Seadrill revenues for the first quarter of 2015 were $1,244 million compared to $1,261 million in Q4 2014.
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Operating profit for the quarter was $703 million compared to $452 million in the preceding quarter.
The increase was primarily due to the gain on deconsolidation of SeaMex, a full quarter of operations for the West Saturn, West Jupiter, and West Neptune partially offset by idle time on the West Navigator and the loss on impairment of goodwill recognized in the previous quarter.
Net financial and other items for the quarter showed a loss of $197 million compared to a loss of $251 million in the previous quarter. The loss was primarily related to interest expense and losses on the mark to market of derivative financial instruments, partially offset by interest income and foreign exchange gains.
Income taxes for the first quarter were $58 million, an increase of $7 million from the previous quarter. The change was primarily due to an increase in the relative components of estimated 2015 earnings generated in various tax jurisdictions.
Net income for the quarter was $448 million representing basic and diluted earnings per share of $0.86.
As of March 31, 2015, total assets were $25,819 million, a decrease of $687 million compared to the previous quarter.
Total current assets decreased to $3,022 million from $3,415 million over the course of the quarter, primarily driven by a decrease in the value of marketable securities and the deconsolidation of SeaMex, partially offset by an increase in amounts due from related party.
Total non-current assets decreased to $22,797 million from $23,091 million primarily due to the deconsolidation of SeaMex, partially offset by the final yard instalment on the West Carina.
Total current liabilities decreased to $3,370 million from $4,574 million primarily due to loan repayments and normal quarterly debt instalments.
Long-term external interest bearing debt increased to $10,642 million from $10,311 million over the course of the quarter and total net interest bearing debt decreased to $11,348 million from $11,755 million as at December 31, 2014.
The decrease was primarily due to the repayment of various credit facilities including the repayment of $522 million of debt related to the SeaMex transaction, offset by the new credit facility for the West Eclipse and West Carina.
Total equity increased to $10,710 million as of March 31, 2015 from $10,390 million as of December 31, 2014, primarily driven by net income earned during the first quarter, offset by unrealized losses on marketable securities.
As of March 31, 2015, cash and cash equivalents were $903 million, an increase of $72 million compared to the previous quarter.
Net cash provided by operating activities for the three month period ended March 31, 2015 was $492 million and net cash provided by investing activities for the same period was $53 million. Net cash used in financing activities was $473 million. ■