Seadrill Coasts out of Second Quarter with $603MM in Revenues

Seadrill has reported consolidated revenues for the second quarter 2008 of US $603 million compared to US $438 million for the first quarter 2008. The revenues was impacted by gain on sale of US $80 million related to the disposal of the jackup rig West Titania. Revenues for the first half year were US $1,041 million.

Operating profit for the second quarter was US $132 million as compared to US $110 million in the first quarter (excluding gain on sales). Operating profit for the first half year was US $242 million (excluding gain on sales).

Operating profit from the Mobile Units amounted to US $90 million as compared to an operating profit of US $74 million in the first quarter 2008 (excluding gain on sales). The increase was mainly due to higher contribution from the drillship West Navigator.

Operating profit from the Tender Rigs amounted to US $25 million, which was in line with the preceding quarter.

Operating profit from Well Services amounted to US $17 million as compared to US $10 million in the first quarter 2007. The improvement reflects higher overall activity as well as positive contribution from the newly acquired companies.

Net financial items for the second quarter resulted in an income of US $7 million, a decrease of US $155 million. The first quarter included gain on sales amounting to US $148 million.

Income before income taxes amounted to US $219 million.

Income taxes were US $3 million.

Net income for the quarter amounted to US $210 million.

Earnings per share were US $0.53 for the second quarter.

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