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SeaDrill Limited Message Board

  • bluecheese4u bluecheese4u Nov 26, 2012 10:17 AM Flag

    Seadrill Limited (SDRL) - Third quarter and nine months 2012 results

    Seadrill Limited (SDRL) - Third quarter and nine months 2012 results

    Nov 26, 2012
    Third quarter and nine months 2012 results

    • Seadrill generates third quarter 2012 EBITDA*) of US$574 million
    • Seadrill reports third quarter 2012 net income of US$216 million and earnings per
    share of US$0.40
    • Seadrill distributes an increased third quarter regular cash dividend of US$0.85 per
    share and also resolves to distribute an accelerated dividend of US$0.85 per share for
    the fourth quarter 2012, in December 2012
    • Seadrill ordered a new ultra-deepwater drillship for an all-in cost of US$600 million
    • Seadrill issued US$1 billion in unsecured notes due 2017
    Subsequent events
    • Seadrill announces the potential sale of 18 tender rigs to SapuraKencana Petroleum
    Bhd. for a total consideration of US$2.9 billion
    • Seadrill Partners LLC lists its common units on the NYSE raising US$207 million
    • Alf C.Thorkildsen resigns as CEO of Seadrill Management AS, Fredrik Halvorsen
    appointed as the new CEO
    • Seadrill secures a five-year commitment with Husky for the newbuild ultra-deepwater
    semi-submersible rig West Mira for operations offshore Canada, with an estimated
    total revenue potential of US$1.2 billion
    • Seadrill secures contracts with an estimated revenue potential of US$820 million for
    seven jack-up rigs, of which five are newbuilds
    • Seadrill increases its ownership stake in Asia Offshore Drilling to 65.94% and submits
    mandatory offer for the remaining shares
    • Seadrill`s majority owned subsidiary, North Atlantic Drilling Ltd. submits its initial
    registration statement to the SEC
    • A subsidiary of Seadrill signs a Letter of Agreement (LOA) to acquire the ultradeepwater
    semi-submersible rig Songa Eclipse for US$590 million
    *) EBITDA is defined as earnings before interest, depreciation and amortization equal to operating profit plus depreciation
    and amortization.
    Condensed consolidated income statements
    Third quarter and nine months 2012 results
    Consolidated revenues for the third quarter of 2012 amounted to US$1,092 million
    compared to US$1,122 million in the second quarter 2012.
    Operating profit for the quarter was US$413 million compared to US$483 million in the
    preceding quarter.
    Net financial items for the quarter showed a loss of US$158 million compared to a gain of
    US$114 million in the previous quarter, due largely to recording an accounting gain of
    US$253 million related to the merger of SapuraCrest Petroleum Bhd (SapuraCrest) and
    Kencana Petroleum Bhd (Kencana) in second quarter 2012, as well as gains on
    derivatives and foreign exchange losses in the current quarter. Included in results from
    associated companies is a US$53 million loss from our 39.9 percent equity associate,
    Archer Limited.
    Income taxes for the third quarter were US$39 million, down from US$43 million in the
    previous quarter.
    Net income for the quarter was US$216 million representing basic earnings per share of
    The Company reports operating revenues of US$3,264 million, operating income of
    US$1,351 million and a net income of US$1,207 for the nine months ended September
    30, 2012. This compares to operating revenues of US$3,133 million, operating income of
    US$1,340 million and a net income of US$1,589 for the nine months ended September
    30, 2011.
    Balance sheet
    As of September 30, 2012, total assets amounted to US$19,479 million, an increase of
    US$545 million compared to June 30, 2012.
    Total current assets increased from US$1,972 million to US$2,298 million over the course
    of the quarter primarily related to an increase in cash and cash equivalents.
    Total non-current assets increased from US$16,962 million to US$17,181 million mainly
    due to payments for the first installment for West Carina and the second installment for
    West Saturn.
    Total current liabilities increased from US$2,788 million to US$2,896 million largely due to
    an increase in current portion of long-term debt.
    Long-term interest bearing debt increased from US$8,376 million to US$9,296 million over
    the course of the quarter and net interest bearing debt increased from $10,010 million to
    US$10,354 million.
    Total equity decreased from US$6,715 million to US$6,567 million as of September 30,
    2012. The decrease is mainly due to net income offset by paid dividends.
    Cash flow
    As of September 30, 2012, cash and cash equivalents amounted to US$518 million, which
    corresponds to an increase of US$242 million compared to the previous quarter. Net cash
    from operating activities for the period was US$1,349 million whereas net cash used in
    investing activities for the same period amounted to US$989 million, primarily related to
    additions to newbuildings. Net cash used for financing activities was US$325 million
    mainly due to dividend payments and net proceeds from debt.
    Outstanding shares
    As of September 30, 2012, the issued common shares in Seadrill Limited totaled
    469,121,774 adjusted for our holding of 129,159 treasury shares. In addition, we had stock
    options for 3.9 million shares outstanding under various share incentive programs for
    management, out of which approximately 2.0 million had vested and are exercisable.


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