SDLP - Seadrill Partners LLC announces settlement agreement and 18 month extension for semi-submersible West Aquarius
(Thomson Reuters ONE) -
London, United Kingdom, October 10, 2013 - Seadrill Partners LLC announces today
that as part of a settlement agreement it has agreed to non-payment for 37 days
during the recent mobilization period as a result of the time required for the
ultra-deepwater harsh environment semi-submersible West Aquarius to complete
modifications and repairs in order to meet the regulatory requirements for
operations in Canadian waters and for the operator to receive authorization from
the Canadian authorities to commence operation. This loss will negatively impact
third quarter results.
In conjunction, it is negotiating an 18 month contract extension thereby
extending the operations for the rig off the east coast of Canada until April
2017. The new contract, which will be subject to required approvals by the
joint interest owners, is expected to be executed by November 30, 2013.
The total revenue potential for the extension is estimated to be
approximately US$337 million. This extension will increase Seadrill Partners
average contract term, as at September 30, 2013, from 3.5 years to 3.8 years and
increases contracted backlog from US$2.6 billion to US$2.9 billion. It will also
increase potential future distribution capacity as a function of an increased
day rate.
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 make cash distributions, the expected
performance of the drilling rigs in OPCO's fleet, estimated duration of customer
contracts, contract dayrate amounts and the Company's ability to purchase
drilling rigs from Seadrill Limited in the future 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 forward-looking 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. 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#1734928]
Datum: 10.10.2013 - 21:38 Uhr
Sprache: Deutsch
News-ID 304999
Anzahl Zeichen: 4570
contact information:
Town:
London
Kategorie:
Business News
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"SDLP - Seadrill Partners LLC announces settlement agreement and 18 month extension for semi-submersible West Aquarius"
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