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SDRL - Seadrill Announces Fourth Quarter 2013 Results

HAMILTON, Bermuda, Feb. 25, 2014 (GLOBE NEWSWIRE) --

Highlights

  • Seadrill reports fourth quarter 2013 EBITDA* of US$768 million
  • Seadrill reports fourth quarter 2013 net income of US$281 million and earnings per share of $0.49
  • Seadrill increases the ordinary quarterly cash dividend by 3 cents to 98 cents per share
  • Economic utilization for floaters was 94% in Q4 2013 in-line with 94% in Q3 2013
  • Economic utilization for the jack-up fleet in Q4 2013 was 98% an increase from 97% in Q3 2013
  • Seadrill Partners announces settlement agreement and 18 month contract extension for the West Aquarius with a total estimated revenue potential of US$337 million
  • Total S.A. exercised their option with Seadrill Partners to convert the contract extension for the West Capella from 5 years to 3 years. As a result of this change in contract terms the dayrate has increased from US$580,000 per day to US$627,500 per day
  • Seadrill executes a one year contract extension for the West Leda with ExxonMobil in Malaysia with a total estimated revenue potential of US$60 million
  • Seadrill Limited sells the tender rig T-16 to Seadrill Partners for US$200 million
  • North Atlantic Drilling completes private placement of NOK1.5 billion unsecured bond issue maturing in 2018
  • Seadrill acquires high specification jack-up rig Prospector 3 for US$235 million
  • Seadrill enters into a Heads of Agreement with Pemex for 5 potential jack-up contracts beginning in the first half of 2014. Cumulative duration of the contract is more than 30 rig years with a total revenue potential in excess of US$1.8 billion
  • Seadrill Limited sells part of the semi-submersible rigs, West Leo and West Sirius, to Seadrill Partners financed with a US$456 million equity offering and intercompany loans

Subsequent events

  • North Atlantic Drilling completes private placement of US$600 million unsecured bond issue maturing 2019
  • North Atlantic Drilling completes its initial public offering of 13,513,514 common shares and began trading on January 29, 2014 on the New York Stock Exchange under the symbol "NADL".
  • Seadrill executes contract for four Jack-up units with Pemex in Mexico and establishes SeaMex, a 50/50 Joint Venture with Fintech Advisory Inc.
  • Seadrill Partners completes US$1.8 billion Term Loan B and US$100 million senior secured revolving loan
  • Seadrill is making progress in contract discussion for the West Saturn and West Jupiter and expects the units to commence attractive medium to long term contracts immediately after delivery from the yard.
  • Orderbacklog excluding the Saturn and Jupiter discussions currently stands at US$20.2 billion
  • From the effect of January 2, 2014, the financial results of Seadrill Partners LLC is likely to be deconsolidated from the financial results of Seadrill. 

* EBITDA is defined as earnings before interest, depreciation and amortization equal to operating profit plus depreciation and amortization.

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