Hamilton, Bermuda, April 18, 2014Â - Seadrill Limited ("Seadrill or the Company")
announces that it has filed its annual report on Form 20-F for the year ended
December 31, 2013 with the Securities and Exchange Commission in the U.S.
The report may be accessed on the Company's website, www.seadrill.com, or on the
website of the U.S. Securities and Exchange Commission, www.sec.gov.
In its fourth quarter results, Seadrill announced the deconsolidation of
Seadrill Partners from its consolidated financial statements following Seadrill
Partners' first annual general meeting of common unitholders held on January
2, 2014, when the majority of the board members became electable by the common
unitholders. As a result, from January 2, 2014, Seadrill Partners has been
accounted for as an investment in an affiliate. The deconsolidation of Seadrill
Partners is estimated to result in a one-off gain of $2.4 billion being
recognized by the Company in the first quarter of 2014, which is predominantly
driven by the difference between the historical book value of Seadrill Partners'
net assets and the fair value of the Company's investments in Seadrill Partners
recognized upon deconsolidation. The deconsolidation will significantly impact
the future presentation of the Company's operating results and net income,
including any gains and/or losses that may result from future dropdown
transactions to Seadrill Partners. From an operational and managerial standpoint
the relationship between Seadrill and Seadrill Partners is unchanged.Â Seadrill
Partners continues to leverage off of Seadrill's operational and financial
Please refer to note 37 of the filed Form 20-F for additional details on the
accounting treatment of the deconsolidation.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Seadrill 2013 Form 20-F:
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Source: Seadrill Limited via GlobeNewswire