SDLP - Seadrill Partners LLC Announces Second Quarter 2016 Results
(Thomson Reuters ONE) -
Highlights
* Operating revenue of $418.5 million.
* Operating income of $225.9 million.
* Net income of $112.2 million.
* Adjusted EBITDA of $284.5 million against the previously issued guidance of
$320.0 million, which included $62.5 million early termination payment on
the West Capella, received in the third quarter.
* Cash and cash equivalents of $450.1 million.
* Distribution per unit of $0.10 with a coverage ratio of 13.12x.
* Economic utilization of 99%.
* Order backlog of $3.2 billion and average contract duration of 2 years as of
August 24.
Financial Results Overview
Total operating revenues for the second quarter were $418.5 million (Q1: $444.0
million). The decrease is primarily related to the dayrate reduction on the West
Capricorn and the termination of the West Capella.
Total operating expenses for the second quarter were $192.6 million (Q1: $220.5
million). The decrease is primarily due to reduced operating costs on the West
Capricorn and West Capella while the rigs are idle, efficiencies achieved on
operating expenses for vessels in operation and a reduction in overhead costs.
Operating income was $225.9 million (Q1: $223.5 million). Lower revenues were
offset by reduced costs resulting in a small improvement in our operating margin
of approximately 4%.
Financial and other items resulted in an expense of $70.1 million for the second
quarter (Q1: expense of $112.7 million), the decline in the expense is primarily
due to a lower loss on mark-to-market valuation of derivatives of $28.3 million
(Q1: loss of $69.7 million). The cash element of this expense was $11.7 million
in the period.
Income before tax was $155.8 million for the second quarter (Q1: $110.8
million).
Income taxes for the second quarter were $43.6 million (Q1: $37.6 million). The
increase is primarily due to tax law changes and additional provisions for
uncertain tax positions. Cash tax paid in the quarter was $12.1 million compared
to $15.6 million in the first quarter.
Net income attributable to Seadrill Partners LLC Members was $59.8 million for
the second quarter (Q1: $36.1 million).
Distributable cash flow was $98.8 million for Seadrill Partners' second quarter
(Q1: $99.2 million) giving a coverage ratio of 13.12x for the second quarter.
Distribution declared for the period was $0.10 per unit, equivalent to an annual
distribution of $0.40
Seadrill Partners 2Q 2016 Fleet Status:
http://hugin.info/155503/R/2037154/759009.pdf
Seadrill Partners 2Q 2016 Results:
http://hugin.info/155503/R/2037154/759008.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seadrill Partners LLC via GlobeNewswire
Datum: 25.08.2016 - 13:00 Uhr
Sprache: Deutsch
News-ID 491132
Anzahl Zeichen: 3389
contact information:
Town:
London
Kategorie:
Business News
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