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July 02, 2015 12:50 AM ET

Energy Equipment and Services

Company Overview of Sevan Drilling ASA

Company Overview

Sevan Drilling ASA, together with its subsidiaries, operates as an offshore drilling contractor in Brazil, the United States, and internationally. It owns and operates Sevan Driller and Sevan Brasil, an ultra deep-water cylindrical drilling units in Brazil; and Sevan Louisiana, a ultra deep-water cylindrical drilling unit in the Gulf of Mexico, the United States, as well as has completed construction of fourth unit, Sevan Developer. The company was founded in 2006 and is headquartered in Oslo, Norway. Sevan Drilling ASA is a subsidiary of Seadrill Limited.

Drammensveien 288

Oslo,  0283

Norway

Founded in 2006

518 Employees

Phone:

47 22 33 00 00

Key Executives for Sevan Drilling ASA

Chief Executive Officer
Age: 37
Total Annual Compensation: $710.1K
Vice President of Projects
Age: 47
Total Annual Compensation: $444.0K
Compensation as of Fiscal Year 2014.

Sevan Drilling ASA Key Developments

Sevan Drilling ASA Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Sevan Drilling ASA announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company announced operating revenue USD 83.1 million compared to USD 60.1 million for the same period a year ago. Operating profit was USD 19.8 million compared to USD 0.8 million for the same period a year ago. Profit before tax was USD 2.4 million compared to loss before tax of USD 10.7 million for the same period a year ago. Net profit attributable to equity holders of the company was USD 2.2 million compared to net loss attributable to equity holders of the company of USD 10.4 million for the same period a year ago. Net cash generated from operating activities was USD 25.7 million compared to net cash used in operating activities of USD 7.7 million for the same period a year ago. Purchases of property, plant and equipment and other non-current assets was USD 6.6 million compared to USD 20.2 million for the same period a year ago. EBITDA was USD 38.3 million compared to USD 15.7 million for the same period a year ago.

Sevan Drilling ASA, Q1 2015 Earnings Call, May 28, 2015

Sevan Drilling ASA, Q1 2015 Earnings Call, May 28, 2015

Sevan Drilling ASA, Annual General Meeting, May 15, 2015

Sevan Drilling ASA, Annual General Meeting, May 15, 2015., at 14:00 Central European Standard Time. Location: Advokatfirmaet Wiersholm AS. Agenda: To approve annual accounts and directors' report of the company and the group for 2014, including allocation of the result of the year, as well as consideration of the statement on corporate governance; to determine remuneration of the members of the board of directors for 2014/2015; to consider remuneration to the nomination committee; to approve remuneration of the company's auditor; to elect members to the board of directors; to elect members to the nomination committee; to consider statement regarding remuneration for senior management; to consider migration, interim balance and reduction of the company's share capital to cover loss and distribution to the shareholders of the company; and to consider delisting of Sevan Drilling ASA.

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