Seadrill Posts 3Q Revenues of $566MM

Seadrill today reported consolidated revenues for the third quarter 2008 of  US $566 million compared to US $603 million for the second quarter 2008. The decrease was a result of a US $80 million gain from sale of the jackup rig West Titania in the second quarter.

Operating profit for the third quarter was US $174 million as compared to US $132 million in the second quarter (excluding the gain of sales).

Operating profit from the Mobile units amounted to US $126 million as compared to an operating profit of US $90 million in the second quarter (excluding the gain of sales). The increase was mainly due to start-up of operations for the deepwater newbuild semi West Sirius and jackup West Ariel.

Operating profit from the Tender rigs amounted to US $34 million as compared to US $25 million in the second quarter. The increase was mainly due to a full quarter operation for the new tender rig T11, as well as T4 resuming operations after a mandatory yard-stay.

Operating profit from Well Services amounted to US $14 million as compared to US $17 million in the second quarter. The decrease was mainly related to lower level of wireline activity during the quarter as well as a weaker Norwegian Krone.

Net financial items for the quarter resulted in a loss of US $71 million compared to a gain of US $7 million in the preceding quarter. Contribution from associated companies amounted to US $12 million whereas other financial items amounted to a loss of approximately US $61 million primarily related to foreign exchange losses and total return swap agreements.

Income before income taxes amounted to US $103 million.

Income taxes were US $22 million.

Net income for the quarter amounted to US $69 million.

Earnings per share were US $0.18 for the third quarter.
 

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