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NADL - North Atlantic Drilling Ltd. reports first quarter 2014 results

STAVANGER, Norway, May 28, 2014 (GLOBE NEWSWIRE) -- Highlights from the first quarter

  • North Atlantic Drilling generates first quarter 2014 EBITDA*) of US$119.3 million
  • North Atlantic Drilling reports first quarter 2014 net income of US$20.2 million and earnings per share of US$0.08.
  • North Atlantic Drilling resolves to increase the regular quarterly cash dividend by US$0.01 to US$0.24 per share
  • North Atlantic Drilling raises US$600 million by issuing senior unsecured notes, due 2019, in a private offering in the United States
  • North Atlantic Drilling completes its initial public offering by issuing US$125 million in new shares at US$9.25 per share and commences trading on the New York Stock Exchange

Subsequent events

  • West Linus commences drilling contract with ConocoPhilips on May 25, 2014
  • North Atlantic Drilling and Seadrill announce extensive Investment and Co-operation Agreement with Rosneft to partner in the Russian markets

*) EBITDA is defined as earnings before interest, depreciation and amortization equal to operating profit plus depreciation and amortization.

Condensed consolidated income statements

First quarter 2014 results

Consolidated revenues for the first quarter of 2014 were US$273.7 million as compared to US$310.4 million for the fourth quarter of 2013.

Operating profit for the first quarter was US$71.2 million, a decrease of US$18.0 million compared to the fourth quarter operating profit of US$89.2 million.

Net financial items for the first quarter of 2014 amounted to a loss of US$48.5 million. The loss included US$22.5 million in settlement premium for the prepayment of the US$500 million bond and US$23.4 million in interest expenses, compared to a loss in the fourth quarter 2014 of US$29.5 million that included interest expenses of US$23.7 million.

Income taxes for the first quarter were US$2.5 million.

Net income for the first quarter was US$20.2 million, and basic earnings per share was US$0.08.

The Company reports operating revenues of US$273.7 million, operating income of US$71.2 million and net income of US$20.2 million for the three months ended March 31, 2014. This compares to operating revenues of US$317.8 million, operating income of US$91.6 million and net income of US$54.7 million for the three months ended March 31, 2013.

The full report for the fourth quarter can be downloaded from www.nadlcorp.com | Investor relations | Financial reports

Questions should be directed to North Atlantic Management AS represented by:

Ragnvald Kavli: Chief Financial Officer

Tore Byberg: VP Commercial Finance

+47 51 30 95 42

NADL First Quarter 2014 report http://hugin.info/155697/R/1789208/614965.pdf

NADL Fleet status Q1 2014 http://hugin.info/155697/R/1789208/614967.pdf

HUG#1789208

Source:North Atlantic Drilling Ltd.