Seadrill Record Best-ever Quarterly Result

Press Release
Tuesday, May 28, 2013
Jack-up Rig West Ariel: Photo credit Seadrill

Seadrill announces favourable first quarter 2013 financial results.

 Highlights
    •    Seadrill records its best operating quarterly result ever and generates first quarter 2013 EBITDA*) of US$713 million
    •    First quarter 2013 net income of US$440 million and earnings per share of US$0.87
    •    Increases the ordinary quarterly cash dividend by 3 cents to US$0.88
    •    Economic utilization for floaters increased to 92% in Q1 2013 from 86% in Q4 2012
    •    Economic utilization for the jack-up fleet in Q1 2013 was 99%, up from 94% in Q4 2012
    •    Seadrill ordered four jack-ups for a total estimated project price of US$230 million per rig, with deliveries in 2015
    •    Completed the acquisition of the ultra-deepwater semi-submersible rig Songa Eclipse for a total consideration of US$590 million
    •    Secured a 2-year extension for the ultra-deepwater semi-submersible rig West Leo with a total estimated revenue potential of US$430 million
    •    Completed the sale of the jack-up rig West Janus for US$73 million recording a gain on sale of US$61 million
    •    Seadrill issued a NOK1.8 billion unsecured bond maturing in March 2018

Subsequent events
    •    Seadrill completes the sale of 18 tender rigs to SapuraKencana Petroleum Bhd. for a total consideration of US$2.9 billion on April 30, 2013
    •    Secures a three-year contract for the newbuild drillship West Neptune with a total estimated revenue potential of US$662 million
    •    Completes the sale of the tender rig T15 to Seadrill Partners LLC (SDLP) for a total consideration of US$210 million

Cash flow
As of March 31, 2013, cash and cash equivalents were US$361 million, an increase of US$43 million compared to the previous quarter.

Net cash from operating activities for the period was US$423 million and net cash used in investing activities for the same period was US$1,074 million, primarily related to additional payments for newbuilds and the acquisition of the Songa Eclipse.

Net cash from financing activities was US$694 million, primarily because of net proceeds from the issuance of debt.


Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Ship of the Year Award for NYK Vessel

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards

IRClass First to Certify Indian Recycling Yards per EU Standard

IRClass is amongst the first organizations in the world to certify ship recycling yards according to EU standards as an ‘Independent Verifier’. IRClass Systems and Solutions Pvt.

Offshore

Migrants Survivors Tell of Struggle at Sea

The bodies of 21 women and one man were brought ashore to Sicily on Friday as fellow migrants described scenes of panic and violence when water poured into their dinghy.

Three Keppel Dredgers for Jan De Nul

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Jan De Nul Group to

Seacat Services Sends Freedom to Race Bank

Seacat Freedom, the latest addition to Seacat Services’ 12-strong fleet, has been dispatched to DONG Energy’s Race Bank offshore wind project following the boat’s

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1096 sec (9 req/sec)