Seadrill Reports 1Q06 Results

Seadrill reported consolidated revenues for the first quarter 2006 of US $191.6 million compared to US $193.6 million for the pro forma fourth quarter 2005.

Operating profit for the first quarter was of US $23.8 million as compared to pro forma figures of US $23.7 million in the fourth quarter.

Operating profit from the Mobile units (including jack-ups and FPSOs) amounted to US $10.1 million as compared to an operating profit of US $5.2 million in the pro forma fourth quarter accounts. The increase was mainly due to higher utilization for Seadrill 6 and Seadrill 7 as well as higher dayrates for West Alpha.

Operating profit from the Tender rigs amounted to US $9.5 million as compared to US $11.2 million in the pro forma fourth quarter 2005 accounts. The reduction was mainly due to lower revenues compared to the fourth quarter.

Operating profit from Well services amounted to US $4.2 million as compared to US $7.3 million in the pro forma fourth quarter 2005 accounts. The reduction was related to a lower overall operating margin.

Net financial items for the first quarter amounted to an income of US $79.5 million as compared to a loss of US $3.9 million in the pro forma fourth quarter 2005. The income primarily reflects the gain of US $80.0 million from the sale of the holdings in Ocean Rig ASA.

Income before income taxes amounted to US $103.3 million.

Income taxes were US $7.2 million.

Net income for the quarter amounted to US $69.5 million.

Earnings per share were US $0.24 for the first quarter.

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