Seadrill Revenues Climb High in 2007

Seadrill reported preliminary consolidated revenues for 2007 of US$1,676.4 million as compared to revenues of US$1,154.6 million in the 2006 accounts. The increase in revenues mainly reflects start-up of new shallow water units as well as higher average dayrates for the Company fleet. Operating profit for the full year amounted to US$488.9 million as compared to US$226.1 million in the 2006 accounts. Included in the operating profit in 2007 were gains from sale of two FPSO units amounting to approximately US$130 million. Net financial items were US$102.1 million. Net income was US$465.5 million as compared to US$214.1 million in the 2006 accounts.

Consolidated revenues for the fourth quarter 2007 amounted to US$446.1 million as compared to US$377.1 million for the preceding quarter. The increase in revenues mainly reflects higher activity in all three divisions. Operating profit for the fourth quarter was US$110.3 million as compared to US$96.2 million in the third quarter.

Operating profit from the Mobile units amounted to US$71.5 million as compared to an operating profit of US$58.8 million in the third quarter. The increase was mainly due to a full quarter in operations for the new jack-up West Atlas as well as West Larissa resuming operations. The improvement was partly offset by 45 days out of operations for the deepwater drillship West Navigator.

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