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Seadrill +4.8% premarket after strong earnings report

  • Seadrill's (SDRL) Q2 net profit more than tripled Y/Y to $1.73B, or $3.68/share, including a one-time gain of $1.26B from the sale of 18 tender rigs in April; net profit of $470M excluding the one-time gain beat $334M consensus.
  • EBITDA rose 5% to a record $665M, beating expectations for $631M.
  • Revenue was $1.27B vs. $1.12B a year earlier and $1.15B consensus.
  • Utilization rate rose slightly to 94% for floating drillships and semi-submersible rigs, and fell slightly to 98% for jack-up rigs.
  • Says it has recovered from sub-standard performance in previous quarters, H2 will show a significant increase in operating profit as eight new rigs are expected to commence operation, and the fundamental outlook remains positive for the offshore drilling industry.
  • Shares +4.8% premarket.
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Comments (2)
  • wigit5
    , contributor
    Comments (4120) | Send Message
     
    That note about H2 is compelling, may look to pick up some more shares on the next dip.
    28 Aug 2013, 08:05 AM Reply Like
  • Richard Waldren
    , contributor
    Comments (233) | Send Message
     
    This should shake all the naysayers.
    29 Aug 2013, 12:28 AM Reply Like
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