Seadrill Reports 4Q Net Profit of 50 Million

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

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