Edited Transcript of Seadrill Limited (SDRL) Q3 2014 Earnings Conference Call…
Seadrill Limited (NYSE:SDRL)hosted a conference call with investors and analysts to discuss Q3 2014 earnings results on November 26, 2014 at 12:00 p.m. ET. The following are the webcast audio and the associated transcript of the event…
Operator: Good day, ladies and gentlemen. Welcome to the Seadrill Limited Q3 2014 earnings conference call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. John Roche, Director of Investor Relations. Please go ahead, sir.
John Roche – Director, IR
Thank you, Ann. And good afternoon to everyone on the call today. Welcome to Seadrill Limited’s third quarter earnings conference call.
With me today I have Per Wullf, our Chief Executive Officer; and Rune Magnus Lundetrae, our CFO.
Before we do get started, I’d like to remind everyone that much of the discussion today will not be based on historical fact, but rather consist of forward-looking statements and are subject to uncertainty. We articulate some of the new items on Page 2 of the presentation. For additional information, please visit our website at www.seadrill.com.
To begin the discussion today, Per is going to take us through some of the third quarter highlights and some of the more recent developments in the offshore drilling market. Per is also going to discuss a number of Seadrill’s recent contract wins and the overall market outlook. Rune will then address our financial highlights and take us through the rationale behind our dividend suspension and also Seadrill’s funding requirements going forward.
With that, I’d like to turn the call over to our CEO, Mr. Per Wullf.
Per Wullf – CEO
Thank you, John, and good afternoon, everybody.
The Seadrill group has had another strong quarter and has grown EBITDA by 27% year-over-year. I’m pleased with this impressive growth rate and the amount of value we have generated for shareholders by operating a best-in-class fleet with a best-in-class organization. We continue to focus our effort on running a safe and efficient operation by always keeping customer satisfaction on the top of our mind.
Seadrill’s value generation can be attributed to our industry-leading newbuild program and an innovative financing strategy, which has been in place since our inception and remain in place today.