NADL - North Atlantic Drilling Ltd. reports first quarter 2015 results
(Thomson Reuters ONE) -
Highlights from the first quarter
* North Atlantic Drilling generates first quarter 2015 EBITDA* of $92.4
million
* North Atlantic Drilling reports first quarter 2015 net loss of $11.3 million
and loss per share of $0.06
* Seadrill Limited provides guarantees for North Atlantic Drilling's NOK1.5
billion bond maturing in 2018 and for North Atlantic Drilling's two secured
credit facilities. In exchange, the lenders have agreed to replace North
Atlantic Drilling's financial covenants with Seadrill's financial covenants
Subsequent events
* North Atlantic Drilling successfully extends the termination date of the
Framework Agreement with Rosneft until May 31, 2017
* The Board announces the resignation of Ms. Cecilie Fredriksen and Mr Harald
Thorstein as directors of the Company. Ms. Fredriksen and Mr Thorstein are
leaving the Board to focus on other responsibilities and activities,
including those in related companies.
* The Board is also pleased to announce the appointment of Orjan Svanevik as a
Director to fill a vacancy on the Board. Mr. Svanevik is an employee of the
Seatankers Group. He was previously Managing Director for the investment
advisory firm, Oavik Capital. Prior to Oavik, he was Head of M&A and a
Partner at Aker ASA, and COO and EVP of Kværner ASA. Svanevik also worked
nearly a decade in corporate advisory and investment banking. He started
his career at Schlumberger, where he held various international financial
management positions. Svanevik has an AMP from Harvard Business School and
a MBA from Thunderbird.Mr. Svanevik is also a director of Seadrill Limited
Condensed consolidated income statements
First quarter 2015 results
Consolidated revenues for the first quarter 2015 were $192.0 million compared to
$291.2 million for the fourth quarter of 2014. The primary reason for the
decrease is the West Navigator being idle for most of the quarter and downtime
in January for one unit.
Operating income for the first quarter was $36.9 million, an increase of $440.1
million compared to the fourth quarter operating loss of $403.2 million. The
increase is primarily due to a non-cash charge to goodwill of $480.6 million in
the fourth quarter.
Net financial items for the first quarter of 2015 amounted to a loss of $45.9
million. The loss included $24.6 million in interest expenses and $34.3 million
loss related to financial derivatives, partly offset by foreign exchange gains
of $14.4 million mainly related to the NOK1,500 million bond loan. The fourth
quarter of 2014 incurred a loss of $60.2 million, including interest expenses of
$25.8 million and $59.5 million loss related to financial derivatives partly
offset by foreign exchange gains of $25.8 million mainly related to the NOK1,500
million bond loan.
Income taxes for the first quarter were $2.3 million, compared to $11.3 million
in the fourth quarter.
Net loss for the first quarter was $11.3 million resulting in a basic loss per
share of $0.06.
The Company reports operating revenues of $192.0 million, operating income of
$36.9 million and a net loss of $11.3 million for the three months ended
March 31, 2015. This compares to operating revenues of $273.7 million, operating
income of $71.2 million and a net income of $20.2 million for the three months
ended March 31, 2014.
Questions should be directed to North Atlantic Management AS represented by:
Ragnvald Kavli: Chief Financial Officer
Management will address highlights from the first quarter 2015 results in a
conference call to be held at 11:00 a.m. EDT / 5:00 p.m. CEST on Thursday May
28, 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.
North Atlantic Drilling Fleet Status Q1 2015:
http://hugin.info/155697/R/1924608/690403.pdf
First quarter 2015 report:
http://hugin.info/155697/R/1924608/690406.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#1924608]
Unternehmensinformation / Kurzprofil:
Datum: 28.05.2015 - 14:32 Uhr
Sprache: Deutsch
News-ID 396515
Anzahl Zeichen: 5176
contact information:
Town:
Stavanger
Kategorie:
Business News
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