HAMILTON, Bermuda, May 30, 2007 (PRIME NEWSWIRE) --
Highlights Seadrill reports net income of US$168.2 million and earnings per share of US$0.44 for the first quarter of 2007. Seadrill records gain of US$123.3 million on sale of the two FPSOs Crystal Ocean and Crystal Sea. Seadrill and Ship Finance International Limited agreed sale and leaseback arrangement for the jack-up rig West Prospero. Seadrill secured new assignments for the jack-ups West Janus, West Larissa and the jack-up newbuild West Triton (currently under construction). Seadrill secured a letter of intent for a five-year contract for one of its ultra-deepwater units under construction.
First quarter results
Seadrill today reported consolidated revenues for the first quarter 2007 of US$479.2 million compared to US$387.1 million for the fourth quarter 2006. Revenues included gain on sale of the two FPSOs Crystal Ocean and Crystal Sea.
Operating profit for the first quarter was, excluding gain on sales of the two FPSOs, US$82.2 million as compared to US$78.9 million in the fourth quarter 2006.
Operating profit from the Mobile units, excluding gains on sale, amounted to US$51.8 million as compared to an operating profit of US$47.6 million in the fourth quarter 2006. The increase was mainly due to higher average dayrates for some of the Company's units.
Operating profit from the Tender rigs amounted to US$22.6 million as compared to US$20.8 million in the fourth quarter 2006. The increase mainly reflects the successful start-up of operations for the new semi-tender West Berani.
Operating profit from Well services amounted to US$7.8 million. This was lower than the fourth quarter of US$10.5 million, which reflected extraordinary high activities.
Net financial items for the first quarter showed an income of US$21.8 million as compared to US$21.4 million in the fourth quarter 2006.
Income before income taxes amounted to US$183.7 million. Income taxes were US$13.7 million.
Net income for the quarter amounted to US$168.2 million.
Earnings per share were US$0.44 for the third quarter.
For further information, please see the first quarter 2007 report attached.
Seadrill Limited Hamilton, Bermuda May 30, 2007