July 10, 2014 7:09 AM ET

Energy Equipment and Services

Company Overview of Transocean Norway Drilling AS

Company Overview

Transocean Norway Drilling AS, a drilling contractor, owns and operates offshore drilling rigs in Norway. It has two semi-submersible rigs, including Transocean Spitsbergen and Transocean Barents. The company was formerly known as Aker Drilling ASA and changed its name to Transocean Norway Drilling AS in October 2011. Transocean Norway Drilling AS is based in Stavanger, Norway. Transocean Norway Drilling AS is a subsidiary of Transocean Ltd.

Maskinveien 26

Stavanger,  4033

Norway

Phone:

47 51 21 49 00

Fax:

47 41 21 49 01

Key Executives for Transocean Norway Drilling AS

Chief Executive Officer and President
Age: 51
Finance Director
Age: 46
Executive Vice President of Operations
Age: 58
Senior Vice President and General Counsel
Age: 47
Human Resource Director
Age: 60
Compensation as of Fiscal Year 2014.

Transocean Norway Drilling AS Key Developments

Transocean Norway Drilling AS Announces Financial Results for the Fourth Quarter and Full Year of 2012

Transocean Norway Drilling AS announced financial results for the fourth quarter and full year of 2012. For the quarter, the company reported operating revenues of $99,925,000 compared to $105,685,000 a year ago. Operating profit before depreciation was $48,774,000 compared to $62,321,000 a year ago. Result from operating activities was $31,922,000 compared to $44,754,000 a year ago. Profit before tax was $18,908,000 compared to $30,400,000 a year ago. Profit from continuing operations was $3,969,000 compared to $10,358,000 a year ago. Profit for the period was $3,969,000 compared to $9,601,000 a year ago. Net cash from operating activities was $75,049,000 compared to $39,880,000 a year ago. Acquisition of property, plant and equipment was $3,314,000 compared to $11,075,000 a year ago. For the year, the company reported operating revenues of $401,133,000 compared to $417,540,000 a year ago. Operating profit before depreciation was $218,810,000 compared to $239,993,000 a year ago. Result from operating activities was $150,379,000 compared to $171,224,000 a year ago. Profit before tax was $87,540,000 compared to $41,645,000 a year ago. Profit from continuing operations was $63,629,000 compared to $12,696,000 a year ago. Profit for the period was $73,721,000 compared to $11,792,000 a year ago. Net cash from operating activities was $243,976,000 compared to $192,042,000 a year ago. Acquisition of property, plant and equipment was $10,529,000 compared to $280,600,000 a year ago. Net interest bearing debt (excluding Eksportfinans) was $172,000 against $743,000 a year ago.

Transocean Norway Drilling AS Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months of 2012

Transocean Norway Drilling AS announced unaudited consolidated financial results for the third quarter and nine months of 2012. For the quarter, the company reported operating revenues $96.459 million against $107.917 million a year ago. Operating profit before depreciation was $51.530 million against $58.997 million a year ago. Result from operating activities was $34.351 million against $41.859 million a year ago. Profit before tax was $9.228 million against $22.182 million a year ago. Profit from continuing operation was $21.365 million against loss from continuing operation of $28.582 million a year ago. Profit for the period was $21.365 million against loss for the period $28.582 million a year ago. Net cash from operating activities was $49.127 million against $38.906 million a year ago. Acquisition of property, plant and equipment was $5.719 million against $15.625 million a year ago. For the nine months, the company reported operating revenues $301.208 million against $311.855 million a year ago. Operating profit before depreciation was $170.035 million against $177.629 million a year ago. Result from operating activities was $118.457 million against $126.428 million a year ago. Profit before tax was $68.632 million against $11.205 million a year ago. Profit from continuing operation was $59.660 million against $2.308 million a year ago. Profit for the period was $69.752 million against $2.190 million a year ago. Net cash from operating activities was $468.927 million against $150.858 million a year ago. Acquisition of property, plant and equipment was $7.215 million against $269.525 million a year ago. Net interest bearing debt (excluding Eksportfinans) was $225 million against $382 million a quarter ago.

Transocean Norway Drilling AS Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012

Transocean Norway Drilling AS reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported operating revenues of USD 102,561,000 against USD 103,565,000 a year ago. Operating profit before depreciation was USD 58,270,000 against USD 59,738,000 a year ago. Result from operating activities was USD 41,067,000 against USD 42,526,000 a year ago. Profit before tax was USD 35,680,000 against USD 20,654,000 a year ago. Profit from continuing operation was USD 200,000 against USD 52,503,000 a year ago. Profit for the period was USD 10,292,000 against USD 52,440,000 a year ago. Net cash from operating activities was USD 68,331,000 against USD 64,883,000 a year ago. Acquisition of property, plant and equipment was USD 1,489,000 against USD 3,289,000 a year ago. The increase in operating revenue of USD 0.4 million is mainly due to revenue utilization this quarter of 99.9% compared to 99.0% in first quarter. For the six months, the company reported operating revenues of USD 204,749,000 against USD 203,938,000 a year ago. Operating profit before depreciation was USD 118,505,000 against USD 118,632,000 a year ago. Result from operating activities was USD 84,105,000 against USD 84,569,000 a year ago. Profit before tax was USD 59,404,000 against loss before tax of USD 10,978,000 a year ago. Profit from continuing operation was USD 38,295,000 against USD 30,890,000 a year ago. Profit for the period was USD 48,387,000 against USD 30,773,000 a year ago. Net cash from operating activities was USD 119,800,000 against USD 111,952,000 a year ago. Acquisition of property, plant and equipment was USD 1,496,000 against USD 253,900,000 a year ago. Net interest bearing debt (excluding Eksportfinans) was $382 million compared to $718 million as at March 31, 2012.

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