Seadrill revises the release date for its fourth quarter 2011 report and updates conference call details
Tuesday, Feb 28, 2012
The Board of Seadrill will hold its board meeting for approval of the fourth quarter and 2011 preliminary results tomorrow Tuesday February 28, 2012 after close of business. As a consequence Seadrill has rescheduled the release of its fourth quarter 2011 report to before start of trading on the Oslo Stock Exchange on Wednesday February 29, 2012.
The conference call in connection with the earnings release will therefore be held on Wednesday 29, 2012 at 09:00 a.m. ET time and 3:00 p.m. (Norwegian time). Management will in the same conference call address highlights in the North Atlantic Drilling Ltd fourth quarter report 2011.
Seadrill will in its fourth quarter 2011 make a US$463 million non cash impairment charge on its investment in Archer Limited ("Archer"). The value of the equity investment will be written down to market value as of December 31, 2011 reflecting a share price of NOK16.1 per share at that date. For the full year of 2011, the net effect of Seadrill's investment in Archer including deconsolidation profits of US$540 million, equity pick-up and the impairment charge is a net profit contribution of US$44 million.
Seadrill is as a major long-term owner clearly disappointed in the recent developments in Archer. However, the Board of Seadrill sees fundamental strength in the Archer business model, and expects that recent changes in management will increase the Company's operational focus and make it possible for the stock to recover all or a significant part of the decrease in share price experienced in the second part of 2011.
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