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-Seadrill Q2 net profit surges to USD645m, exceeds consensus.

NORDIC BUSINESS REPORT-August 25, 2011--Seadrill Q2 net profit surges to USD645m, exceeds consensus(C)2011 M2 COMMUNICATIONS

25 August 2011 - The bottom-line profit of Oslo-listed offshore service provider Seadrill Ltd (OSL:SDRL) nearly doubled on the year to USD645m in April-June 2011, twice as much as expected, thanks to big financial gains.

Second-quarter net financial items amounted to a gain of USD264m versus zero in the year-earlier period, the company said today in its interim report. During the quarter, Seadrill booked a gain of USD416m related to the merger between US Pride International Inc, partly owned by Seadrill, and UK-based Ensco plc (NYSE:ESV). Following the merger, completed in May, Seadrill's holding in Pride was converted to USD257m in cash and a 3.5% stake in Ensco.

Operating profit, which does not include the above mentioned financial items, grew moderately in April-June 2011, by 12% to USD430m. This was slightly lower than the USD442m consensus estimate of analysts polled by TDN Finans.

Second-quarter revenues grew to USD995m from USD933m, in line with expectations.

For the first half of 2011, the net profit surged to USD1.468bn from USD546m, also boosted by positive financial items.

Seadrill declared a dividend of USD0.75 per share for the second quarter of 2011, the same as in the first quarter and in line with expectations.

(EUR1 = USD1.4)

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Publication:Nordic Business Report
Article Type:Financial report
Geographic Code:4EXNO
Date:Aug 25, 2011
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