OSLO (Bloomberg) — Bermuda-based Seadrill Ltd., the offshore oil-rig company with the world's second-largest ultra-deepwater fleet, reported a second-quarter income that beat analyst estimates by 27 percent and said it was considering acquisitions.

Net income fell to $316 million, or $0.72 a share, from $339 million, or $0.81, a year earlier. The company was estimated to make $248 million, according to a Bloomberg survey of 11 analysts. Sales rose 16 percent to $886 million. The acquisition of Scorpion Offshore Ltd., consolidated on June 1, added $167 million in accounting gains, the company said.

"We continue to be optimistic about the outlook for the business and therefore see the current market volatility as a good opportunity to look for investment opportunities that will further build the company and create value for our shareholders," the Bermuda-based company said in the statement.

Seadrill got $2.9 billion in new contracts and extensions, bringing its backlog to $12.2 billion. Seadrill said earnings this quarter were expected to be helped by four rigs starting operations, including the ultra-deepwater West Orion in Brazil.

Developments following the Gulf of Mexico oil spill "could open up for further consolidation of the ultra-deepwater rig market", Seadrill said. "Such a consolidation could take place as asset acquisition as well as corporate action."

The Deepwater Horizon blowout of April 20, which caused the biggest oil spill in US history and the start of a six-month ban on drilling in the Gulf of Mexico, may result in greater demand for experienced rig operators.