SDRL - Seadrill reports first quarter 2012 results
HAMILTON, BERMUDA -- (Marketwire) -- 05/14/12 --
* Seadrill generates first quarter 2012 EBITDA*()) of US$595 million
* Seadrill reports first quarter 2012 net income of US$439 million and
earnings per share of US$0.89
* Seadrill increases the ordinary quarterly cash dividend by 2 cents to
US$0.82. In addition, Seadrill will pay a one-off dividend of US$0.15
per share related to an equal cash distribution from our investment in
* Seadrill subsidiary North Atlantic Drilling Limited ("North Atlantic
Drilling") completes a private placement raising US$300 million
* Seadrill secures new contracts with a total revenue potential of US$870
* Seadrill orders two ultra-deepwater harsh environment semi-submersible
rigs, at Jurong and Hyundai, for a total consideration of US$1.3
billion. As part of these construction agreements, the Company has
received options for further units
* Seadrill orders a ultra-deepwater drillship at Samsung for an estimated
total cost of US$600 million with delivery in the second quarter 2014.
The Company has also received a fixed price option for one additional
* Seadrill secures a three-year contract with revenue potential of US$710
million for the ultra-deepwater semi-submersible rig West Leo
* Seadrill secures a five-year contract for the tender rig T18 with a
US$235 million revenue potential
* Seadrill continues to monitor Master Limited Partnership ("MLP")
*) EBITDA is defined as earnings before interest, depreciation and
equal to operating profit plus depreciation and
Condensed consolidated income statements
First quarter 2012 results
Consolidated revenues for the first quarter of 2012 amounted to
as compared to US$1,059 million in the fourth quarter
Operating profit for the quarter was US$456 million compared to
in the preceding quarter.
Net financial items for the quarter showed a gain of US$24 million
compared to a loss of US$501 million in the previous quarter. The
previous quarter included a US$463 million impairment charge on our
39.9 percent ownership in Archer. While
this quarter includes a
gain of US$91 million on derivative financial
compared to a gain of US$33 million in the previous quarter.
million of the gain is related to the sale of our holdings
in Ensco plc. The rest is related to unrealized gains on currency
forward contracts, total return
swap arrangements and interest rate
Income taxes for the first quarter were US$41 million unchanged from
Net income for the quarter was US$439 million or basic earnings
per share of US$0.89.
Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen
says in a
comment, "We are pleased to report another solid quarter
for Seadrill reflecting
a strong underlying operational performance.
"Furthermore, the outlook and fundamentals for the oil and gas
strong. Encouraging exploration successes in
established as well as frontier
basins are leading to an increasing
backlog of appraisal and development drilling projects. These strong
fundamentals support the expectation of continued strength in all
sectors of the contract drilling industry for the foreseeable future.
As a consequence we have ordered six newbuilds in the last
months and the Company now has 18 drilling units under construction.
remain bullish on the outlook for drilling services, in particular
the demand for high-specification equipment."
For further information, please see the first quarter 2012 report
This information is subject of the disclosure requirements pursuant
5-12 of the Norwegian Securities Trading Act.
Fleet status report 1Q 2012:
First quarter 2012 report:
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Source: Seadrill Limited via Thomson Reuters ONE [HUG#1611700]
Rune Magnus Lundetrae
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19
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