Seadrill Sees Profits Fall in 4Q 2011
Norwegian-Bermudan deepwater drilling firm Seadrill announced its fourth quarter results Wednesday, reporting that its operating profit for 4Q 2011 was $436 million compared with $480 million for the preceding quarter.
- Seadrill generates fourth quarter 2011 EBITDA*) of $575 million.
- Seadrill takes a $463 million non-cash mark-to-market impairment of its shareholding in Archer Limited.
- Seadrill reports fourth quarter 2011 net loss of $82 million and loss per share of $0.23 as a result of a non-cash impairment.
- Seadrill increases the quarterly cash dividend by 5% to S$0.80 per share.
- Seadrill secures contracts for the ultra-deepwater rigs West Capricorn (DW semisub), West Leo (DW semisub) and West Aquarius (UDW semisub) with an aggregated revenue potential of $1.6 billion.
- Seadrill secures contracts for the jack-up rigs West Ariel (400' ILC), West Callisto (400' ILC) and West Prospero (400' ILC) with an aggregated revenue potential of $115 million.
- Seadrill secures contract for the semi-tender rig under construction West Esperanza with a total revenue potential of $127 million.
- Seadrill raises $950 million in debt through two new secured credit facilities.
- Seadrill acquires a 28.5-percent ownership stake in Sevan Drilling ASA.
- Seadrill subsidiary Seabras completes the initial filing for its potential listing on the BM&F BOVESPA stock exchange in Brazil.
- Seadrill secures contracts for the jack-up rigs Offshore Mischief (350' ILC), Offshore Defender (350' ILC), and West Leda (375' ILC) with an aggregated revenue potential of $311 million.
- Seadrill completes a $225 million (NOK 1,250 million) unsecured bond at Nibor plus a 3.25-percent margin.
- Seadrill orders two ultra-deepwater drillships at Samsung in Korea with a total project price of $1.2 billion.
- Seadrill's 77 percent owned subsidiary North Atlantic Drilling Ltd (NADL) secures 18-month contract for the harsh environment ultra-deepwater drillship West Navigator (DW drillship) with a total revenue potential of $320 million.
- Seadrill updates the process of listing of its Seabras subsidiary on the stock exchange in Brazil with new filing expected in March and listing anticipated in April 2012.
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