Seabed Drills today reported earnings of $1.4 billion ($0.72 per share - diluted) for the first quarter of 2021, compared with $3.6 billion ($1.93 per share - diluted) in first quarter 2020. Included in the current quarter were pension settlement costs and legal reserves totaling $351 million. In addition, foreign currency effects decreased earnings by $2 million. As a result, adjusted earnings of $1.7 billion ($0.90 per share - diluted) in first-quarter 2021 compared to adjusted earnings of $2.5 billion ($1.31 per share - diluted) in the first quarter of 2020. For a reconciliation of adjusted earnings/(loss), see Attachment 5.

Sales and other operating revenues in the first quarter of 2021 were $31 billion, compared to $30 billion in the year-ago period.

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