SDRL - Seadrill reports fourth quarter and preliminary 2011 results
(Thomson Reuters ONE) -
Hamilton, Bermuda, February 29, 2012 - Seadrill reports fourth quarter and
preliminary 2011 results:
Highlights
* Seadrill generates fourth quarter 2011 EBITDA*) of US$575 million
* Seadrill takes a US$463 million non-cash mark-to-market impairment of its
shareholding in Archer Limited
* Seadrill reports fourth quarter 2011 net loss of US$82 million and loss per
share of US$0.23 as a result of a non-cash impairment
* Seadrill increases the quarterly cash dividend by 5% to US$0.80 per share
* Seadrill secures contracts for the ultra-deepwater rigs West Capricorn, West
Leo and West Aquarius with an aggregated revenue potential of US$1.6 billion
* Seadrill secures contracts for the jack-up rigs West Ariel, West Callisto
and West Prospero with an aggregated revenue potential of US$115 million
* Seadrill secures contract for the semi-tender rig under construction West
Esperanza with a total revenue potential of US$127 million
* Seadrill raises US$950 million in debt through two new secured credit
facilities
* Seadrill acquires a 28.5 percent ownership stake in Sevan Drilling ASA
* Seadrill subsidiary Seabras completes the initial filing for its potential
listing on the BM&F BOVESPA stock exchange in Brazil
Subsequent events
* Seadrill secures contracts for the jack-up rigs Offshore Mischief, Offshore
Defender, and West Leda with an aggregated revenue potential of US$311
million
* Seadrill completes a NOK1,250 million unsecured bond at Nibor plus a 3.25
percent margin
* Seadrill orders two ultra-deepwater drillships at Samsung in Korea with a
total project price of US$1.2 billion
* Seadrill's 77 percent owned subsidiary North Atlantic Drilling Ltd (NADL)
secures 18 months contract for the harsh environment ultra-deepwater
drillship West Navigator with a total revenue potential of US$320 million
* Seadrill updates the process of listing of its Seabras subsidiary on the
stock exchange in Brazil with new filing expected in March and listing
anticipated in April 2012
*) EBITDA is defined as earnings before interest, depreciation and amortization
equal to operating profit plus depreciation and amortization.
Fourth quarter 2011 results
Consolidated revenues for the fourth quarter of 2011 amounted to US$1,059
million as compared to US$1,029 million in the third quarter.
Operating profit for the quarter was US$436 million compared to US$480 million
in the preceding quarter. The third quarter included a US$23 million gain on
sale of West Juno, while the fourth quarter includes a non-recurring US$16
million expense related to termination of a third party management agreement for
two jack-up rigs in the Middle East. Termination of the management contract will
provide for cost savings more than offsetting the non-recurring expense during
the remaining contract period for the two rigs.
Net financial items for the quarter showed a loss of US$501 million compared to
a loss of US$372 million in the previous quarter. This loss includes a US$463
million non-cash impairment charge on the Company's 39.9 percent ownership in
Archer. The investment is written down to reflect the share price as of December
31, 2011. This loss is partly offset by a gain of US$33 million on other
derivative financial instruments for the quarter whereas we the previous quarter
had a loss of US$330 million on such instruments.
Income taxes for the fourth quarter were US$17 million, down from US$50 million
in the previous quarter.
Net loss for the quarter was US$82 million corresponding to a basic loss per
share of US$0.23.
Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a
comment, "The market prospects for our industry are looking increasingly
promising based on growth in rig demand due to our customers' significant
exploration success and the prevailing favorable energy prices. We are of the
opinion that this development will provide us opportunities to continue the
growth of our Company. The strong cash-flow from operations is supporting our
growth and our cash dividend. As a reflection of this, we are pleased to further
raise the quarterly dividend and are confident in our ability continue to
deliverer on our promises to our shareholders."
For further information, please see the fourth quarter and preliminary 2011
results report attached.
Analyst contact
Jim Dåtland
VP Investor Relations
Seadrill Management AS
+47 51 30 99 19
Media contact
Esa Ikäheimonen
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Call-in details for today's Conference Call
Management will do a conference call today February 29, 2012 at 09:00 a.m. ET
time and 3:00 p.m. (Norwegian time).
To listen to the management presentation of the results, the following options
are available:
A. Webcast
In order to listen to the presentation on the web, you need to have a sound card
installed on your computer.
B. Conference call
Call-in numbers:
Norway Free call 800 56 053
Norway + 47 23 16 27 71
International call +44 (0)20 7136 2050
UK Free call 0800 279 4977
US +1 646 254 3364
US Free call 1877 280 2296
Participants will be asked for their name, company and conference ID. The
Seadrill conference ID is: 4715361.
There will be a Q&A session subsequent to the presentation. Information on 'how
to ask management questions' will be given at the beginning of the Q&A session.
In order to view the presentation while listening to the conference, the
presentation material from be downloaded fromwww.seadrill.com
If you are unable to participate in the conference call, there is an opportunity
to listen to a replay onwww.seadrill.com (Investor Relations) or to listen to a
playback by dialing:
UK : +44 (0)20 7111 1244
US : + 1 347 366 9565
Norway: +47 21 00 04 98
- followed by replay access number: 4715361#
Participant list information required: Full name & company
Replay will be available until March 7, 2012.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Fleet status report 4Q 2011:
http://hugin.info/135817/R/1589887/499411.pdf
Fourth quarter snd preliminary 2011 report:
http://hugin.info/135817/R/1589887/499410.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
[HUG#1589887]
Unternehmensinformation / Kurzprofil:
Datum: 29.02.2012 - 08:50 Uhr
Sprache: Deutsch
News-ID 119827
Anzahl Zeichen: 7980
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SDRL - Seadrill reports fourth quarter and preliminary 2011 results"
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