HAMILTON, Norway, Nov. 29, 2007 (PRIME NEWSWIRE) --
Highlights
Seadrill reports net income of US$32.8 million and earnings per share of US$0.08 for the third quarter of 2007.
Seadrill remains on track for delivery of the newbuild program.
Seadrill takes successful delivery of one jack-up and one tender rig.
Seadrill secures new contract for the mid-water semi-submersible rig West Alpha.
Seadrill secures new contracts for the ultra-deepwater units West Aquarius and West Capella.
Seadrill OTC-list the well services division as an independent well services company (fourth quarter 2007).
Third quarter results
Seadrill today reported consolidated revenues for the third quarter 2007 of US$377.1 million compared to US$374.0 million for the second quarter 2007.
Operating profit for the third quarter was US$96.2 million as compared to US$76.9 million in the second quarter.
Operating profit from the Mobile units (including jack-ups) amounted to US$58.8 million as compared to an operating profit of US$43.3 million in the second quarter. The increase was mainly due to improved utilization for several of the jack-ups in Asia.
Operating profit from the Tender rigs amounted to US$25.6 million as compared to US$22.2 million in the second quarter. The increase was mainly due to improved utilization and operating margins for tender rig T8 and semi-tender West Setia.
Operating profit from Well services amounted to US$11.9 million, marginally up from US$11.4 million in the second quarter.
Net financial items for the third quarter resulted in a net expense of US$ 54.3 as compared to expenses of US$21.8 million in the second quarter. The result is due to increased interest expenses due to higher debt as well as foreign exchange differences due to weakening of US dollar compared to Norwegian kroner.
Income before income taxes amounted to US$41.9 million.
Income taxes were US$5.0 million.
Net income for the quarter amounted to US$32.8 million.
Earnings per share were US$0.08 for the third quarter.
For further information, please see the third quarter 2007 report attached.
Seadrill Limited Hamilton, Bermuda November 29 2007