NADL - North Atlantic Drilling Ltd. reports first quarter 2016 results
(Thomson Reuters ONE) -
Highlights from the first quarter
* North Atlantic Drilling generated first quarter 2016 EBITDA of $87.3 million
* North Atlantic Drilling reports first quarter 2016 net loss of $6.1 million
and net loss attributable to shareholders of $9.9 million. The loss per
share was $0.41
Financial highlights
First quarter 2016 results
Consolidated revenues for the first quarter 2016 were $151.6 million compared to
$150.4 million for the fourth quarter of 2015. The primary reason for the
increase is the West Phoenix returned to drilling operations on March 6, 2016
after concluding its idle period under contract which began in the fourth
quarter.
Operating income for the first quarter was $33.0 million, an increase of $94.1
million compared to the fourth quarter of 2015 operating loss of $61.1 million.
The loss in the fourth quarter of 2015 was mainly attributable to the impairment
loss on the West Rigel classified as held for sale, totaling $82m. The increase
in operating income is also due to the West Phoenix returning to operations as
stated above.
Net financial items for the first quarter of 2016 amounted to a charge of $35.1
million. The charge included $26.0 million in interest expenses and foreign
exchange loss of $7.3 million, mainly related to the NOK1,500 million bond loan.
The fourth quarter of 2015 incurred a net financial charge of $17.7 million,
including interest expenses of $23.9 million, gain on financial derivatives of
$0.7 million, and gain on foreign exchange of $8.6 million mainly related to the
NOK1,500 million bond loan.
The income tax expense for the first quarter was a $4.0 million , compared to a
$34.1 million in the fourth quarter of 2015 primarily due to deferred tax
liabilities recorded on unremitted earnings in the fourth quarter of 2015.
Net loss for the first quarter was $6.1 million and net loss attributable to
shareholders was $9.9 million, resulting in a basic loss per share of $0.41.
This is compared to net loss of $112.9 million and a net loss attributable to
shareholders of $116.9 million for the fourth quarter of 2015.
Balance sheet as at March 31, 2016
As at March 31, 2016, total assets decreased to $3,157.0 million from $3,255.1
million compared to the previous quarter.
Total current assets decreased to $243.5 million from $286.5 million compared to
the previous quarter. The decrease was mainly due to the fall in cash balances,
partly offset by an increase in accounts receivables.
Total non-current assets decreased to $2,913.5 million from $2,968.6 million
compared to the previous quarter. The decrease was mainly due to depreciation on
drilling units.
Total current liabilities decreased to $444.2 million from $494.6 million
compared to the previous quarter. The decrease is largely due to the decrease in
related party payables and fall in other current liabilities.
Long-term interest bearing debt, including related party debt and current
portion, decreased to $2,411.6 million from $2,434.9 million during the
quarter. Net interest bearing debt, after deducting cash and cash equivalents,
increased to $2,324.2 million from $2,284.0 million. During the first quarter
the Company repaid net $42.0 million on the $2 billion credit facility, repaid
net $12.0 million on the $475 million credit facility and reduced cash by $63.5
million.
Total equity decreased to $416.6 million from $418.7 million compared to the
previous quarter. The decrease is primarily due to the net loss for the quarter,
partly offset by other comprehensive gains on the pension plan.
Cash flow
As at March 31, 2016, cash and cash equivalents decreased to $87.4 million from
$150.9 million compared to the previous quarter.
For the three-month period ending March 31, 2016, net cash used in operating
activities was $15.0 million, net cash provided by investing activities amounted
to $2.3 million, and net cash used in financing activities was $53.5 million.
Cash from operations compared to the previous period mainly due to an increase
in accounts receivables.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
First Quarter 2016 fleet status:
http://hugin.info/155697/R/2015831/747491.pdf
First Quarter 2016 report:
http://hugin.info/155697/R/2015831/747490.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#2015831]
Unternehmensinformation / Kurzprofil:
Datum: 26.05.2016 - 13:41 Uhr
Sprache: Deutsch
News-ID 473894
Anzahl Zeichen: 5654
contact information:
Town:
Stavanger
Kategorie:
Business News
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