Hamilton, Bermuda, February 27, 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.
Call-in details for the Conference Call
Management will do a conference call on Wednesday February 29, 2012 at 09:00 a.m. ET time and 3:00 p.m. (Norwegian time).
To listen to the management presentation of the results, the following options are available:
In order to listen to the presentation on the web, you need to have a sound card installed on your computer.
B. Conference call
Norway Free call 800 56 053
Norway + 47 23 16 27 71
International call +44 (0)20 7136 2050
UK Free call 0800 279 4977
US +1 646 254 3364
US Free call 1877 280 2296
Participants will be asked for their name, company and conference ID. The Seadrill conference ID is: 4715361.
There will be a Q&A session subsequent to the presentation. Information on 'how to ask management questions' will be given at the beginning of the Q&A session.
In order to view the presentation while listening to the conference, the presentation material from be downloaded from www.seadrill.com
If you are unable to participate in the conference call, there is an opportunity to listen to a replay on www.seadrill.com (Investor Relations) or to listen to a playback by dialing:
UK : +44 (0)20 7111 1244
US : + 1 347 366 9565
Norway: +47 21 00 04 98
- followed by replay access number: 4715361#
Participant list information required: Full name & company
Replay will be available until March 7, 2012.