Seadrill today reported consolidated revenues for the second quarter 2011 of US$995 million compared to US$1,110 million for the first quarter 2011. The reduction is due to de-consolidation of Archer Limited from end of February.
Highlights
Operating profit for the first quarter was US$430 million in line with the preceding quarter.
Operating profit from the Floaters was US$341 million as compared to an operating profit of US$312 million in the first quarter 2011 due to improved average economical utilization rate.
Operating profit from the Jack-up Rigs amounted to US$49 million as compared to an operating profit of US$64 million in the first quarter 2011 as result of lower average economic utilization rate.
Operating profit from the Tender Rigs was US$40 million, down from US$49 million in the first quarter 2011 due to the retirement of the tender rig barge T8.
Net financial items for the quarter amounted to a gain of US$264 million compared to a gain of US$441 million in the previous quarter. The second quarter included a gain on realization of our Pride position of US$416 million whereas the first quarter benefited from a US$477 million gain in connection with the deconsolidation of Archer Limited formerly known as Seawell Limited. Loss on derivative financial instruments was US$90 million compared to a US$41 million gain in the first quarter.
Income taxes for the second quarter were US$50 million compared to US$48 million in the first quarter.
Net income for the quarter was US$645 million and basic earnings per share of US$1.35.
Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a comment, “Our second quarter results reflect solid operation and performance for our offshore drilling rigs. We are in particular satisfied with the improved utilization rate for our floaters that was up from 94% to 97%. Based on a sound outlook for our industry and our solid contract portfolio we continue to be optimistic about our future earnings potential and have resolved to uphold a cash dividend of US$0.75 per share for the quarter.”
[mappress] Source: Seadrill, August 25, 2011