SDRL - Seadrill Reports Fourth Quarter and Preliminary 2012 Results

SDRL - Seadrill Reports Fourth Quarter and Preliminary 2012 Results 
HAMILTON, BERMUDA -- (Marketwire) -- 02/28/13 --  Seadrill Limited
(SDRL) - Fourth quarter and preliminary 2012
results 


 
Highlights
  * Seadrill generates fourth quarter 2012 EBITDA*()) of US$604 million
  * Seadrill reports fourth quarter 2012 net income of US$50 million and
    earnings per share of US$0.04
  * Seadrill prepaid US$0.85 per share in dividend for the fourth quarter
    2012 in December 2012.
  * Seadrill Partners LLC listed its common units on the NYSE raising
    US$207 million
  * Seadrill secured a five-year commitment with Husky for the newbuild
    ultra-deepwater semi-submersible rig West Mira for operations
    offshore Canada, with an estimated total revenue potential of
    US$1.2 billion
  * Seadrill secured a two-year extension for the jack-up West Epsilon with
    A total estimated revenue potential of US$215 million
  * Seadrill added in total US$2.3 billion to the orderbacklog during the
    Fourth quarter
  * Seadrill increases ownership in Asia Offshore Drilling to 66.16 percent
 
Subsequent events
  * Seadrill announces the signing of the sale and purchase agreement for
    The sale of 18 tender rigs to SapuraKencana Petroleum Bhd. for a
    Total enterprise value of US$2.9 billion
  * Seadrill secures a two-year extension for the ultra-deepwater semi-
    submersible rig West Leo with a total estimated revenue potential of
    US$430 million
  * Seadrill completes the acquisition of the ultra-deepwater
    semi-submersible rig Songa Eclipse for a total consideration of
    US$590 million
  * Seadrill orders two jack-ups for a total estimated project price of
    US$230 million per rig, with deliveries in the first and second
    quarter 2015
  * Seadrill takes delivery of the newbuild tender rig T15
  * Seadrill participates in a private placement in Archer Limited,
    Maintaining its shareholding at 39.9 percent
  * Seadrill participates in a private placement in Sevan Drilling ASA,
    increasing the ownership from 28.5 to 30.31 percent

  
*) EBITDA is defined as earnings before interest, depreciation and
amortization
equal to operating profit plus depreciation and
amortization. 
Condensed consolidated income statements Fourth quarter and
prelimi
nary 2012 results 
Consolidated revenues for the fourth quarter of 2012 amounted to
US$1,215 million compared to US$1,092 million in the third quarter
2012. 
Operating profit for the quarter was US$441 million compared to
US$413 million
in the preceding quarter. 
Net financial items for the quarter showed a loss of US$335 million
compared to a loss of US$158 million in the previous quarter, mainly
related to recording an impairment charge of US$221 million on our
investment in Archer in the fourth
quarter 2012. In addition, we
recorded a gain of US$17 million on forwards and
cross currency
interest rate swap agreements during the quarter. 
Income taxes for the fourth quarter were US$56 million, an increase
of US$17
million in the previous quarter. 
Net income for the quarter was US$50 million representing basic
earnings per
share of US$0.04. 
The Company reports operating revenues of US$4,478 million, operating
income of US$1,791 million and a net income of US$1,257 million for
the year 2012. This
compares to operating revenues of US$4,192
million, operating income of US$1,774
million and a net income of
US$1,482 million for the year 2011. 
Balance sheet As of December 31, 2012, total assets amounted to
US$19,633 million, an increase
of US$154 million compared to
September 30, 2012. 
Total current assets increased from US$2,298 million to US$2,355
million over
the course of the quarter primarily related to an
increase in accounts receivable and marketable securities offset by a
decrease in cash and cash equivalents. 
Total non-current assets increased from US$17,181 million to
US$17,278 million
mainly due to payments for the yard installments for
T-15 and West Mira. 
Total current liabilities increased from US$2,896 million to US$3,561
million
largely due to an increase in current portion of long-term
debt. 
Long-term interest bearing debt decreased from US$9,296 million to
US$8,695 million over the course of the quarter and net interest
bearing debt increased
from $10,354 million to US$11,039 million. 
Total equity decreased from US$6,567 million to US$6,077 million as
of December
31, 2012. The decrease is mainly due to the paid dividend
for the third quarter
and the accelerated payment for the fourth
quarter, offset by net income and the proceeds from the private
placement in our subsidiary Seadrill Partners LLC in
October 2012. 
Cash flow As of December 31, 2012, cash and cash equivalents amounted
to US$318 million,
which corresponds to a decrease of US$200 million
compared to the previous quarter. Net cash from operating activities
for the period was US$1,590 million
whereas net cash used in
investing activities for the same period amounted to
US$1,360
million, primarily related to additions to newbuilds. Net cash used
for financing activities was US$395 million mainly due to dividend
payments and net
proceeds from debt. 
Outstanding shares As of December 31, 2012, the issued common shares
in Seadrill Limited totaled
469,178,074 adjusted for our holding of
72,859 treasury shares. In addition, we had stock options for 3.9
million shares outstanding under various share incentive programs for
management, out of which approximately 1.2 million have
vested and
are exercisable. 
For further information, please see the fourth quarter and
preliminary 2012 report attached. 
This information is subject of the disclosure requirements pursuant
to section
5-12 of the Norwegian Securities Trading Act. 
Fourth quarter and preliminary 2012 results:
http://hugin.info/135817/R/1682106/550144.pdf 


 
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Source: Seadrill Limited via Thomson Reuters ONE [HUG#1682106] 
Analyst contact
Rune Magnus Lundetrae
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19 
Media contact
Alf Thorkildsen
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19
 
 
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