SDRL - Seadrill reports first quarter 2010 results

ID: 1015338
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(Thomson Reuters ONE) -







Highlights

·         Seadrill generates first quarter 2010 EBITDA of US$434 million
·         Seadrill reports first quarter 2010 net income of US$217 million and
earnings per share of US$0.49
·         Seadrill declares US$0.60 per share in regular cash dividends
·         Seadrill awarded US$2.7 billion in new contracts and contract
extensions
·         Seadrill exercises option to buy a harsh environment jack-up rig under
construction at the Jurong yard following the award of a US$645 million
five-year contract
·         Seadrill launches mandatory offer for the remaining shares in Scorpion
Offshore Ltd
·         Seadrill lists on the New York Stock Exchange and trading commenced on
April 15, 2010


First quarter results
Seadrill today reported consolidated revenues for the first quarter 2010 of
US$853 million compared to US$879 million for the fourth quarter 2009.

Operating profit for the first quarter was US$332 million as compared to US$382
million in the fourth quarter 2009.

Operating profit from the Mobile units amounted to US$285 million as compared to
an operating profit of US$338 million in the fourth quarter 2008, which included
gain on sale of assets of US$50 million.

Operating profit from the Tender Rigs amounted to US$35 million as compared to
US$29 million in the fourth quarter 2009. The improvement was mainly due to
higher average dayrate and start-up of operation for the new tender rigs West
Vencedor and T12.

Operating profit from Well Services amounted to US$12 million as compared to
US$15 million in the preceding quarter. The decrease is partly due to currency
fluctuation.

Net financial items for the first quarter showed a loss of US$86 million as
compared to a gain of US$20 million in the previous quarter. The incurred loss


is mainly related to mark-to-market loss on interest swap agreements, forward
currency contracts and total return swap agreements in own treasury stocks,
partly offset by a lower interest expense.

Income before income taxes amounted to US$246 million, while income taxes were
US$29 million.

Net income for the quarter amounted to US$217 million and earnings per share
were US$0.49 for the first quarter.


For further information, please see the first quarter 2010 report attached.


Contact
Jim Daatland
VP Investor Relations
Seadrill Management AS
+47 51 30 99 19


Seadrill Limited
Hamilton, Bermuda
May 27, 2010









This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


[HUG#1419137]





First quarter 2010 report: http://hugin.info/135817/R/1419137/369289.pdf






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Date: 05/27/2010 - 03:00
Language: English
News-ID 1015338
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