HAMILTON, NORWAY--(Marketwire - Jan 31, 2013) -
Hamilton, Bermuda, January 31, 2013 - In the third quarter financial report
Seadrill estimated the downtime for the deepwater rigs in operation to be
41 days for the fourth quarter. After closing the quarter revised estimates
show downtime has increasing to approximately 100, days, mainly due to BOP
issues on several of the Company's rigs.
In line with what the Company communicated in the third quarter financial
report, general and administrative costs have increased due to the
management transition process to London, as well as expenses related to the
development of one specific IT project. During the transition process the
general and administrative costs will be US$10-20 million higher than what
has been historically reported, but is expected to be reduced after the
transition process has been finalized in the second half of 2013.
The first quarter 2013 results will also be impacted by the West Hercules
taking longer than anticipated to be ready for its next assignment. The rig
commenced its new contract with Statoil on January 31, 2013.
This information is subject of the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
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Source: Seadrill Limited via Thomson Reuters ONE [HUG#1674844]