NADL - North Atlantic Drilling Ltd. - Fourth quarter and preliminary 2014 results
(Thomson Reuters ONE) -
Highlights from the fourth quarter
* North Atlantic Drilling generates fourth quarter 2014 EBITDA*()) of US$135.3
million
* North Atlantic Drilling reports fourth quarter 2014 net loss of US$474.7
million and earnings per share of US$(1.99)
* North Atlantic Drilling reports a non-cash charge to its goodwill of
US$480.6 million
Subsequent events
* North Atlantic Drilling receives approval from its Norwegian Bondholders to
amend the Bond Agreement for its NOK1.5 billion Norwegian Bond maturing in
2018. Under the terms of the agreement, Seadrill Limited will provide a
guarantee for the Bond Issue in exchange for some amendments to the Bond
Issuer's covenant package, namely replacing the Issuer's current financial
covenants with Seadrill Limited financial covenants.
* North Atlantic Drilling receives approval from lending group to amend the
loan agreement for its US$2 billion credit facility. Under the terms of the
agreement, Seadrill Limited will provide a guarantee for the credit facility
in exchange for some amendments to the Borrower's covenant package, namely
replacing the Borrower's current financial covenants with Seadrill Limited
financial covenants.
* North Atlantic Drilling receives approval from Ship Finance International
Ltd. to amend its US$600 million sale leaseback facility. Under the terms
of the agreement, Seadrill Limited will provide a guarantee for the facility
in exchange for some amendments to the Borrower's covenant package, namely
replacing the Borrower's current financial covenants with Seadrill Limited
financial covenants.
*) EBITDA is defined as earnings before interest, depreciation and amortization
equal to operating profit before any impairment charges, and plus depreciation
and amortization.
Condensed consolidated income statements
Fourth quarter and preliminary 2014 results
Consolidated revenues for the fourth quarter 2014 were US$291.2 million compared
to US$356.2 million for the third quarter 2014.
Operating loss for the fourth quarter was US$403.2 million, a decrease of
US$514.1 million compared to the third quarter operating profit of US$110.9
million. In the fourth quarter the Company recognized a non-cash charge to its
goodwill of US$480.6 million. For further information please see Note 10 to our
consolidated financial statements.
Net financial items for the fourth quarter of 2014 amounted to a loss of US$60.2
million. The loss included US$25.8 million in interest expense and US$59.5
million related to financial derivatives, partly offset by foreign exchange
gains of US$25.8 million mainly related to the NOK1,500 million bond loan,
compared to the third quarter 2014 loss of US$23.4 million, comprised of
interest expense of US$26.8 million and US$12.7 million loss related to
financial derivatives partly offset by foreign exchange gains of US$16.8 million
mainly related to the NOK1,500 million bond loan.
Income taxes for the fourth quarter were US$11.3 million.
Net loss for the fourth quarter was US$474.7 million, and basic earnings per
share were US$(1.99).
The Company reports operating revenues of US$1,263.7 million, operating loss of
US$116.4 million and a net loss of US$320.5 million for the twelve months ended
December 31, 2014. This compares to operating revenues of US$1,324.3 million,
operating income of US$360.6 million and a net income of US$235.6 million for
the twelve months ended December 31, 2013.
The full report for the fourth quarter can be downloaded from www.nadlcorp.com |
Investor relations | Financial reports
Questions should be directed to North Atlantic Management AS represented by:
Ragnvald Kavli: Chief Financial Officer
Tore Byberg: VP Commercial Finance
Management will address highlights from the fourth quarter 2014 results in a
conference call to be held at 11:00 a.m. EST / 5:00 p.m. CET on Thursday
February 26, 2015. The details for the conference call are available on the
Company's website www.nadlcorp.com.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Fourth Quarter 2014 Report:
http://hugin.info/155697/R/1897617/673538.pdf
NADL Fleet status Q4 2014:
http://hugin.info/155697/R/1897617/673539.pdf
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: North Atlantic Drilling Ltd. via GlobeNewswire
[HUG#1897617]
Unternehmensinformation / Kurzprofil:
Datum: 26.02.2015 - 11:25 Uhr
Sprache: Deutsch
News-ID 374419
Anzahl Zeichen: 5465
contact information:
Town:
Stavanger
Kategorie:
Business News
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