Norway: Seadrill Announces 3Q Net Income of USD 58 Million

Seadrill, a Norwegian-Bermudan offshore drilling company with operations around the globe today announced its third quarter 2011 net income of US$58 million.

Consolidated revenues for the third quarter of 2011 amounted to US$1,029 million as compared to US$995 million in the second quarter. Operating profit for the quarter was US$480 million, up from US$430 million in the preceding quarter. The improvement is related to an increase in the number of units in operation and sale of the jack-up rig West Juno.

Net financial items for the quarter showed a loss of US$372 million compared to a gain of US$264 million in the previous quarter.

The adverse contribution is mainly related to a loss of US$330 million on derivative financial instruments for the quarter whereas the second quarter had a gain of US$416 million on realization of holdings in the former offshore drilling company Pride International Inc offset by a loss on derivative financial instruments of US$90 million. Income taxes for the third quarter were US$50 million in line with previous quarter.

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Offshore Energy Today Staff , November 30, 2011; Image: Seadrill