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Seadrill revenues $1.27 billion

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Staff writer |
SeadrillSeadrill consolidated revenues for the first quarter of 2013 were $1,265 million compared to $1,215 million in Q4 2012.

Operating profit for the quarter was $552 million compared to $441 million in the preceding quarter. The increase is driven by higher revenues as discussed above, gain on sale of the of the 1985 built jack-up West Janus of $61 million, offset by higher operating expenses in the first quarter.

Net financial items for the quarter showed a loss of $68 million compared to a loss of $335 million in the previous quarter. The decrease in the loss is due to an impairment recognized in the fourth quarter to our investment in Archer Ltd which did not re-occur in this quarter and a overall gain on our financial derivative arrangements in the first quarter compared to an overall loss in the fourth quarter.

Income taxes for the first quarter were $44 million, a decrease of $64 million from the previous quarter. Net income for the quarter was $440 million representing basic and diluted earnings per share of $0.87 and $0.85, respectively.

As of March 31, 2013, total assets were $21,206 million, an increase of $1,574 million compared to December 31, 2012. Total current assets decreased to $2,350 million from $2,354 million over the course of the quarter, primarily driven by an increase in accounts receivable and cash; offset by a decrease in other current assets.

Total non-current assets increased to $18,856 million from $17,278 million primarily due to an increase in drilling units following the acquisition of the Songa Eclipse and the consolidation of Asia Offshore Drilling Ltd at the end of the quarter.

As of March 31, 2013, cash and cash equivalents were $361 million, an increase of $43 million compared to the previous quarter.

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