Seawell Announces Profitable 1Q2008

Seawell announced its first quarter 2008 results, reporting EBITDA of NOK66.3 million and net income of NOK20.6 million, with earnings per share of NOK0.20. Other Seawell highlights:
  • Awarded a life of the field contract by Fairfield Energy Limited in January for the provision of platform upgrade and drilling services on the Dunlin field on the UK continental shelf
  • Awarded a two-year contract extension by StatoilHydro for platform drilling services and maintenance on the Gullfaks and Statfjord fields on the Norwegian continental shelf
  • Awarded annual contract extension by Talisman Energy for drilling and maintenance services on the Gyda platform on the Norwegian continental shelf
  • Purchase of Noble Corporation North Sea Platform division, including platform drilling contracts on 11 fixed installations
  • Ordering of a new modular drilling and work over rig for delivery in the third quarter 2009
  • Purchase of Peak Well Solutions AS