Seadrill reports preliminary consolidated revenues for 2009 of US$3,254 million as compared to revenues of US$2,106 million in the 2008 accounts. The increase in revenues mainly reflects delivery of several newbuilds during 2009, as well as a higher average dayrate for the rig fleet.

Operating profit for the full year amounted to US$1,372 million as compared to US$649 million in the 2008 accounts. Net financial items amounted to an income of US$101 million. The year resulted in a net income of US$1,353 million as compared to a loss of US$123 million in the 2008 accounts.

Fourth quarter 2009 results

Consolidated revenues for the fourth quarter 2009 amounted to US$879 million as compared to US$863 million for the preceding quarter. Operating profit for the fourth quarter was US$382 million as compared to US$394 million in the third quarter.

Operating profit from the Mobile units amounted to US$338 million as compared to US$342 million in the third quarter. The decrease was mainly due to lower utilization related to some equipment downtime as well as yard-stays and associated repair and maintenance work, partly offset by a gain on the disposal of the jack-up West Atlas.

Operating profit from the Tender rigs amounted to US$29 million as compared to US$37 million in the third quarter.

Operating profit from Well services amounted to US$15 million, unchanged compared to the preceding quarter.

Net financial items for the fourth quarter resulted in a net income of US$20 million as compared to an expense of US$1 million in the third quarter.

Income before income taxes amounted to US$401 million.

Income taxes were US$0.1 million, due to change in estimates from prior periods.

Net income for the quarter amounted to US$401 million, equivalent to earnings per share of US$0.95.

Chief Executive Officer in Seadrill Management AS Alf C Thorkildsen says in a comment, "The fourth quarter marked a solid closing of the financial year 2009 that saw strong growth in EBITDA and earnings for our Company. 2009 was a year in which we expanded our operations into new geographical regions and commenced operations with a number of new deepwater assets. In response to our solid operations, strong contract backlog and favorable market outlook, we are pleased to announce an increase in our quarterly dividend."

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