SDRL - Seadrill reports third quarter and nine months 2011 results
(Thomson Reuters ONE) -
Hamilton, Bermuda, November 30, 2011 - Seadrill reports third quarter and nine
months 2011 results:
Highlights
* Seadrill generates third quarter 2011 EBITDA*()) of US$612 million
* Seadrill reports third quarter 2011 net income of US$58 million and earnings
per share of US$0.07
* Seadrill resolves quarterly cash dividend per share of US$0.76
* Seadrill completes the divestment of the jack-up rig West Juno and records a
US$23 million gain on sale
* Seadrill secures two three-year contracts for two jack-ups with a revenue
potential of US$348 million
* Seadrill secures a four-year contract with a revenue potential of US$787
million for the ultra-deepwater semi-submersible rig West Hercules
* Seadrill acquires a 33.75 percent ownership stake in Asia Offshore Drilling
Ltd through a private placement
* Seadrill participates in two private placements in Archer Limited and
increases its ownership to 39.9 percent
Subsequent events
* Seadrill secures contracts with a total revenue potential of US$1.6 billion
for the ultra-deepwater rigs West Capricorn, West Leo and West Aquarius
* Seadrill secures contracts with a total revenue potential of US$115 million
for the jack-up rigs West Ariel, West Callisto and West Prospero
* Seadrill raises US$950 million in debt through two new secured credit
facilities
*) EBITDA is defined as earnings before interest, depreciation and amortization
equal to operating profit plus depreciation and amortization.
Second quarter 2011 results
Consolidated revenues for the third quarter of 2011 amounted to US$1,029 million
as compared to US$995 million in the second quarter.
Operating profit for the quarter was US$480 million, up from an operating
profit of US$430 million in the preceding quarter. The improvement is related to
an increase in the number of units in operation and sale of the jack-up rig West
Juno.
Operating profit from the Floaters was US$349 million up from US$341 million in
the second quarter 2011 due to the newbuild ultra-deepwater rig West Pegasus
commencing operations in the Mexican Gulf.
Operating profit from the Jack-up Rigs amounted to US$71 million as compared to
an operating profit of US$49 million in the second quarter 2011. The increase in
contribution was related to gain on sale of the jack-up rig West Juno.
Operating profit from the Tender Rigs was US$60 million, up from US$40 million
in the second quarter 2011. The improvement was due to higher utilization for
the tender rigs as well as the second quarter being adversely impacted by the
retirement of the tender barge T8.
Net financial items for the quarter showed a loss of US$372 million compared to
a gain of US$264 million in the previous quarter. The adverse contribution is
mainly related to a loss of US$330 million on derivative financial instruments
for the quarter whereas the second quarter had a gain of US$416 million on
realization of holdings in the former offshore drilling company Pride
International Inc offset by a loss on derivative financial instruments of US$90
million.
Income taxes for the third quarter were US$50 million in line with previous
quarter.
Net income for the quarter was US$58 million and basic earnings per share of
US$0.07.
Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a
comment, "At a point in time when there is turbulence in the financial markets
we are very pleased to deliver one of our best quarterly operating profit ever
reflecting solid performance and operation of our rig fleet. The market
uncertainty has resulted in a significant drop in interest rate levels. This has
adversely impacted our earnings in the quarter as we have booked an unrealized
loss on interest rate swaps that we entered into in order to cap our interest
expenses at attractive long-term levels. We have since our last reporting
secured US$2.5 billion in new contracts bringing our order backlog to a record
US$13.5 billion. This provides for a solid operating profit performance going
forward. The outlook for our business continues to be strong and we have
resolved to increase our cash dividend to US$0.76 per share for the quarter."
For further information, please see the third quarter and nine months 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.
Third quarter 2011 report:
http://hugin.info/135817/R/1567547/487040.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#1567547]
Unternehmensinformation / Kurzprofil:
Datum: 30.11.2011 - 09:27 Uhr
Sprache: Deutsch
News-ID 92343
Anzahl Zeichen: 5890
contact information:
Town:
Hamilton
Kategorie:
Business News
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