Seadrill Reports $853M in 1Q

Seadrill reported consolidated revenues for the first quarter 2010 of US $853 million compared to US $879 million for the fourth quarter 2009.

Operating profit for the first quarter was US $332 million as compared to US $382 million in the fourth quarter 2009.

Operating profit from the Mobile units amounted to US $285 million as compared to an operating profit of US $338 million in the fourth quarter 2008, which included gain on sale of assets of US $50 million.

Operating profit from the Tender Rigs amounted to US $35 million as compared to US $29 million in the fourth quarter 2009. The improvement was mainly due to higher average dayrate and start-up of operation for the new tender rigs West Vencedor and T12.

Operating profit from Well Services amounted to US $12 million as compared to US $15 million in the preceding quarter. The decrease is partly due to currency fluctuation.

Net financial items for the first quarter showed a loss of US $86 million as compared to a gain of US $20 million in the previous quarter. The incurred loss is mainly related to mark-to-market loss on interest swap agreements, forward currency contracts and total return swap agreements in own treasury stocks, partly offset by a lower interest expense.

Income before income taxes amounted to US $246 million, while income taxes were US $29 million.

Net income for the quarter amounted to US $217 million and earnings per share were US $0.49 for the first quarter.

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