Seadrill Q3 2013 Profit Slips Marginally
In its third quarter 2013 financial report, Seadrill (SDRL) states consolidated revenues were US$1,280 million compared to $1,268 million in the second quarter of 2013, and operating profit for the quarter was US$471 million compared to US$507 million in the preceding quarter.
Seadrill explains that the decrease in operating profit is a result of higher operating expenses due to new rigs entering the fleet and higher general and administrative expenses due to the consolidation of Sevan Drilling.
Economic utilization for the jack-up fleet in Q3 2013 was 97%, down from 98% in Q2 2013, while economic utilization for floaters was 94% in Q3 2013 in-line 94% in Q2 2013.
The company reports a third quarter 2013 net income of US$315 million and earnings per share of $0.61 and the ordinary quarterly cash dividend is increased by 4 cents to 95 cents per share.
Seadrill is a leading offshore deepwater drilling company, which operates a versatile fleet of 69 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh and benign environments. Seadrill is listed on the New York Stock Exchange and the Oslo Stock Exchange.