Seadrill Steers a Steady Course in Q1 2013

In its first quarter 2014 financial results Seadrill reported revenues were US$1,221 million compared to $1,469 million in the fourth quarter of 2014.  The decrease is primarily due to the deconsolidation of the Seadrill Partners and downtime on the West Alpha, West Phoenix, West Pegasus, and West Polaris.  Offsetting these items was the inclusion of the West Auriga, West Tellus, West Vela, West Castor, and West Telesto for a full quarter.  On a consolidated basis revenues for the first quarter were US$1,436 million.

Operating profit for the quarter was US$890 million compared to US$568 million in the preceding quarter. The increase is primarily a result of the gain on sale for the West Auriga and new rigs entering service.  On a consolidated basis operating profit for the quarter was US$574 million.

Net financial and other items for the quarter showed a gain of US$2,239 million compared to a loss of US$286 million in the previous quarter. The gain is primarily related to the gain recognized with the deconsolidation of Seadrill Partners, income received from Seadrill Partners of US$39 million and from Archer of US$5 million.

Details at: www.seadrill.com