Seadrill's Q2 2014 Revenue Holds Nearly Steady

By George Backwell
Wednesday, August 27, 2014
Drill ship: Photo courtesy of Seadrill

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

Operating profit for the quarter was US$476 million compared to US$890 million in the preceding quarter. The decrease is primarily due to inclusion of the gain on sale of the West Auriga sale of US$440 million in first quarter results.

Net financial and other items for the quarter showed a gain of US$71 million compared to a gain of US$2,239 million in the previous quarter. The gain is primarily related to the sale of SapuraKencana shares and income received from Seadrill Partners of US$59 million, partially offset by a loss from Archer of US$5 million and a loss on derivative positions of US$95 million.

Highlights
Seadrill Limited reports second quarter 2014 EBITDA of US$641 million

The Seadrill Group on a consolidated basis reports record EBITDA of US$865 million
Seadrill Limited reports second quarter 2014 net income of US$653 million and earnings per share of $1.29

  • Seadrill Limited maintains quarterly dividend at US$1 per share
  • Seadrill Group on a consolidated basis maintains orderbacklog of approximately US$20 billion
  • Seadrill secures contracts for the jack-up units West Tucana, West Telesto, West Ariel, and West Prospero and extends contract for the West Mischief.  The total revenue potential for the new contracts is approximately US$433 million.
  • Seadrill sells 230 million shares of SapuraKencana raising approximately US$300 million in proceeds.
  • Seadrill Partners completes US$1.1 billion add-on term loan B
  • North Atlantic Drilling announces extensive Investment and Co-operation Agreement with Rosneft to partner in the Russian market.
  • Seadrill secures a contract with Total for employment of the West Jupiter.  The contract is for a firm period of 5 years and has a total revenue potential for the primary contract term of approximately US$1.1 billion inclusive of mobilization.

More detailed information available at: http://www.seadrill.com/investor-relations/events-and-news

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