Seadrill Reports Q1 Pro Forma Consolidated EBITDA Of $788 Mln - Quick Facts

(RTTNews) - Seadrill Limited (SDRL) reported first-quarter net income attributable to the parent of $3.07 billion, compared to $409 million, a year ago. Earnings per share was $6.23, compared to $0.85. The company noted that, from the effect of January 2, 2014, the financial results of Seadrill Partners LLC has been deconsolidated from the financial results of Seadrill. The company recorded gain on deconsolidation of Seadrill Partners of $2.34 billion, during the quarter.

Seadrill reported first-quarter EBITDA of $624 million excluding the gain on sale for the West Auriga. Pro forma consolidated EBITDA was $788 million, for the quarter.

Total operating revenues were $1.22 billion compared to $1.26 billion, prior year.

The Board of Seadrill resolved to increase the regular quarterly dividend by 2 cents to $1.00 per share. The Board is highly confident that the dividend is sustainable in the coming years.

Seadrill expects second-quarter EBITDA to show meaningful improvement from the first quarter. For the rest of 2014 further uplift in EBITDA will take place, the Group said. Seadrill said it is on track to achieve EBITDA of US$10 million per day.