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SDRL - Seadrill reports second quarter 2008 results
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Highlights
Seadrill reports net income of US$210 million and earnings per share of US$0.53 for the second quarter of 2008.

Seadrill takes delivery of three newbuilds (one jack-up, one tender rig and one drillship).

Seadrill secures contracts worth US$4.8 billion.

Seadrill orders four jack-up newbuilds for delivery in 2010 for US$850 million.

Seadrill orders new semi-submersible rig for US$640 million.

Seadrill orders new self-erecting tender rig for US$210 million.

US$80 million gain on sale of jack-up West Titania.

Seadrill resolves to distribute cash dividend of US$0.60 per share.

Seadrill secures US$2 billion in financing including the sale and leaseback arrangement for West Polaris.

Seadrill commences operations with deepwater newbuild West Sirius in Gulf of Mexico in July.


Second quarter results
Seadrill today reported consolidated revenues for the second quarter 2008 of US$603 million compared to US$438 million for the first quarter 2008. The revenues was impacted by gain on sale of US$80 million related to the disposal of the jack-up rig West Titania. Revenues for the first half year were US$1,041 million.

Operating profit for the second quarter was US$132 million as compared to US$110 million in the first quarter (excluding gain on sales). Operating profit for the first half year was US$242 million (excluding gain on sales).

Operating profit from the Mobile Units amounted to US$90 million as compared to an operating profit of US$74 million in the first quarter 2008 (excluding gain on sales). The increase was mainly due to higher contribution from the drillship West Navigator.

Operating profit from the Tender Rigs amounted to US$25 million, which was in line with the preceding quarter.

Operating profit from Well Services amounted to US$17 million as compared to US$10 million in the first quarter 2007. The improvement reflects higher overall activity as well as positive contribution from the newly acquired companies.

Net financial items for the second quarter resulted in an income of US$7 million, a decrease of US$155 million. The first quarter included gain on sales amounting to US$148 million.

Income before income taxes amounted to US$219 million.

Income taxes were US$3 million.

Net income for the quarter amounted to US$210 million.

Earnings per share were US$0.53 for the second quarter.


For further information, please see the second quarter 2008 report attached.
http://hugin.info/135817/R/1247095/269956.pdf

Published: 16:40 28.08.2008 GMT+2 /HUGIN /Source: Seadrill Limited /OSE: SDRL /ISIN: BMG7945E1057