3rd Quarter
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SDRL - Seadrill reports third quarter 2009 results
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$0.82.
Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a comment, "We are very pleased to report yet another record quarter for Seadrill reflecting a strong underlying operational performance. Furthermore, we have delivered on our ambition to resume dividend payment before year-end."
Dividend History
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Dividend policy and history
Seadrill has an objective to generate competitive returns to its shareholders. This objective will be supported by frequent distribution of cash dividend. The level of dividend will be guided by earnings expectations, market prospects, current capital expenditure programs as well as investment opportunities.
Dividend history
Cash dividend Div per share US$ Div NOK Ex Div Payable
4Q 2009 0.55 3.21321 Mar 15, 2010 Mar 26, 2010
3Q 2009 0.50 2.79222 Nov 23, 2009 Dec 7, 2009
Extra ord.0.30 1.68118 Sep 22, 2008 Sep 30, 2008
2Q 2008 0.60 3.32123 Sep 4, 2008 Sep 16, 2008
1Q 2008 0.60 3.09702 Jun 5, 2008 Jun 18, 2008
4Q 2007 0.25 1.29080 Mar 5, 2008 Mar 14, 2008