Iranian Ship Linked to Houthi Attacks Heads Home Amid Tensions
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
The company, which provides drilling and well services, focuses on deepwater drilling. It noted Monday that it expects results in the current quarter to get a boost from two ultra-deepwater rigs commencing operations, as well as a full quarter of earnings from a jack-up rig that went into operation in March.
For the first quarter, Seadrill reported a profit of $416 million, or 87 cents a share, down from a year-earlier profit of $879 million, or $1.83 a share. The results were skewed by one-time items, including a $540 million gain in the year-earlier period tied to the Seawell sale.
Revenue fell 5.4% to $1.05 billion. Analysts polled by Thomson Reuters expected earnings of 71 cents a share on revenue of $1.03 billion.
Operating margin widened to 43.4% from 38.7%.
Operating profit for floaters, the company’s largest segment, rose 1.9% to $318 million, while the jack-up rigs business reported a 4.7% increase in operating profit. The tender rigs unit posted a flat profit.
The company also increased its quarterly cash dividend by 2.5% to 82 cents a share.
Shares were off 1.9% to $35.92 premarket. Through the close, the stock is up 10% since the start of the year.
-By Mia Lamar, Dow Jones Newswires
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