Seadrill Q4 Profit Falls

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Seadrill Ltd.SDRL
reported a drop in its net profit for the fourth quarter. Seadrill's quarterly net profit slipped to $157 million, or $0.32 per share, compared to $231 million, in the year-ago quarter. The latest quarter earnings included $232 million in non-cash impairment of goodwill relating to the Jack-up segment. Its revenue fell to $1.26 billion from $1.47 billion. As of December 31, 2014, total assets totaled US$26,506 million. As of December 31, 2014, cash and cash equivalents totaled US$831 million. Per Wullf, CEO and President of Seadrill Management Ltd., said, "Together with the rest of the industry, we are facing challenging times. Seadrill operates in a market that is, and will continue to be cyclical. We have taken prudent and positive action during 2014, and will continue to do so in 2015, to position ourselves to have the flexibility, from an operational and financial perspective, to manage through this downturn." Seadrill shares gained 1.79% to $11.96 in pre-market trading.
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Posted In: EarningsNewsprofit
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