SDRL - Seadrill Limited Announces Fourth Quarter 2014 Results - Seite 3

    ·           North Atlantic Drilling receives approval from lending group to amend the loan agreement for its US$2 billion credit facility.  Under the terms of the agreement, Seadrill will provide a guarantee for the credit facility in exchange for some amendments to the Borrower's covenant package, namely replacing the Borrower's current financial covenants with Seadrill financial covenants.

    ·           North Atlantic Drilling receives approval from Ship Finance International Ltd. to amend its US$600 million sale leaseback facility.  Under the terms of the agreement, Seadrill will provide a guarantee for the facility in exchange for some amendments to the Borrower's covenant package, namely replacing the Borrower's current financial covenants with Seadrill financial covenants.

    ·           Seadrill and Petrobras unable to finalize extensions for the West Taurus and West Eminence.

    ·           Seadrill receives notification of early termination from Talisman for the West Vigilant and removes US$81 million from contract backlog.  Seadrill and Talisman continue to work on a commercial solution for the unit.

    ·           Rune Magnus Lundetræ will step down as Chief Financial Officer of Seadrill Management Limited with effect from 30 June 2015 at which time he will leave the Seadrill Group. Mr Lundetræ has been with the Seadrill Group for over seven years the last 3 of which have been as Chief Financial Officer of Seadrill Management Limited. The Board wishes to thank Mr Lundetrae for his contribution to the development of the Seadrill Group and wishes him well in his future activities.

 

Financial information

 

Fourth quarter 2014 results

Revenues for the fourth quarter of 2014 were US$1,261 million compared to US$1,293 million in the third quarter of 2014. 

Operating profit for the quarter was US$452 million compared to US$461 million in the preceding quarter. The decrease was primarily due to downtime on the West Phoenix and West Venture, removal of the West Vela following the sale to Seadrill Partners and loss on impairment of goodwill, offset by commencement of operations on the West Saturn, West Jupiter, and West Neptune and gain on disposals.