SDRL - Seadrill Announces First Quarter 2015 Results
(Thomson Reuters ONE) -
Quarterly Highlights
* Seadrill reports first quarter 2015 EBITDA(1) of US$711 million
* Seadrill achieves 93% economic utilization(2) for its floater fleet and 98%
for its Jack-up fleet for the first quarter 2015.
* The Seadrill Group(3) achieves 93% economic utilization for its floater
fleet and 98% for its Jack-up fleet for the first quarter of 2015
* Seadrill reports first quarter 2015 net income of $448 million and diluted
earnings per share of $0.86
* Seadrill reports orderbacklog of approximately $8.9 billion and $15.4
billion for the Seadrill Group
* Seadrill successfully closes SeaMex, the 50/50 Joint Venture agreement with
Fintech Advisory Inc for the ownership and operation of 5 jack-up units in
Mexico with PEMEX
* Seadrill takes delivery of the West Carina, a 6th generation ultra-deepwater
drillship. The unit is scheduled to commence operations with Petrobras in
Brazil on a three year contract during the second quarter
Subsequent Events
* The West Tellus, a 6th generation ultra-deepwater drillship, commences
operations with Petrobras in Brazil on a three year contract
* North Atlantic Drilling successfully extends the termination date for the
Framework Agreement with Rosneft until May 31, 2017
* The Board is pleased to announce that Mark Morris will be joining the
company as Chief Financial Officer commencing September 1, 2015. Mark was
most recently CFO for Rolls-Royce Group plc and held a number of roles in
his 28 years with them. During his career at Rolls Royce, amongst other
roles, Mark served as Group Treasurer, Managing Director, Rolls-Royce
Capital and Treasurer of International Aero Engines, a Rolls-Royce Joint
Venture
* The Board is pleased to announce the appointment of Hans Petter Aas as a
Director
(1) EBITDA is defined as earnings before interest, depreciation and amortization
equal to operating profit plus depreciation and amortization and after adjusting
for gains on disposals and deconsolidations.
(2) Economic utilization is calculated as total revenue, excluding bonuses, for
the period as a proportion of the full operating dayrate multiplied by the
number of days in the period.
(3) Seadrill Group is defined as all companies currently consolidated into
Seadrill Limited plus Seadrill Partners and SeaMeThis information is subject of
the disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
Financial information
First quarter 2015 results
Revenues for the first quarter of 2015 were $1,244 million compared to $1,261
million in the fourth quarter of 2014.
Operating profit for the quarter was $703 million compared to $452 million in
the preceding quarter. The increase was primarily due to the gain on
deconsolidation of SeaMex, a full quarter of operations for the West Saturn,
West Jupiter, and West Neptune partially offset by idle time on the West
Navigator and the loss on impairment of goodwill recognized in the previous
quarter.
Net financial and other items for the quarter showed a loss of $197 million
compared to a loss of $251 million in the previous quarter. The loss was
primarily related to interest expense and losses on the mark to market of
derivative financial instruments, partially offset by interest income and
foreign exchange gains.
Income taxes for the first quarter were $58 million, an increase of $7 million
from the previous quarter. The change was primarily due to an increase in the
relative components of estimated 2015 earnings generated in various tax
jurisdictions.
Net income for the quarter was $448 million representing basic and diluted
earnings per share of $0.86.
Balance sheet
As of March 31, 2015, total assets were $25,819 million, a decrease of $687
million compared to the previous quarter.
Total current assets decreased to $3,022 million from $3,415 million over the
course of the quarter, primarily driven by a decrease in the value of marketable
securities and the deconsolidation of SeaMex, partially offset by an increase in
amounts due from related party.
Total non-current assets decreased to $22,797 million from $23,091 million
primarily due to the deconsolidation of SeaMex, partially offset by the final
yard instalment on the West Carina.
Total current liabilities decreased to $3,370 million from $4,574 million
primarily due to loan repayments and normal quarterly debt instalments.
Long-term external interest bearing debt increased to $10,642 million from
$10,311 million over the course of the quarter and total net interest bearing
debt decreased to $11,348 million from $11,755 million as at December 31, 2014.
The decrease was primarily due to the repayment of various credit facilities
including the repayment of $522 million of debt related to the SeaMex
transaction, offset by the new credit facility for the West Eclipse and West
Carina.
Total equity increased to $10,710 million as of March 31, 2015 from $10,390
million as of December 31, 2014, primarily driven by net income earned during
the first quarter, offset by unrealized losses on marketable securities.
Cash flow
As of March 31, 2015, cash and cash equivalents were $903 million, an increase
of $72 million compared to the previous quarter.
Net cash provided by operating activities for the three month period ended March
31, 2015 was $492 million and net cash provided by investing activities for the
same period was $53 million. Net cash used in financing activities was $473
million.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Seadrill 1Q 2015:
http://hugin.info/135817/R/1924476/690331.pdf
SDRL 1Q 2015 Fleet Status:
http://hugin.info/135817/R/1924476/690332.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1924476]
Unternehmensinformation / Kurzprofil:
Datum: 28.05.2015 - 08:39 Uhr
Sprache: Deutsch
News-ID 396352
Anzahl Zeichen: 7081
contact information:
Town:
Hamilton
Kategorie:
Business News
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