NADL - North Atlantic Drilling reports third quarter 2011 results
(Thomson Reuters ONE) -
Hamilton, Bermuda, November 30, 2011 - North Atlantic Drilling reports third
quarter 2011 results:
Highlights
* North Atlantic Drilling generates third quarter 2011 EBITDA*) of US$142
million
* North Atlantic Drilling reports third quarter 2011 net income of US$44.4
million and earnings per share of US$0.044
* North Atlantic Drilling resolves to distribute a regular cash dividend of
US$0.04 per share
* North Atlantic Drilling takes delivery of the harsh-environment jack-up rig
West Elara from Jurong Shipyard
*) EBITDA is defined as earnings before interest, depreciation and amortization
equal to operating profit plus depreciation and amortization.
Third quarter 2011 results
Consolidated revenues for the third quarter of 2011 amounted to US$242.9
million, up from US$ 233.0 million in the second quarter.
Operating profit for the quarter was US$107.6 million, down by US$5.1 million
compared to the previous quarter.
Net financial items for the quarter amounted to a loss of US$56.6 million and
included US$22.4 million in interest expenses, and a US$40.8 million loss on
financial items, mainly related to interest rate swap agreements.
Income taxes for the third quarter were US$6.6 million.
Net income for the quarter was US$44.4 million and basic earnings per share
US$0.045.
Cash dividend for the third quarter is increased to US$0.04 per share
The Chairman of the Board and Chief Executive Officer Alf C Thorkildsen says in
a comment; "North Atlantic Drilling delivers another strong quarter with a
record utilization and revenues and a very solid operating margin. The market
uncertainty with a decline in long term interest rates had an adverse impact
through the interest rate swaps and hence led to a reduction in earnings. Whilst
our performance is strong, contract backlog is solid and the outlook for our
business very favourable, we have taken decisive actions to protect shareholder
value against increases in taxation. We have also decided to pursue a listing of
our shares on one of the main stock exchanges in New York."
For further information, please see the third quarter 2011 report attached.
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/149158/R/1567709/487096.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: North Atlantic Drilling Limited via Thomson Reuters ONE
[HUG#1567709]
Unternehmensinformation / Kurzprofil:
Datum: 30.11.2011 - 14:52 Uhr
Sprache: Deutsch
News-ID 92566
Anzahl Zeichen: 3268
contact information:
Town:
Hamilton
Kategorie:
Business News
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