NEW YORK ( TheStreet) -- Hope you had a refreshing and meaningful Memorial Day weekend. While taking it easy on Sunday I rented the movie "Fishing for Salmon on the Yemen." It's the ideal movie for anglophiles.It reminded me that sometimes a good "catches" can be found in unique places. While the mob chases dividends from companies like Colgate-Palmolive ColgatePalmolive ( CL) and Pfizer Pfizer ( PFE) with current yields of 2.2% and 3.3% respectively, there are richer rewards if one is willing to dive deeper. For example take SeaDrill Limited ( SDRL) which provides offshore drilling services to the oil and gas industry worldwide. Selling at around 11 times forward (12-month) earnings this productive company with an $18.7 billion market cap is currently paying a dividend yield-to-price of 8.4%. The movie I made reference to is about an oil-rich Yemeni sheik who decides he wants to bring salmon and salmon-fishing to his nation. The sheik's very expensive idea would be totally unfeasible if he hadn't made a fortune producing and selling oil and natural gas. To accomplish this, drilling services companies like SeaDrill are frequently engaged. SeaDrill couldn't pay such a generous dividend if it is wasn't earning an ongoing fortune in revenue by aiming to be its customers' most important partner in making oil and gas available in a safe and cost-effective manner. The company operates a versatile fleet of 59 units that comprises drill-ships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh environment and benign environments. Going ultra deep opens up many lucrative possibilities for SeaDrill and its customers. SeaDrill is scheduled to release its first quarter results on Tuesday. In connection with the earnings release, a conference call/webcast will be held as described at 11 a.m.
Management will in the same conference call address highlights in North Atlantic Drilling Ltd's first quarter 2013 results. For 2012 SeaDrill earned $4.31 billion in revenue. For the first quarter of 2013 analysts are estimating around an 8.5% quarterly year-over-year sales growth and revenue increase.
The second caveat is that a correction might ensue first. As you can see from the five-year chart below SeaDrill can be a volatile stock. But with energy prices holding their own and the rates for SeaDrill's rigs also staying on the high side the immediate future is looking promising. SDRL data by YCharts
Investors have every intention of maintaining their mantra of "pay me now and pay me later" when investing in well-managed companies with histories of providing growth and income to shareholders. Companies like SeaDrill are well aware of this fact and will be looking for ways of answering its shareholders' mantra in the affirmative. At the very least, SeaDrill is a dividend-paying company to watch. At the time of publication the author held no positions in any of the stocks mentioned. Follow @m8a2r1 This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.