Seadrill Enjoys Record First Quarter

Offshore drilling firm Seadrill reported Monday that the three months to March 31 represented its best operating quarter ever.

Seadrill said its 1Q 2013 net operating income came in at $552 million (1Q 2012: $456 million) on first quarter revenues of  $1.3 billion (1Q 2012: $1.1 billion).

The firm reported that economic utilization of its floaters (semisub rigs and drillships) increased to 92 percent in 1Q 2013 from 86 percent in 4Q 2012. Its fleet of jackups saw an even better performance, increasing to 99 percent in 1Q 2013 from 94 percent in 4Q 2012.

Notable successes highlighted by the firm since the end of its first quarter included:

  • The April 30 sale of 18 tender rigs to SapuraKencana Petroleum for $2.9 billion
  • The securing of a three-year contract for the newbuild drillship West Neptune, with a total estimated revenue potential of $662 million
  • The sale of tender rig T15 for $210 million

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