SDLP - Seadrill Partners LLC Fourth Quarter 2014 Cash Distribution
(Thomson Reuters ONE) -
London, United Kingdom, January 27, 2015 - Seadrill Partners LLC (NYSE: SDLP)
("Seadrill Partners" or the "Company") announced today that its board of
directors has declared a quarterly cash distribution with respect to the quarter
ended December 31, 2014 of $0.5675 per unit, which represents an increase of
$0.015 per unit, or approximately 3% from the third quarter of 2014.
This cash distribution will be paid on or about February 13, 2015 to all
unitholders of record as of the close of business on February 6, 2015.
In November, 2014, in connection with the Company's announcement of the
acquisition of the West Vela, the Company stated that management intended to
recommend to the board a quarterly distribution increase of between $0.035 and
$0.040 per unit, but that any such increase would be conditioned upon, among
other things, approval by the Company's board and the absence of any material
adverse developments or potentially attractive opportunities that would make
such an increase inadvisable. Since November, the Company's market outlook has
deteriorated. Seadrill Partners' rigs all have long term contracts none of which
expire before 2017, with the exception of the West Vencedor which expires in
March 2015. Contract discussions for the West Vencedor have not progressed at
the desired pace and management is no longer confident that an agreement on an
extension can be reached. Seadrill Partners is exploring all alternative
employment opportunities for the West Vencedor.
Today's distribution increase of $0.015 is reflective of the commercial
discussions for the West Vencedor and the general deterioration in the offshore
drilling market.
The Company will continue to evaluate acquisitions, distributions and
distribution coverage to manage through near term industry challenges in the
offshore drilling industry. While Seadrill Partners' strategy is to grow
distributions via accretive acquisitions these acquisitions will also be
evaluated with the goals of building distribution coverage and mitigating
contract rollover risk.
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 projected changes in the Company's cash distributions, the Company's
anticipated growth strategies and its ability to re-contract its drilling rigs
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; hire
rates and factors affecting supply and demand for drilling rigs; the financial
condition of the Company's existing or future customers; 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 GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1889819]
Datum: 27.01.2015 - 13:03 Uhr
Sprache: Deutsch
News-ID 367174
Anzahl Zeichen: 5467
contact information:
Town:
London
Kategorie:
Business News
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"SDLP - Seadrill Partners LLC Fourth Quarter 2014 Cash Distribution"
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