Seawell announces 4th quarter 2010 and preliminary 2010 results
Hamilton, Bermuda (February 24, 2011)
Fourth Quarter Highlights
·The quarter produced Operating revenues of NOK 1,029.3 million, an increase of 9.7% sequentially and 41% year on year.
·Fourth quarter EBITDA of NOK 118.9 million including NOK1 5.5 million one time items related to the merger with Allis Chalmers. Operating EBITDA at NOK134,4 million for the quarter.
·Net profit for the quarter of NOK0.9 million.
·Acquired Gray Wireline for USD160.5 million (inclusive of USD 3 million in cash) to expand the Cased Hole Wireline and Slickline service offering in the United States.
Year 2010 Highlights
·2010 Operating Revenues of NOK3,687.5 million representing a 19% year on year increase
·2010 EBITDA of NOK521.9 million including NOK29.4 million one time items. Operating EBITDA at NOK551.3 million for the year 2010
Other events
·Allis-Chalmers Energy Inc. (formerly NYSE:ALY) merger agreement executed in August 2010 was approved by ALY shareholders 23 February and the merger is now completed.
·On 27 January Seawell acquired Universal Wireline for USD 25.5 million on a debt and cash free basis.
·The Board propose to change the name of the new combined company to Archer Limited.
The Company will continue to trade on the OSE as SEAW until the name change has been approved by shareholders, and will then trade with the ticker ARCHER.
- more here:
http://www.seawellcorp.com/stream_file.asp?iEntityId=927
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26/2 2011 08:21 fcras 0
39463 Archer will trade on the Oslo Bors stock exchange under the ticker ARCHER.
However, until the next shareholder meeting, the company will continue to trade on the Oslo Bors under the ticker SEAW.
For further stock information please visit the investor relations section of the Seawell website.
http://www.archerwell.com/page/5/investors.htm
However, until the next shareholder meeting, the company will continue to trade on the Oslo Bors under the ticker SEAW.
For further stock information please visit the investor relations section of the Seawell website.
http://www.archerwell.com/page/5/investors.htm
