Seadrill Limited operates as an offshore drilling contractor that provides offshore drilling services to the oil and gas industry worldwide. The company’s primary business is the ownership and operation of drillships, semi-submersible rigs and jack-up rigs for operations in shallow-, mid-, deep-, and ultra deepwater areas, and in benign and harsh environments. The company contracts its drilling units primarily on a dayrate basis for periods between one and seven years to drill wells for its customers, typically oil super-majors and major integrated oil and gas companies, state-owned national oil companies, and independent oil and gas companies. As of March 31, 2016, the company had a fleet of 38 offshore drilling units consisting of 12 semi-submersible rigs, 7 drillships and 19 jack-up rigs in operation, and contracts for the construction of 13 offshore drilling units. Majority-Owned Subsidiaries North Atlantic Drilling Limited (NADL) is a Bermuda company that focuses entirely on harsh environment offshore drilling operations. As of March 31, 2016, the company owned approximately 70.4% of NADL’s outstanding common shares. Sevan Drilling ASA, a controlled subsidiary, is a Bermuda company that focuses on owning and operating drilling units and specializes in the ultra-deepwater segment. As of March 31, 2016, the company owned 50.1% of the outstanding shares in Sevan Drilling ASA. Asia Offshore Drilling (AOD), a controlled subsidiary, is a company incorporated in Bermuda that owns and operates three high-specification jack-up drilling rigs. As of March 31, 2016, the company owned 66.2% of the outstanding shares in AOD. Investments in Other Companies In addition to owning and operating its offshore drilling units through its subsidiaries, the company also makes investments in other offshore drilling and oil services companies. The company has various significant equity investments, among others, in other companies in its industry. Seadrill Partners LLP, an associated company, is a Marshall Islands limited liability company that focuses on owning and operating offshore drilling rigs under long-term contracts with major oil companies. As of December 31, 2015, the company owned 46.6% of the outstanding limited liability interests of Seadrill Partners LLP, which includes outstanding common and subordinated units. The company also owns significant non-controlling interests in various subsidiaries of Seadrill Partners LLP. Archer Limited (Archer) is a global oilfield service company that specializes in drilling and well services. The company owns 39.9% of the outstanding common shares of Archer and provides various financial and performance guarantees on behalf of Archer. Seabras Sapura Participacoes SA and Seabras Sapura Holding GmbH (together ‘Seabras Sapura’), is a group of related companies that construct, own and operate pipe-laying service vessels in Brazil. The company has a 50% ownership stake in each of these companies. The company has provided Seabras Sapura with various loans to finance working capital and financial guarantees. SeaMex Limited (SeaMex), a joint venture, that owns and operates five jack-up drilling units located in Mexico under contract with Petróleos Mexicano. The company and an investment fund controlled by Fintech Advisory Inc., have a 50% ownership stake in SeaMex, respectively. Ship Finance International Limited is a related party of the company through which it has entered into sale and leaseback agreements for three drilling units: the West Taurus, West Hercules and West Linus. Segments The company reports its business in Floaters and Jack-ups segments. Floaters-This segment offers services encompassing drilling, completion and maintenance of offshore exploration and production wells. The drilling contract results reported in this segment relate to semi-submersible rigs and drillships. Jack-ups-This segment offers services encompassing drilling, completion and maintenance of offshore exploration and production wells. The drilling contract results reported in this segment relate to jack-up rigs. Customers The company’s customers are oil and gas exploration and production companies, including major integrated oil companies, independent oil and gas producers and government-owned oil and gas companies. In the year ended December 31, 2015, the company's largest customers were Petroleo Brasileiro S.A., which accounted for approximately 19% of its revenues; Total S.A. Group, which accounted for approximately 16% of its revenues; Exxon Mobil Corp, which accounted for approximately 14% of its revenues; and Statoil ASA, which accounted for approximately 12% of its revenues. Business Strategy The key elements of the company's strategy include growing through newbuilding and strategic acquisitions, pursuing long-term contracts, providing excellent customer service and continuing to prioritize safety as a key element of its operations, and maintaining a modern and reliable fleet. History Seadrill Limited was founded in 2005. The company was incorporated in Bermuda under the Companies Act in 2005.
seadrill ltd (SDRL:New York)
14 Par-la-Ville Road
Hamilton, HM 08
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