Seadrill Limited (SDRL) - First quarter 2013 results
(Thomson Reuters ONE) -
Highlights
* Seadrill records its best operating quarterly result ever and generates
first quarter 2013 EBITDA*()) of US$713 million
* Seadrill reports first quarter 2013 net income of US$440 million and
earnings per share of US$0.87
* Seadrill increases the ordinary quarterly cash dividend by 3 cents to
US$0.88
* Economic utilization for floaters increased to 92% in Q1 2013 from 86% in Q4
2012
* Economic utilization for the jack-up fleet in Q1 2013 was 99%, up from 94%
in Q4 2012
* Seadrill ordered four jack-ups for a total estimated project price of US$230
million per rig, with deliveries in 2015
* Seadrill completed the acquisition of the ultra-deepwater semi-submersible
rig Songa Eclipse for a total consideration of US$590 million
* Seadrill secured a two-year extension for the ultra-deepwater semi-
submersible rig West Leo with a total estimated revenue potential of US$430
million
* Seadrill completed the sale of the jack-up rig West Janus for US$73 million
recording a gain on sale of US$61 million
* Seadrill issued a NOK1.8 billion unsecured bond maturing in March 2018
Subsequent events
* Seadrill completes the sale of 18 tender rigs to SapuraKencana Petroleum
Bhd. for a total consideration of US$2.9 billion on April 30, 2013
* Seadrill secures a three-year contract for the newbuild drillship West
Neptune with a total estimated revenue potential of US$662 million
* Seadrill completes the sale of the tender rig T15 to Seadrill Partners LLC
(SDLP) for a total consideration of US$210 million
*) EBITDA is defined as earnings before interest, depreciation and amortization
equal to operating profit plus depreciation and amortization.
Condensed consolidated income statements
First quarter 2013 results
Consolidated revenues for the first quarter of 2013 were US$1,265 million
compared to US$1,215 million in the fourth quarter of 2012. The increase
includes the addition of the West Eclipse for the full quarter, West Hercules
for 60 days for quarter and overall improvement in utilization for the fleet.
Operating profit for the quarter was US$552 million compared to US$441 million
in the preceding quarter. The increase is driven by higher revenues as
discussed above, gain on sale of the of the 1985 built jack-up West Janus of
US$61 million, offset by higher operating expenses in the first quarter
Net financial items for the quarter showed a loss of US$68 million compared to a
loss of US$335 million in the previous quarter. The decrease in the loss is due
to an impairment recognized in the fourth quarter to our investment in Archer
Ltd which did not re-occur in this quarter and a overall gain on our financial
derivative arrangements in the first quarter compared to an overall loss in the
fourth quarter.
Income taxes for the first quarter were US$44 million, a decrease of US$64
million from the previous quarter.
Net income for the quarter was US$440 million representing basic and diluted
earnings per share of US$0.87 and US$0.85, respectively.
Balance sheet
As of March 31, 2013, total assets were US$21,206 million, an increase of
US$1,574 million compared to December 31, 2012.
Total current assets decreased to US$2,350 million from US$2,354 million over
the course of the quarter, primarily driven by an increase in accounts
receivable and cash; offset by a decrease in other current assets.
Total non-current assets increased to US$18,856 million from US$17,278 million
primarily due to an increase in drilling units following the acquisition of the
Songa Eclipse and the consolidation of Asia Offshore Drilling Ltd at the end of
the quarter, which added one ultra-deepwater rig and three jack-ups under
construction. These rigs have been recognized at fair value on the date of
acquisitions as they are business acquisitions for accounting purposes.
Total current liabilities increased to US$4,782 million from US$3,613 million
largely due to an increase in the current portion of long-term debt and the
addition of the estimated fair value liabilities from the consolidation of Asia
Offshore Drilling Ltd. See Notes 7 and 8 to our interim financial statements
for further discussion.
Long-term interest bearing debt decreased to US$8,582 million from US$8,695
million over the course of the quarter and net interest bearing debt increased
to US$11,674 million from $11,039 million. The increase is due to the issuance
of NOK 1,800 million senior unsecured bond and the $450 million West Eclipse
facility.
Total equity increased to US$6,530 million from US$6,024 million as of March
31, 2013. The increase is primarily driven by net income for the quarter.
Cash flow
As of March 31, 2013, cash and cash equivalents were US$361 million, an increase
of US$43 million compared to the previous quarter.
Net cash from operating activities for the period was US$423 million and net
cash used in investing activities for the same period was US$1,074 million,
primarily related to additional payments for newbuilds and the acquisition of
the Songa Eclipse.
Net cash from financing activities was US$694 million, primarily because of net
proceeds from the issuance of debt.
Questions should be directed to:
Fredrik Halvorsen: CEO and President, Seadrill Management Ltd
Rune Magnus Lundetræ CFO and Senior Vice President, Seadrill Management
Ltd
+44 2088 1147 00
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Seadrill Limited First quarter 2013 results:
http://hugin.info/135817/R/1705094/563967.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#1705094]
Unternehmensinformation / Kurzprofil:
Datum: 28.05.2013 - 11:37 Uhr
Sprache: Deutsch
News-ID 263733
Anzahl Zeichen: 6907
contact information:
Town:
Hamilton
Kategorie:
Business News
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