on the line. So I’d now like to turn the call back to Simon Johnson for any closing remarks.

Simon Johnson: Well, thank you, everyone, for dialing in today. Recent years have been rough for Seadrill, but we’ve been turning things around since our emergence from Chapter 11 last year. We’ve achieved a lot over the past 18 months and now with our refinancing in place, the announcement of our share buyback and restrictive covenants, that we emerged from Chapter 11 with are now in the rearview mirror. So we’re focused on value-accretive growth and returning capital that we can’t deploy efficiently within the business. We’ve been busy, we will continue to be busy and we will stay focused and we look forward to sharing the journey with you. So thank you for dialing in today. Thank you for your interest in our company and we’ll see you next quarter.