Seadrill's quarterly net profit fell to $150 million from $281 million a year earlier, missing forecasts for $322 million in a Reuters poll as it took an impairment charge of $232 million.
It earnings before interest, taxes, depreciation and amortisation of $672 million, however, beat expectations for $631 million.
The firm's order backlog declined to $17.2 billion from around $20 billion reported three months ago.