SDRL - Seadrill reports first quarter 2011 results
(Thomson Reuters ONE) -
Hamilton, Bermuda, May 27, 2011 - Seadrill reports first quarter 2011 results:
Highlights
* Seadrill generates first quarter 2011 EBITDA of US$573 million
* Seadrill reports first quarter 2011 net income of US$823 million and
earnings per share of US$1.84
* Seadrill distributes cash dividend of US$0.75 per share
* Seadrill establishes a harsh environment focused drilling company, North
Atlantic Drilling Ltd, subscribe for 75% of the shares in a US$1.7 billion
private placement, lists the company on the Norwegian OTC and transfers five
existing drilling units with contracts and staff, and one unit under
construction to the new company
* Seadrill orders a new harsh environment jack-up rig to be named West Linus
and signs a five-year contract with ConocoPhillips
* Seadrill orders two new tender rigs and signs five-year contracts for both
units with Chevron
* Seadrill takes delivery of one ultra-deepwater semi-submersible rig and one
semi-tender rig
* Seadrill subsidiary Seawell completes the merger with Allis-Chalmers Energy
Inc in late February, leading to a reduction in Seadrill's shareholding to
36.5% and a deconsolidation in Seadrill accounts
Subsequent events
* Seadrill exercises its right to call the remaining US$750 million of the
2012 convertible bond
* Seadrill repurchases 2.5 million of its own common shares
* Seadrill orders a new ultra-deepwater drillship at Samsung for an all-in
cost of US$600 million
* Seadrill secures new contracts with an estimated value of US$1.2 billion
* Seadrill orders a new tender rig for a total consideration of US$115 million
* Seadrill agrees to sell the jack-up rig West Juno for a total consideration
of US$248.5 million
* Seadrill transfers the construction contract and drilling contract for jack-
up rig West Linus to North Atlantic Drilling Ltd
First quarter results
Seadrill today reports consolidated revenues for the first quarter 2011 of
US$1,110 million compared to US$1,169 million for the fourth quarter 2010.
Operating profit for the first quarter was US$430 million, down from US$479
million in the fourth quarter 2010, which included US$26 million in gain on sale
of the jack-up rig West Larissa. The results for the first quarter were also
impacted by lower contribution from Floaters, Tender Rigs and Well Services,
following the deconsolidation of Archer/Seawell.
Operating profit from the Floaters was US$312 million as compared to an
operating profit of US$322 million in the fourth quarter 2010.
Operating profit from the Jack-up Rigs amounted to US$64 million as compared to
an operating profit of US$40 million in the fourth quarter, adjusted for the
US$26 million gain on sale of West Larissa in the same quarter 2010.
Operating profit from the Tender Rigs was US$49 million, down from US$75 million
in the fourth quarter 2010. The decrease was due to certain non-recurring
revenues being recorded in the fourth quarter and the West Menang being idle in
the first quarter.
Operating profit from Well Services was US$5 million, down from US$18 million in
the preceding quarter, as Well Services was deconsolidated from the Seadrill
accounts in February.
Net financial items for the first quarter amounted to a gain of US$441 million
as compared to a loss of US$176 million in the previous quarter. The improvement
is mainly related to a gain of US$477 million recognized in connection with the
deconsolidation of Well Services that triggered an adjustment of the book value
of our holding to reflect the market value of the underlying shares.
Income before income taxes amounted to US$871 million, while income taxes were
US$48 million.
Net income for the quarter amounted to US$823 million and earnings per share
were US$1.84 for the first quarter.
Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a
comment, "We are pleased to report another solid quarter for Seadrill reflecting
a strong underlying operational performance. Furthermore, over the last three
months Seadrill has secured new contracts for approximately US$1.2 billion.
These contracts demonstrate the continued strength of the market for quality
drilling units. In response to our solid operations, strong contract backlog and
favorable market outlook, we are pleased to announce a quarterly cash dividend
of US$0.75."
For further information, please see the first quarter 2011 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.
Fleet Status Report:
http://hugin.info/135817/R/1519370/455875.pdf
First quarter 2011 report:
http://hugin.info/135817/R/1519370/455874.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#1519370]
Unternehmensinformation / Kurzprofil:
Datum: 27.05.2011 - 08:33 Uhr
Sprache: Deutsch
News-ID 55071
Anzahl Zeichen: 6163
contact information:
Town:
Hamilton
Kategorie:
Business News
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