SDLP - Seadrill Partners LLC Announces First Quarter 2016 Results
(Thomson Reuters ONE) -
Highlights
* Operating revenue of $444.0 million
* Adjusted EBITDA of $305.4 million
* Cash and cash equivalents of $401.2 million
* Distribution per unit of $0.25 with a coverage ratio of 5.27x
* Economic utilization2 of 99%.
* Order backlog of $3.6 billion and average contract duration of 2.2 years as
of May 25th.
Financial Results Overview
Total operating revenues for the first quarter were $444.0 million, compared to
$467.2 million in the fourth quarter of 2015. The decrease is primarily related
to the dayrate reduction on the West Polaris and a decrease in performance
related bonuses achieved relative to the fourth quarter, partially offset by a
full quarter of operations for the West Vencedor. The West Polaris dayrate
reduction from $653,000 to $490,000 has no impact on Adjusted EBITDA or backlog
since Seadrill Partners acquired the unit based on a $450,000 dayrate and pays
anything above this rate, net of commissions, to Seadrill Limited in the form of
deferred consideration.
Total operating expenses for the first quarter were $220.5 million, compared to
$229.1 million in the previous quarter. The decrease is primarily due to
efficiencies achieved in vessel and rig operating expenses and a reduction in
overhead costs.
Operating income was lower for the quarter at $223.5 million ($238.1 million in
Q4 2015) due to lower revenue, partially offset by reduced costs.
Financial and other items resulted in an expense of $112.7 million for the first
quarter compared to an expense of $43.7 million in the fourth quarter primarily
due to a loss on mark-to-market valuation of derivatives of $69.7 million
compared to a gain of $19.2 million in the fourth quarter. This loss is related
to our interest rate hedge book and was due to a decrease in interest rates in
the period. The non-cash element of this expense was $57.5 million in the
period.
Income before tax was $110.8 million for the first quarter compared to $194.4
million in the fourth quarter.
Income taxes for the first quarter were $37.6 million compared to $4.8 million
in the fourth quarter. The increase is primarily due to tax law changes and
additional provisions for uncertain tax positions. Cash tax paid in the quarter
was $15.6 million compared to $14.7 million in the fourth quarter.
Net income attributable to Seadrill Partners LLC Members was $36.1 million for
the first quarter compared to $96.2 million for the previous quarter.
Distributable cash flow was $99.2 million for Seadrill Partners' first quarter
as compared to $98.9 million for the fourth quarter giving a coverage ratio of
5.27x for the first quarter.
Distribution declared for the period was $0.25 per unit, equivalent to an annual
distribution of $1.00.
Seadrill Partners 1Q 2016 Results:
http://hugin.info/155503/R/2015830/747488.pdf
Seadrill Partners 1Q 2016 Fleet Status:
http://hugin.info/155503/R/2015830/747489.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: Seadrill Partners LLC via GlobeNewswire
[HUG#2015830]
Datum: 26.05.2016 - 13:31 Uhr
Sprache: Deutsch
News-ID 473896
Anzahl Zeichen: 3851
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 236 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SDLP - Seadrill Partners LLC Announces First Quarter 2016 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Seadrill Partners LLC (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
