UPDATE 1-Seadrill sees results rising after strong Q3
* Q3 operating profit at $394 mln tops all forecasts
* Results to continue rising in 2009-2011
* Sets minimum quarterly dividend ambition of $0.50/share
(Adds details, quotes, shares)
OSLO, Nov 5 (Reuters) - Oslo-listed oil rig company Seadrill Limited (SDRL.OL) reported a bigger-than-expected rise in third-quarter operating profit and said results would keep rising as it continued to expand its fleet.
"The full year results for 2009 will confirm a positive trend that we expect will continue in 2010 and 2011 with the delivery of further three deepwater units, three tender rigs and three jack-ups," Seadrill said in a statement on Thursday.
The company has had gradual year-on-year growth due to a combination of a bigger fleet and higher dayrates for rigs.
Operating profit more than doubled in the three months to the end of September to $394 million, from $174 million a year ago, as more drilling rigs came into operation.
"The improvement in operating profit is a function of more deepwater units in operation following deliveries from the yards and higher average dayrates," Seadrill said.
The world's No.2 deepwater-driller beat the entire range of estimates on operating profit in a Reuters poll, which were between $328 million and $387 million.
"We see that the latest oil price development, with the oil price staying over $60 dollars for five consecutive months, is probably impacting tendering activity in all rig segments," Seadrill Chief Executive Alf Thorkildsen told a conference call.
"It is also promising that demand is growing outside Brazil."
Seadrill said it had introduced quarterly dividends with $0.50 per share for the third quarter, above analysts's expectations of $0.39 per share.
"We have a strong financial platform with the outlook to maximize dividends to shareholders as well as taking the benefit of opportunities in the market," Seadrill said.
The company said it had set a minimum a quarterly dividend of $0.50 per share as a long-term ambition, and would increase it depending on the growth in order backlog and improved financing capacity and conditions.
Seadrill, controlled by Norwegian shipping tycoon John Fredriksen, said it was very confident about the future of the company.
"Seadrill will continue to deliver improved earnings in 2010 and 2011 even without an improvement in the underlying market for our drilling services," the company said.
On Wednesday, Transocean Ltd (RIG.N), the largest company in the offshore drilling sector, had posted a 33 percent drop in quarterly profit. [ID:nN04515197]
Seadrill shares closed up 0.3 percent at 126.20 crowns before the results, valuing the Bermuda-registered company at about $8.9 billion. (Reporting by Richard Solem and Joergen Frich; editing by Karen Foster)
