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May 28th, 2014 at 3:04 pm
Seadrill defies expectations by raising dividend, outlook
08:32 AM ET · SDRL
• Seadrill (SDRL) +1.3% premarket after increasing dividends and forecasting earnings to show “meaningful improvement” in Q2 and increase further for the rest of the year as utilization rates rise (Q1 results).
• The dividend raise is a mere $0.02 (to an even $1.00) but SDRL had warned in February that it saw “limited value” in paying out more than $0.98 because of slowing growth in the rig market in 2014-15.
• SDRL says the market still “suffers from limited exploration drilling and delays in field developments,” bit it has seen “increased inquiries” in recent weeks.
• Q1 net income rose to $3.1B from $440M in the year-ago quarter on financial gains of $2.2B from the deconsolidation of Seadrill Partners; consolidated EBITDA was $788M, beating estimates of $740M.
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