Boston, MA 06/02/2014 (wallstreetpr) – Seadrill Ltd (NYSE:SDRL) has entered into a contract for 5 years with the Total Upstream Nigeria Ltd in account of employment in the new build unit of ultra-deepwater drillship West Jupiter. The firm contract for five long years will support the Nigeria’s EGINA ultra-deep offshore project.
Seadrill into a contract:
The entire contract has a potential to earn revenue of approximately $1.1 billion. Seadrill Ltd (NYSE:SDRL)’s total combined backlog stands at almost $20 billion with the implementation of the contract. The West Jupiter, which is under Seadrill’s construction, is expecting to deliver from Samsung Heavy Industries Shipyard, South Korea by the August 2014. The Chief Executive Officer of Seadrill, Per Wolff stated that the company is very satisfied to be chosen as the part of a very significant project. The contract will also strengthen the relationship with the customers and at the same time will enhance the rig fleet in Nigeria.
The quarterly report of Seadrill:
The business couple of days back released its financial report of the first quarter of 2014, which ended on March 31, 2014. Compared to the 4Q2013, the company in this quarter went down a bit in respect with the revenues. Seadrill Ltd (NYSE:SDRL) earned revenue of $1,221 million in this quarter, which in the last quarter was $1,469 million. The company confessed that the decline is due to de consolidation of the company’s partners as well as the downtime on West Phoenix, West Alpha, West Polaris and West Pegasus. The consolidated revenue for the first quarter is $1,436 million.
Operating profit and net income:
Seadrill Ltd (NYSE:SDRL) registered an operating profit of $890 million in the first three months of 2014. In the preceding quarter the figure was $568 million. The augmentation of operating profit is primarily due to gain on the sale of West Auriga services.
However, Seadrill reported net income of $3, 094 million, or earnings per share (diluted as well as basic) of $6.23 and $6.54 respectively.