Seadrill has reported revenue of $959million in its fourth quarter results for 2015.
The Norwegian drilling contractor’s earnings before interest, tax, depreciation and amoritisation was $513million with net income of $279million.
Earnings per share was 58 cents – around 10 cents above what analysts had expected.
The company said it had achieved around 95% utilisation of its rigs.
Seadrill said it had an order backlog of around $10.7billion.
Chief executive Peter Wullf said: “During the fourth quarter we experienced our best operational quarter of the year, while continuing to reduce our cost base.
“Safe and efficient operations remain at the heart of what we do as we continue to drive down costs.
“In the face of the severe downturn in our industry our priorities for 2016 are to conserve cash and address our financing needs.
“We have a modern competitive fleet, a proven track record in operations and every intention to position ourselves for a recovery in the sector.
Our 2016 liquidity is good and we aim to communicate our funding plans during the first half of the year.”
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