Seadrill Optimistic About Industry's Spending

Seadrill reports that consolidated revenues for the third quarter of 2013 were US $1,280 million compared to $1,268 million in the second quarter of 2013.

The world’s biggest offshore driller by market capitalisation kept investing also in the third quarter. It ordered four ultra-deepwater drillships for an extimated project price below US$600 million per rig and two jack-ups for an estimated project price of US$230 million per rig.

The company predicted that the slowdown in spending by oil firms is temporary. 

‘The pace of contract additions has undoubtedly slowed from the pace seen in 2012 as customers re-evaluate spending plans. The board is confident ... that this is a momentary pause before oil companies restart their spending,’ wrote Reuters on Monday.

Coherently, Seadrill continued its investment plans, following the positive trend of the last months. 

‘Total non-current assets increased to US $22,417 million from US $18,823 million primarily due to the inclusion of the Sevan Louisiana and rig no. 4 into newbuildings and the inclusion of the Sevan Driller, Sevan Brasil into drilling units, and the inclusion of certain marketable securities classified as long term,’ reads a note released on Monday.