SDRL - Seadrill reports fourth quarter and preliminary 2010 results
(Thomson Reuters ONE) -
Hamilton, Bermuda, February 24, 2011 - Seadrill reports fourth quarter and
preliminary 2010 results:
Highlights
* Seadrill generates fourth quarter 2010 EBITDA of US$618 million
* Seadrill reports fourth quarter 2010 net income of US$268 million and
earnings per share of US$0.61 after adverse accounting impact of US$145
million (US$0.35 per share) linked to the successful early conversion of the
Company's convertible loans
* Seadrill increases quarterly regular cash dividend to US$0.675 per share
and distributes an extraordinary dividend payment of US$0.20 per share
* Seadrill orders two ultra-deepwater drillships for a total consideration of
less than US$1,200 million and four new jack-up rigs for a total
consideration of US$790 million
* Seadrill finalizes disposal of 1984-built jack-up rig West Larissa for US$55
million
* Seadrill acquires the 2008-build 375ft jack-up rig Petrojack IV (renamed
West Cressida) for US$180 million
* Seadrill takes delivery of the new 375ft jack-up newbuild rig West Juno
* Seadrill issues a new convertible debt of US$650 million and a fixed rate
bond of US$350 million
* Seadrill completes induced offer to accelerate conversion of US$750 million
of convertible debt into equity
* Seadrill agrees to purchase two ultra-deepwater semi-submersible units for
US$1.200 million and simultaneously secures nearly 100 percent debt
financing for the investment
Subsequent events
* Seadrill establishes new harsh environment focused drilling company named
North Atlantic Drilling Limited and raises US$425 million in a Private
Placement
* Majority owned Seawell Limited completes the merger with Allis-Chalmers
Preliminary results 2010
Seadrill today reports preliminary consolidated revenues for 2010 of US$4,041
million as compared to revenues of US$3,254 million in 2009. The increase in
revenues mainly reflects delivery of several newbuilds during 2010, as well as
consolidation of the acquired Scorpion Offshore units, effective from June 1,
adding seven jack-ups to the Company's fleet.
Operating profit for the full year was US$1,625 million as compared to US$1,372
million in 2009. Net financial items showed a loss of US$295 million. Net income
for the year was US$1,172 million, compared to US$1,353 million in the 2009
accounts.
Fourth quarter 2010 results
Consolidated revenues for the fourth quarter 2010 were US$1,169 million compared
to US$1,086 million for the preceding quarter. Operating profit for the fourth
quarter was US$479 million, as compared to US$431 million in the third quarter.
The fourth quarter operating profit included a gain of US$26 million from the
sale of West Larissa.
Operating profit from the Mobile units, excluding the gain on West Larissa, was
US$361 million, as compared to US$359 in the preceding quarter. The improvement
was mainly related to a full quarter in operations for the new drillship West
Gemini in Angola offset by idle time on some of the jack-up rigs.
Operating profit from the Tender rigs amounted to US$75 million as compared to
US$58 million in the third quarter. The improvement was related to reduction in
operating expenses and several non-recurring items.
Operating profit from Well services amounted to US$18 million, up from US$15
million in the third quarter due to increased activity.
Net financial items for the fourth quarter resulted in an expense of US$176
million as compared to an expense of US$33 million in the third quarter.
Income before income taxes was US$303 million.
Income taxes were US$35 million.
Net income for the quarter amounted to US$268 million, equivalent to earnings
per share of US$0.61. This was impacted by the successful early conversion of
the convertible loans (US$145 million, or US$0.35 per share).
Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a
comment, "The fourth quarter marked a solid closing of the financial year 2010
that saw strong growth in earnings for the Company. During the year, we
commenced operations for six new drilling units, acquired 11 existing units and
ordered six new drilling units. Furthermore, we secured US$3.4 billion worth of
new contracts, which will provide for a solid cash generation over the next
years. In response to our solid operations, strong contract backlog and
favorable market outlook, we are pleased to announce to our shareholders a
further increase in our quarterly cash dividend, this time combined with an
extraordinary dividend."
For further information, please see the 'Fourth quarter and preliminary 2010
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.
Fourth quarter and preliminary 2010 report:
http://hugin.info/135817/R/1491983/427755.pdf
Fleet status report February 2011:
http://hugin.info/135817/R/1491983/427758.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#1491983]
Unternehmensinformation / Kurzprofil:
Datum: 24.02.2011 - 08:42 Uhr
Sprache: Deutsch
News-ID 51859
Anzahl Zeichen: 6397
contact information:
Town:
Hamilton
Kategorie:
Business News
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