Revenue during the quarter plunged 30.45 percent to $667 million from $959 million in the previous year period. Total expenses were 82.31 percent of quarterly revenues, up from 76.75 percent for the same period last year. That has resulted in a contraction of 556 basis points in operating margin to 17.69 percent.

Operating income for the quarter was $118 million, compared with $223 million in the previous year period.

Per Wullf, CEO and President of Seadrill Management Ltd., said: "We continue to see an improvement in the level of bidding activity following the increase and stabilization of oil prices. Improving dayrates will not be a feature of 2017, however, based on the expected level of scrapping and cold stacking activity we believe there is room for some optimism. Our scale and young fleet position us well for the eventual recovery in the industry. Our key stakeholders have demonstrated a desire to be part of a solution to our restructuring requirements with the right structure and terms."

The company projects operating income to be $50 million for the first-quarter.

Cash flow from investing activities was $328 million from investing activities during the year as against cash outgo of $190 million in the last year.

The company has spent $1,206 million cash to carry out financing activities during the year as against cash outgo of $1,370 million in the last year period.

Cash and cash equivalents stood at $1,368 million as on Dec. 31, 2016, up 31.03 percent or $324 million from $1,044 million on Dec. 31, 2015.

Debt comes down
Seadrill Limited has recorded a decline in total debt over the last one year. It stood at $9,514 million as on Dec. 31, 2016, down 9.76 percent or $1,029 million from $10,543 million on Dec. 31, 2015. Interest coverage ratio deteriorated to 1.10 for the quarter from 2.28 for the same period last year.