SDRLF.pk $33.50 SDRL - Seadrill reports first quarter 2008 results
Highlights
Seadrill reports net income of US$263.0 million and earnings per share of US$0.66 for the first quarter of 2008
Seadrill takes delivery of four newbuilds (two semi-submersible rigs, one jack-up and one tender rig)
Seadrill mainly on track for the remaining newbuild program deliveries
Seadrill secures contracts worth US$4.1billion with Petrobras in Brazil for three deepwater semi-submersible rigs
Seadrill orders new self-erecting tender rig, T12, for US$121 million
Seadrill posts a US$148 million gain on sale of shareholding in PT Apexindo Pratama Duta TBK
Seadrill resolves to distribute cash dividend of US$0.60 per share
Seadrill enters a US$850 million sale and leaseback arrangement with Ship Finance for the drillship West Polaris
Seadrill presents a mandatory offer of NOK80 per share for all outstanding shares in Scorpion Offshore Ltd
Seadrill orders new semi-submersible drilling rig for US$640 million from Jurong Shipyard
First quarter results
Seadrill today reported consolidated revenues for the first quarter 2008 of
US$438.3 million compared to US$446.0 million for the fourth quarter 2007.
Operating profit for the first quarter was US$110.1 million as compared to US$110.2 million in the fourth quarter 2007.
Operating profit from the Mobile units amounted to US$74.2 million as compared to an operating profit of US$71.5 million in the fourth quarter 2007. The increase was mainly due to full operations for the jack-up West Triton, which was partly offset by downtime on the drillship West Navigator.
Operating profit from the Tender rigs amounted to US$26.2 million as compared to US$26.6 million in the fourth quarter 2007.
Operating profit from Well services amounted to US$9.7 million as compared to US$12.2 million in the fourth quarter.
Net financial items for the first quarter showed an income of US$162.0 million as compared to a loss of US$4.2 million in the fourth quarter 2007. The increase is due to the sale of the shareholding in PT Apexindo Pratma Duta TBK.
Income before income taxes amounted to US$272.1 million.
Income taxes were US$4.5 million.
Net income for the quarter amounted to US$263.0 million.
Earnings per share were US$0.66 for the first quarter.
For further information, please see the first quarter 2008 report attached.
Analyst contact
Jim Daatland
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
Seadrill Limited
Hamilton, Bermuda
May 27, 2008
Published: 16:44 27.05.2008 GMT+2 /HUGIN /Source: Seadrill Limited /OSE: SDRL /ISIN: BMG7945E1057
