Consolidated financial information

Fourth quarter 2013 results

Consolidated revenues for the fourth quarter of 2013 were US$1,469 million compared to $1,280 million in the third quarter of 2013.  The increase is primarily due to the West Tellus, West Auriga, West Vela, West Tucana and AOD III entering service and an increase in dayrate on the West Gemini.

Operating profit for the quarter was US$568 million compared to US$471 million in the preceding quarter. The increase is primarily a result of new rigs entering service and continued solid operational performance.

Net financial and other items for the quarter showed a loss of US$286 million compared to a loss of US$96 million in the previous quarter. The loss is primarily related to our share of the losses in the investment in Archer of US$185 million, which is mainly due to Archer's own non-cash impairment of goodwill and other long lived assets of US$430 million.

Income taxes for the fourth quarter were US$1 million, a decrease of US$59 million from the previous quarter.

Net income for the quarter was US$281 million representing basic and diluted earnings per share of $0.49 and $0.49, respectively.

Balance sheet

As of December 31, 2013, total assets were US$26,300 million, an increase of US$1,321 million compared to September 30, 2013.

Total current assets increased to US$2,834 million from US$2,562 million over the course of the quarter, primarily driven by an  increase in cash and marketable securities, offset by a decrease in restricted cash.

Total non-current assets increased to US$23,466 million from US$22,417 million primarily due to the inclusion of the final yard installments for the West Tellus, West Castor, and West Oberon and the acquisition of the West Titania (Prospector 3).

Total current liabilities decreased to US$3,825 million from US$5,639 million largely due to a decrease in short term debt and other current liabilities.

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