North Atlantic Drilling Limited
oslo : NADL

November 30, 2011 09:17 ET

NADL - North Atlantic Drilling reports third quarter 2011 results

HAMILTON, BERMUDA--(Marketwire - Nov 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]

Contact Information

  • The Board of Directors
    North Atlantic Drilling Ltd.
    Hamilton, Bermuda
    +47 51 30 90 00