Seadrill Reports 4Q Net Profit of 50 Million
Seadrill, an international offshore drilling contractor today reported that its consolidated revenues for the fourth quarter of 2012 amounted to US$1,215 million compared to US$1,092 million in the third quarter 2012.
Operating profit for the quarter was US$441 million compared to US$413 million in the preceding quarter.
Net financial items for the quarter showed a loss of US$335 million compared to a loss of US$158 million in the previous quarter, mainly related to recording an impairment charge of US$221 million on the company’s investment in Archer in the fourth quarter 2012. In addition, Seadrill recorded a gain of US$17 million on forwards and cross currency interest rate swap agreements during the quarter.
Income taxes for the fourth quarter were US$56 million, an increase of US$17 million in the previous quarter.
Net income for the quarter was US$50 million representing basic earnings per share of US$0.04.
The Company reports operating revenues of US$4,478 million, operating income of US$1,791 million and a net income of US$1,257 million for the year 2012. This compares to operating revenues of US$4,192 million, operating income of US$1,774 million and a net income of US$1,482 million for the year 2011.
March 1, 2013