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SeaDrill Limited (SDRL) Misses on Q3 Earnings

Headquartered in London, SeaDrill LimitedSDRL is one of the leading offshore drilling contractors in the world. Currently, the company owns or has partial ownership interests in 65 mobile offshore drilling rigs. Its drilling fleet consists of 32 jackups, 15 semi-submersibles, 15 drillships, 2 tender rigs and 1 semi-tender rig. Most importantly, almost 54% of the floaters of SeaDrill are less than 10 years old. Hence, the company's fleet is one of the youngest and most advanced when compared to that of major contractors engaged in offshore drilling.

Currently, SeaDrill Limited has a Zacks Rank #3 (Hold) but that could change following its third quarter 2015 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:

Earnings: Earnings per share - excluding one-time items − stood at 21 cents, failed to beat the Zacks Consensus Estimate of 45 cents.

Revenue: Total operating revenue of $985 million also failed to breeze past the Zacks Consensus Estimate of $1,056 million.

Key Stats: The Floaters segment reported net operating loss of $410 million against the year-ago quarter profit of $324 million. Net operating income from Jack-up Rigs came at $114 million, down from $133 million recorded in the third-quarter of 2014.

Stock Price: Following the earnings release, SeaDrill Limited has lost 2.8% in the pre-market trading session.

Check back later for our full write up on this SeaDrill Limited earnings report later!

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SEADRILL LTD (SDRL): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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