Seadrill’s 2013 Success Proves Growing Interest in Deepwater Drilling

Seadrill Limited announced a 2,786 million dollar net income in 2013, reporting a 131% year-on-year increase.

The company registered a 12% surge in consolidated revenues for the fourth quarter of 2013 with respect to the same period of 2012, due to three drillships and two jack-up rigs entering service. 

With a fleet of 69 units for operations in shallow to ultra-deepwater areas, the drilling company’s results hint at a growing interest for deepwater activities.

The company maintained a high economic utilization for both floaters (94% in the fourth quarter) and jack-up fleet (98% in the last three months of 2013). 

‘The combination of attractive shipyard prices and high market rates creates what we see as a unique investment environment. The investment opportunity is further improved by increased demand for higher specification units and by limited ordering from our major competitors,’ said the company in the note reporting the second quarter 2013 results.