SOURCE: Seadrill Limited

November 05, 2009 11:53 ET

SDRL - Seadrill reports third quarter 2009 results

HAMILTON, BERMUDA--(Marketwire - November 5, 2009) -


Highlights

  * Seadrill generates record EBITDA of US$497million for the third
    quarter 2009
  * Seadrill reports net income of US$345 million and earnings per
    share of US$0.82 for the third quarter 2009
  * Seadrill delivers strong improvement in average utilization rate
    and earnings from deepwater fleet
  * Seadrill sells the jack-up rig West Ceres for a total
    consideration of US$178 million
  * Seadrill secures US$2.1 billion in new financing while repaying a
    US$ 1.0 billion bridge loan
  * Seadrill declares US$0.50 per share in cash dividends

Third quarter results

Seadrill today reported consolidated revenues for the third quarter 2009 of US$863 million up from to US$816 million for the second quarter 2009.

Operating profit for the third quarter was US$394 million as compared to US$339 million in the second quarter.

Operating profit from the Mobile Units increased to US$342 million from US$267 million in the second quarter. The improvement was mainly due to a full quarter in operation for the new deepwater semi-submersible rig West Eminence and gain on sale of the jack-up West Ceres.

Operating profit from the Tender Rigs was US$37 million, a decrease of US$19 million from the preceding quarter. The decrease was mainly due to one unit coming off contract and being stacked and one unit being between contracts with limited earning in the quarter.

Operating profit from Well Services amounted to US$15 million, unchanged from the second quarter.

Net financial items for the quarter resulted in a loss of US$1 million as compared to a gain of US$67 million in the previous quarter. Contribution from associated companies amounted to US$27 million whereas other financial items amounted to a loss of approximately US$5 million and net interest expense was US$23 million.

Income taxes were US$47 million resulting in a net income for the quarter of US$345 million.

Earnings per share for the third quarter were US$0.82.

Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a comment, "We are very pleased to report yet another record quarter for Seadrill reflecting a strong underlying operational performance. Furthermore, we have delivered on our ambition to resume dividend payment before year-end."

For further information, please see the third quarter 2009 report attached.


This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

http://hugin.info/135817/R/1353049/327651.pdf

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Contact Information

  • Analyst contact:
    Jim Dåtland,
    VP Investor Relations,
    Seadrill Management AS
    +47 51 30 99 19

    Media contact:
    Trond Brandsrud,
    Chief Financial Officer,
    Seadrill Management AS
    +47 51 30 99 19