SDRL - Seadrill Limited Announces Fourth Quarter 2014 Results - Seite 4

Net financial and other items for the quarter showed a loss of US$251 million compared to a loss of US$232 million in the previous quarter. The loss was primarily related to interest expense and losses on the mark to market of derivative financial instruments, offset by interest income and foreign exchange gains.

Income taxes for the fourth quarter were US$51 million, an increase of US$12 million from the previous quarter.  The increase was primarily due to an increase in provisions for uncertain tax positions. 

Net income for the quarter was US$150 million representing basic and diluted earnings per share of $0.32.  Net income was negatively impacted by a non-cash impairment of goodwill of US$232 million relating to the Jack-up segment.  

* Economic utilization is calculated as total revenue for the period as a proportion of the full operating dayrate multiplied by the number of days in the period, excluding bonuses.

Balance sheet

As of December 31, 2014, total assets were US$26,506 million, a decrease of US$881 million compared to the previous quarter.

Total current assets decreased to US$3,415 million from US$3,422 million over the course of the quarter, primarily driven by a decrease in the value of marketable securities, offset by an increase in cash and accounts receivable.

Total non-current assets decreased to US$23,091 million from US$23,965 million primarily due to the sale of the West Vela to Seadrill Partners, a decrease in the value of marketable securities, and impairment of Goodwill, offset by an increase in investments in associated companies.

Total current liabilities increased to US$4,574 million from US$3,609 million primarily due an increase in the current portion of long term debt and unrealized losses on derivatives, offset by normal quarterly debt instalments.

Long-term external interest bearing debt decreased to US$10,311 million from US$11,422 million over the course of the quarter and total net interest bearing debt decreased to US$11,755 million from US$12,735 million.  The decrease was primarily due to the derecognition of the West Vela facility following the sale to Seadrill Partners, decrease in related party debt as a result of the West Polaris acquisition, and increase of cash balance.