Seadrill Reports 3Q06 Results

Seadrill reported consolidated revenues for the third quarter 2006 of US$300.3 million compared to US$275.6 million for the second quarter 2006.

Operating profit for the third quarter was US$64.3 million as compared to US$59.1 million in the second quarter.

Operating profit from the Mobile units (including jack-ups and FPSOs) amounted to US$45.1 million as compared to an operating profit of US$35.8 million in the second quarter. The increase was mainly due to higher utilization for the newbuild jack-up West Ceres (Seadrill 3) as well as increased contribution from the semi-submersible drilling rig West Venture.

Operating profit from the Tender rigs amounted to US$12.5 million as compared to US$13.9 million in the second quarter. The decrease was mainly due lower utilization for tender rig T7 and semi-tender West Menang.

Operating profit from Well services amounted to US$6.7 million as compared to US$9.4 million in the second quarter. The decrease was due to temporary lower operating margin.

Net financial items for the third quarter showed an income of US$0.4 million as compared to a loss of US$17.7 million in the second quarter. The result is due to increased capitalization of interest and gain on foreign exchange transactions.

Income before income taxes amounted to US$64.7 million.

Income taxes were US$6.7 million.

Net income for the quarter amounted to US$56.1 million.

Earnings per share were US$ 0.15 for the third quarter.

Highlights

Seadrill reports net income of US$56.1 million and earnings per share of US$0.15 for the third quarter of 2006.

Seadrill secures term contracts for the deepwater units currently under construction West E-Drill, West Sirius and West Polaris.

Seadrill secures new contracts for the jack-ups West Larissa, West Janus and West Atlas (currently under construction).

Seadrill secures new contracts for the tender rig West Berani (currently under construction) and exercises option to increase ownership interest from 30 percent to 100 percent.

Seadrill increases ownership interest in Eastern Drilling ASA (Eastern) to 60.4 percent.

Seadrill completed private placement of 20,000,000 shares raising total proceeds of some US$278 million.

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