Net financial items for the quarter showed a gain of US $24 million compared to a loss of US $501 million in the previous quarter. The previous quarter included a US $463 million impairment charge on our 39.9 percent ownership in Archer. While this quarter includes a gain of US $91 million on derivative financial instruments compared to a gain of US$33 million in the previous quarter.
US $63 million of the gain is related to the sale of our holdings in Ensco plc. The rest is related to unrealized gains on currency forward contracts, total return swap arrangements and interest rate swaps. Income taxes for the first quarter were US $41 million unchanged from the fourth quarter. Net income for the quarter was US $439 million or basic earnings per share of US $0.89.
Read the entire SeaDrill 1st Quarter Earnings Report
Gold & Gold Miners Are Closing in on a Major Bottom
