Seadrill Partners’ revenue
In the first quarter, Seadrill Partners’ (SDLP) operating revenue fell to $194.3 million from $256.2 million in the previous quarter, a sequential fall of 24%. Its first-quarter revenue fell 41% year-over-year.
Seadrill Partners earns its revenue by operating semisubmersibles, drill ships, tender rigs, and barges.
The decrease in Seadrill’s first-quarter revenue was the result of a full quarter of idle time for West Polaris, West Vencedor‘s becoming idle during the quarter, and idle time on West Auriga related to planned maintenance. This idle time was partially offset by a full quarter of operations for West Capella in Gabon.
The company’s second-quarter revenue will likely be higher than its first-quarter revenue due to a full quarter of operations for West Aquarius, partially offset by fewer days for West Capella and a full quarter of idle time for West Vencedor.
Many offshore drillers (OIH) have already released their first-quarter earnings:
- Ensco’s (ESV) first-quarter revenue totaled $417 million, which was 8.2% lower than the $454 million it reported in the previous quarter.
- Diamond Offshore Drilling’s (DO) first-quarter revenue was $295.5 million, lower than its revenue of $346 million in the previous quarter.
- Noble Corporation’s (NE) contract drilling revenue was $235 million in the first quarter, 19.3% lower than its revenue of $291 million in the previous quarter.
- Rowan Companies’ (RDC) first-quarter revenue was $211.2 million, 28.8% lower than its revenue of $296 million in the previous quarter.