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North Atlantic Drilling Ltd.: NADL - North Atlantic Drilling Ltd. reports first quarter 2014 results

Highlights from the
first quarter

* North Atlantic Drilling generates first quarter 2014 EBITDA*)of US$119.3
* North Atlantic Drilling reports first quarter 2014 net income of US$20.2
million and earnings per share of US$0.08.
* North Atlantic Drilling resolves to increase the regular quarterly cash
dividend by US$0.01 to US$0.24 per share
* North Atlantic Drilling raises US$600 million by issuing senior unsecured
notes, due 2019, in a private offering in the United States
* North Atlantic Drilling completes its initial public offering by issuing
US$125 million in new shares at US$9.25 per share and commences trading on
the New York Stock Exchange

Subsequent events

* West Linus commences drilling contract with ConocoPhilips on May 25, 2014
* North Atlantic Drilling and Seadrill announce extensive Investment and
Co-operation Agreement with Rosneft to partner in the Russian markets

*) EBITDA is defined as earnings before interest, depreciation and
amortization equal to operating profit plus depreciation and amortization.

Condensed consolidated income statements

First quarter 2014 results
Consolidated revenues for the first quarter of 2014 were US$273.7 million as
compared to US$310.4 million for the fourth quarter of 2013.

Operating profit for the first quarter was US$71.2 million, a decrease of
US$18.0 million compared to the fourth quarter operating profit of US$89.2

Net financial items for the first quarter of 2014 amounted to a loss of
US$48.5 million. The loss included US$22.5 million in settlement premium for
the prepayment of the US$500 million bond and US$23.4 million in interest
expenses, compared to a loss in the fourth quarter 2014 of US$29.5 million
that included interest expenses of US$23.7 million.

Income taxes for the first quarter were US$2.5 million.

Net income for the first quarter was US$20.2 million, and basic earnings per
share was US$0.08.

The Company reports operating revenues of US$273.7 million, operating income
of US$71.2 million and net income of US$20.2 million for the three months
ended March 31, 2014. This compares to operating revenues of US$317.8
million, operating income of US$91.6 million and net income of US$54.7
million for the three months ended March 31, 2013.

The full report for the fourth quarter can be downloaded fromwww.nadlcorp.com|
Investor relations | Financial reports

Questions should be directed to North Atlantic Management AS represented by:
Ragnvald Kavli: Chief Financial Officer
Tore Byberg: VP Commercial Finance
NADL First Quarter 2014 report
NADL Fleet status Q1 2014


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: North Atlantic Drilling Ltd. via Globenewswire


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