SDLP - Seadrill Partners LLC acquires the tender rig T15
(Thomson Reuters ONE) -
London, United Kingdom, May 7, 2013 - Seadrill Partners LLC (NYSE: SDLP)
("Seadrill Partners" or the "Company") announced today that it has entered into
an agreement to acquire the companies that own and operate the tender rig T-15
from Seadrill Limited ("Seadrill") for a total purchase price of US$210 million,
less approximately US$100 million of debt outstanding under the credit facility
secured by the T-15. The balance of the purchase price will be financed with
vendor financing provided by Seadrill in the form of a loan in the amount of
approximately US$110 million. The transaction is expected to close prior to the
end of May 2013.
The T-15 is contracted for a five-year period with Chevron in Thailand at a
dayrate of $115,500. The rig is currently undergoing acceptance testing in
Singapore prior to mobilizing to its drilling location, which is expected to
occur by mid-June. The rig is currently earning a standby dayrate until it
arrives in Thailand and commences operations.
The debt secured by the T-15 matures in December 2017 and has an interest rate
of LIBOR plus a margin of 3.25% per annum. The vendor financing will have a term
of three years and bears an interest rate of LIBOR plus a margin of 5% per
annum. It is expected that the vendor financing will be refinanced prior to its
maturity.
Seadrill Partners management believes that the acquisition will be accretive to
unitholders and has recommended that, upon completion of the acquisition, the
Board of Directors of Seadrill Partners consider an increase in the quarterly
cash distribution of between US$0.0275 and US$0.0325, an approximate 8% increase
(annualized increase of between $0.11 and $0.13 from the current annualized
distribution rate of $1.55 per common unit), which would become effective for
the distribution with respect to the quarter ending June 30, 2013. Any such
increase would be conditioned upon, among other things, the closing of the
acquisition, the approval of such increase by the Board and the absence of any
material adverse developments that would make such an increase inadvisable.
The Board of Directors of Seadrill Partners and the Conflicts Committee of the
Board have approved the purchase price and vendor financing. The Conflicts
Committee retained a financial advisor, DnB Markets, to assist with its
evaluation of the transaction.
The acquisition of the T-15 is the first step in Seadrill Partners' growth
strategy and the Board is excited about the Company's future growth prospects.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding the Company's ability to complete the acquisition of the T-15 and
projected increases in cash distributions are considered forward looking
statements. These statements are made based upon management's current plans,
expectations, assumptions and beliefs concerning future events impacting the
Company and therefore involve a number of risks, uncertainties and assumptions
that could cause actual results to differ materially from those expressed or
implied in the forwardlooking statements, which speak only as of the date of
this news release. Important factors that could cause actual results to differ
materially from those in the forward looking statements include, but are not
limited to the performance of the drilling rigs in the Company's fleet, delay in
payment or disputes with customers, fluctuations in the international price of
oil, changes in governmental regulations that affect the Company or the
operations of the Company's fleet, increased competition in the offshore
drilling industry, and general economic, political and business conditions
globally. Consequently, no forward looking statement can be guaranteed. When
considering these forward looking statements, you should keep in mind the risks
described from time to time in the Company's filings with the SEC, including its
Annual Report on Form 20-F (File No. 001-35704).
The Company undertakes no obligation to update any forward looking statements to
reflect events or circumstances after the date on which such statement is made
or to reflect the occurrence of unanticipated events. New factors emerge from
time to time, and it is not possible for us to predict all of these factors.
Further, the Company cannot assess the impact of each such factor on its
business or the extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in any forward
looking statement.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Partners LLC via Thomson Reuters ONE
[HUG#1700029]
Datum: 07.05.2013 - 15:23 Uhr
Sprache: Deutsch
News-ID 257071
Anzahl Zeichen: 5839
contact information:
Town:
London
Kategorie:
Business News
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