Seadrill Posts Consolidated Revenues for Q4 '08, Q1 '09

Seadrill today reported consolidated revenues for the first quarter 2009 of  US $696 million compared to US $579 million for the fourth quarter 2008.

Operating profit for the first quarter was US $259 million as compared to US $153 million in the fourth quarter 2008.

Operating profit from the Mobile units amounted to US $195 million as compared to an operating profit of US $98 million in the fourth quarter 2008. The increase was mainly due to four newbuilds commencing operations, full quarter in operation for the two newbuilds that started operations in the previous quarter and one drillship starting on a new contract at higher dayrates.

Operating profit from the Tender rigs amounted to US $51 million as compared to US $41 million in the fourth quarter 2008. The improvement was due to two units starting on contracts with higher dayrates in the first quarter compared to the previous quarter.

Operating profit from Well services amounted to US $13 million as compared to US $14 million in the fourth quarter.

Net financial items for the first quarter showed an income of US $15 million.

Income before income taxes amounted to US $274 million, while income taxes were US $31 million.

Net income for the quarter amounted to US $243 million and earnings per share were US $0.55 for the first quarter.

Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a comment, "First quarter 2009 was a milestone for Seadrill as we completed the first phase of the deepwater rig newbuilding program. This program is the largest seen in our industry and we are proud to have delivered it in line with expectations. At the same time we have started operations for seven of these units in new exciting deepwater areas with operational commencement for the eighth rig imminent. This has laid the foundation for a record EBITDA of US $347 million this quarter, and we expect cash generation to increase over the next quarters."


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