NADL - North Atlantic Drilling Ltd. reports third quarter and nine months 2014 results

STAVANGER, Norway, Nov. 26, 2014 (GLOBE NEWSWIRE) --

Highlights from the third quarter

  • North Atlantic Drilling generates third quarter 2014 EBITDA*) of US$167.9 million
  • North Atlantic Drilling reports third quarter 2014 net income of US$74.4 million and earnings per share of US$0.29
  • North Atlantic Drilling resolves to suspend the regular cash dividends

Subsequent events

  • North Atlantic Drilling and Rosneft delay closing of planned transaction

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

Condensed consolidated income statements

Third quarter and half year 2014 results

Consolidated revenues for the third quarter 2014 were US$356.2 million compared to US$342.6 million for the second quarter 2014.

Operating profit for the third quarter was US$110.9 million, an increase of US$6.1 million compared to the second quarter operating profit of US$104.8 million.

Net financial items for the third quarter of 2014 amounted to a loss of US$23.4 million. The loss included US$26.8 million in interest expenses and US$12.7 million related to financial derivatives, offset by foreign exchange gains of US$16.8 million mainly related to the NOK1500 bond loan, compared to the second quarter 2014 that incurred a loss of US$42.4 million, including interest expenses of US$27.4 million and US$19.3 million loss related to financial derivatives.

Income taxes for the third quarter were US$13.1 million.

Net income for the third quarter was US$74.4 million, and basic earnings per share were US$0.29.

The Company reports operating revenues of US$972.5 million, operating income of US$286.8 million and a net income of US$154.2 million for the nine months ended September 30, 2014. This compares to operating revenues of US$1,013.9 million, operating income of US$271.4 million and a net income of US$187.5 million for the nine months ended September 30, 2013.

The full report for the third 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

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

NADL - Third Quarter 2014 Report http://hugin.info/155697/R/1874516/660401.pdf

NADL Fleet status Q3 2014 http://hugin.info/155697/R/1874516/660402.pdf

HUG#1874516

Source:North Atlantic Drilling Ltd.