Seadrill Limited operates as an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. As of December 31, 2013, the company had a fleet of 69 units consisting of 15 semi-submersible rigs, 7 drillships, 20 jack-up rigs and 3 tender rigs in operation and 24 units under construction. North Atlantic Drilling Limited (NADL), the company’s majority owned subsidiary, is a Bermuda company formed in 2011 that focuses entirely on harsh environment offshore drilling operations. As of December 31, 2013, the company owned approximately 73.2% of NADL’s shares. Seadrill Partners LLC (Seadrill Partners), the company’s majority owned subsidiary, is a Marshall Islands Limited Liability Company that focuses on owning and operating offshore drilling rigs under long term contracts with major oil companies. As of December 31, 2013, the company owned 62.4% of Seadrill Partners. Sevan Drilling ASA (Sevan), a controlled subsidiary, is a Norwegian company that focuses on owning and operating drilling units and specializing in the ultra deepwater segment. The company owns 50.11% of Sevan. The company has a 39.9% interest in Archer Limited (Archer), a global oilfield service company that specializes in drilling and well services; an 8.2% in SapuraKencana Petroleum Berhad (SapuraKencana), an integrated oil and gas services and solutions provider; and a 50% interest in Seabras Sapura Participacoes SA (Seabras Sapura), which constructs, owns and intends to operate pipe laying service vessels in Brazil. Segments The company’s segments include Floaters, Jack-ups, and Tender Rigs. Floaters This segment offers services encompassing drilling, completion and maintenance of offshore exploration and production wells. The drilling contracts relate to semi-submersible rigs and drillships for harsh and benign environments in mid-, deep- and ultra-deep waters. Jack-ups This segment offers services encompassing drilling, completion and maintenance of offshore exploration and production wells. The drilling contracts relate to jack-up rigs for operations in harsh and benign environments. Tender Rigs This segment operates self-erecting tender barges and semi-submersible tender rigs, which are used for production drilling and well maintenance in Southeast Asia and West Africa. Business Strategies The company’s principal strategies include continuing to provide excellent service to its customers; and developing a fleet of new premium offshore drilling units through newbuild orders and targeted acquisitions of modern assets. Acquisitions In 2013, the company acquired the high specification jack-up newbuild in process, Prospector 3 from Prospector Offshore Drilling Rig Construction S.à.r.l. The rig has been subsequently renamed West Titania. Disposals In 2013, the company completed the sale of the entities that own and operate 10 tender rigs to SapuraKencana for an enterprise value. Customers The company’s customers are oil and gas exploration and production companies, including major integrated oil companies, independent oil and gas producers and government-owned oil and gas companies. For the year ended December 31, 2013, the company’s major customers included Petroleo Brasileiro S.A., or Petrobras; Total S.A. Group, or Total; Statoil ASA, or Statoil; Exxon Mobil Corp, or Exxon; and BP plc. Seasonality The company has operations in certain parts of the world where weather conditions during parts of the year could adversely impact the operational utilization of the rigs and its ability to relocate rigs between drilling locations, and as such, limit contract opportunities in the short term. Such adverse weather could include the hurricane season for the company’s operations in the U.S. Gulf of Mexico, the winter season in offshore Norway, and the monsoon season in Southeast Asia. Significant Events In May 2014, North Atlantic Drilling Ltd. and Seadrill Limited are pleased to announce that an Investment and Co-operation Agreement has been executed with Rosneft in order to pursue growth opportunities offshore and onshore in the Russian market through at least 2022. History Seadrill Limited was founded in 2005. The company was incorporated in Bermuda under the Companies Act in 2005.
seadrill ltd (SDRL:Oslo)
14 Par-la-Ville Road
Hamilton, HM 08
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