SDRL - Seadrill Limited Announces Fourth Quarter 2014 Results - Seite 2

* EBITDA is defined as earnings before interest, depreciation and amortization equal to operating profit plus depreciation and amortization and after adjusting for non-cash loss on impairment and gains on disposals and deconsolidations.

* Seadrill Group is defined as all companies currently consolidated into Seadrill Limited plus Seadrill Partners.  The results and measures presented for the Seadrill Group are designed to aid comparability with periods prior to the deconsolidation of Seadrill Partners on January 2, 2014.

* Seadrill Group combined EBITDA is defined as EBITDA for Seadrill Limited plus EBITDA for Seadrill Partners.

 

Operational Highlights

   ·           Seadrill achieves 94% economic utilization* for its floater fleet and 98% for its Jack-up fleet for the fourth quarter 2014.

   ·           Seadrill secures executed contract awards with Petrobras for the Libra Field for the West Tellus and West Carina.  The contracts are for a firm period of three years each and have a total revenue potential including mobilization of US$1.1 billion.

    ·           Seadrill secures a 145 day contract extension with Total for the semi-submersible unit West Eclipse.  The total revenue potential for the extension is approximately US$65 million.

    ·           Seadrill secures a new contract for the jack-up unit West Leda. The total revenue potential for the new contract is approximately US$16 million.

    ·           Seadrill secures a new contract for the jack-up unit West Telesto. This is in direct continuation from the previous contract in Australia and is for one well.  The total revenue potential for the new contract is US$4 million.

    ·           Seadrill secures a new contract for the jack-up unit West Mischief. The total revenue potential for the new contract is approximately US$112 million.

Subsequent Events

    ·           North Atlantic Drilling receives approval from its Norwegian Bondholders to amend the Bond Agreement for its NOK1.5 billion Norwegian Bond maturing in 2018.  Under the terms of the agreement, Seadrill will provide a guarantee for the Bond Issue in exchange for some amendments to the Bond Issuer's covenant package, namely replacing the Issuer's current financial covenants with Seadrill financial covenants.