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Sevan Drilling ASA: Q4 Results 2011

Operating revenues of USD 38.0 million which also includes USD 1.3 million of revenues related to  work delivered to Cosco shipyard on rig no. 3 and rig no. 4

Good operation in Q4 2011, with 98.5% technical uptime for Sevan Driller

Sevan Brasil on schedule to be delivered in Q1 2012, and to commence operations under a six year charter contract with Petrobras in Q2 2012

The Q4 2011 result also reflects :

  • USD 3.5 million in bonus payment for 2011
  • USD 2.5 million in compensation to offshore employees for changed remuneration structure which will result in lower cost for the Company going forward
  • USD 1.8 million in one-off expenses related to financial and legal advise

Revenues negatively impacted due to USD appreciation against Brazilian reais

Scott Kerr (CEO) and Jon Wilmann (CFO) will at 11:00 a.m. give a presentation of the results at Shippingklubben, Haakon VII`s gate 1, Oslo. The presentation will be in English.

The presentation will also be broadcasted LIVE at http://www.sevandrilling.com/.
It is advised that you log on to the webcast 5 minutes in advance.

If you wish to call-in to listen to the presentation, please find the call-in
details attached.

For further information, please contact:

Scott Kerr, CEO, Sevan Drilling ASA
+47 99283890 mobile

Jon H. Wilmann, CFO, Sevan Drilling ASA
+47 90560406 mobile

About Sevan Drilling:
Sevan Drilling ASA is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Børs.

 

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

 

Sevan_Drilling_Conference_Call_Confirmation_Q4

Report for 4th quarter 2011

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