UPDATE: Seadrill Posts 14% Drop In Q2 Profit, Lifts Dividend

Seadrill Ltd

reported a 14% drop in its second-quarter earnings. Seadrill's quarterly profit fell to $526 million, or $1.09 per share, versus $615 million, or $1.29 per share, in the year-ago period. Its revenue surged 13% to $1.12 billion. However, analysts were expecting earnings of $0.78 per share on revenue of $1.12 billion. Its operating margin declined to 43% from 43.2%. Seadrill also lifted its quarterly cash dividend by $0.02 to $0.84 per share. Seadrill shares gained 1.85% to $41.89 in pre-market trading.