Seadrill Posts 3Q Consolidated Revenues of $863MM

Seadrill today reported consolidated revenues for the third quarter 2009 of US $863 million up from to US $816 million for the second quarter 2009.

Operating profit for the third quarter was US $394 million as compared to US $339 million in the second quarter.

Operating profit from the Mobile Units increased to US $342 million from US $267 million in the second quarter. The improvement was mainly due to a full quarter in operation for the new deepwater semisubmersible rig West Eminence and gain on sale of the jackup West Ceres.

Operating profit from the Tender Rigs was US $37 million, a decrease of US $19 million from the preceding quarter. The decrease was mainly due to one unit coming off contract and being stacked and one unit being between contracts with limited earning in the quarter.

Operating profit from Well Services amounted to US $15 million, unchanged from the second quarter.

Net financial items for the quarter resulted in a loss of US $1 million as compared to a gain of US $67 million in the previous quarter. Contribution from associated companies amounted to US $27 million whereas other financial items amounted to a loss of approximately US $5 million and net interest expense was US $23 million.

Income taxes were US $47 million resulting in a net income for the quarter of US $345 million.

Earnings per share for the third quarter were US $0.82.

Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a comment, "We are very pleased to report yet another record quarter for Seadrill reflecting a strong underlying operational performance. Furthermore, we have delivered on our ambition to resume dividend payment before year-end."