Seadrill Reports Q1 Earnings

Seadrill on Wednesday reported consolidated revenues for the first quarter 2007 of US$479.2 million compared to US$387.1 million for the fourth quarter 2006. Revenues included a gain on the sale of the two FPSOs Crystal Ocean and Crystal Sea.

Operating profit for the first quarter was, excluding gain on sales of the two FPSOs, US$82.2 million as compared to US$78.9 million in the fourth quarter 2006.

Operating profit from the Mobile units, excluding gains on sale, amounted to US$51.8 million as compared to an operating profit of US$47.6 million in the fourth quarter 2006. The increase was mainly due to higher average dayrates for some of the Company's units.

Operating profit from the Tender rigs amounted to US$22.6 million as compared to US$20.8 million in the fourth quarter 2006. The increase mainly reflects the successful start-up of operations for the new semi-tender West Berani.

Operating profit from Well services amounted to US$7.8 million. This was lower than the fourth quarter of US$10.5 million, which reflected extraordinary high activities.

Net financial items for the first quarter showed an income of US$21.8 million as compared to US$21.4 million in the fourth quarter 2006.

Income before income taxes amounted to US$183.7 million. Income taxes were US$13.7 million.

Net income for the quarter amounted to US$168.2 million.

Earnings per share were US$0.44 for the third quarter.