Seadrill Reports Solid Earnings for 2009, Increases Dividend
Seadrill today reported preliminary consolidated revenues for 2009 of US $3,254 million as compared to revenues of US $2,106 million in the 2008 accounts. The increase in revenues mainly reflects delivery of several newbuilds during 2009, as well as a higher average dayrate for the rig fleet.
Operating profit for the full year amounted to US $1,372 million as compared to US $649 million in the 2008 accounts. Net financial items amounted to an income of US $101 million. The year resulted in a net income of US $1,353 million as compared to a loss of US $123 million in the 2008 accounts.
Fourth quarter 2009 results
Consolidated revenues for the fourth quarter 2009 amounted to US $879 million as compared to US $863 million for the preceding quarter. Operating profit for the fourth quarter was US $382 million as compared to US $394 million in the third quarter.
Operating profit from the Mobile units amounted to US $338 million as compared to US $342 million in the third quarter. The decrease was mainly due to lower utilization related to some equipment downtime as well as yard-stays and associated repair and maintenance work, partly offset by a gain on the disposal of the jackup West Atlas.
Operating profit from the Tender rigs amounted to US $29 million as compared to US $37 million in the third quarter.
Operating profit from Well services amounted to US $15 million, unchanged compared to the preceding quarter.
Net financial items for the fourth quarter resulted in a net income of US $20 million as compared to an expense of US $1 million in the third quarter.
Income before income taxes amounted to US $401 million.
Income taxes were US $0.1 million, due to change in estimates from prior periods.
Net income for the quarter amounted to US $401 million, equivalent to earnings per share of US $0.95.
Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen said, "The fourth quarter marked a solid closing of the financial year 2009 that saw strong growth in EBITDA and earnings for our Company. 2009 was a year in which we expanded our operations into new geographical regions and commenced operations with a number of new deepwater assets. In response to our solid operations, strong contract backlog and favorable market outlook, we are pleased to announce an increase in our quarterly dividend."
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