NADL - North Atlantic Drilling Ltd. reports second quarter 2016 results
(Thomson Reuters ONE) -
Highlights for the second quarter
* Economic Utilization of 99%.
* Revenues of $164.6 million.
* Operating income of $54.0 million.
* EBITDA of $109.0 million.
* Net income of $16.6 million and net income attributable to shareholders of
$12.9 million. The earnings per share was $0.53.
Financial highlights
Second quarter 2016 results
Revenues for the second quarter 2016 were $164.6 million compared to $151.6
million for the first quarter of 2016. The primary reason for the increase is
the West Phoenix which returned to drilling operations on March 6, 2016 after
concluding its idle period over the winter months.
Operating income for the second quarter was $54.0 million, an increase of $21.0
million compared to the first quarter of 2016 operating income of $33.0 million.
The increase in operating income is primarily due to the West Phoenix returning
to operations as stated above.
Net financial items for the second quarter of 2016 amounted to a charge of $35.8
million. The charge included $26.8 million in interest expenses and a loss on
financial derivatives of $8.5 million, partly offset by a foreign exchange gain
of $1.4 million related to the NOK1,500 million bond loan. The first quarter of
2016 incurred a net financial charge of $35.1 million, including interest
expenses of $26.0 million and a loss on foreign exchange of $7.3 million mainly
related to the NOK1,500 million bond loan.
Income tax expense for the second quarter was $1.6 million, compared to $4.0
million in the first quarter of 2016. The decrease is attributable to a change
estimate of the tax expense initially recognized relating to prior reporting
periods, following the submission of tax returns.
Net income for the second quarter was $16.6 million and net income attributable
to shareholders was $12.9 million, resulting in a basic earnings per share of
$0.53. This is compared to net loss of $6.1 million and a net loss attributable
to shareholders of $9.9 million for the first quarter of 2016.
Balance sheet as at June 30, 2016
As at June 30, 2016, total assets decreased to $3,119.1 million from $3,157.0
million compared to the previous quarter.
Total current assets increased to $258.0 million from $243.5 million compared to
the previous quarter. The increase was mainly due to an increase in accounts
receivables, partly offset by a fall in cash balances.
Total non-current assets decreased to $2,861.1 million from $2,913.5 million
compared to the previous quarter. The decrease was mainly due to depreciation on
drilling units.
Total current liabilities increased to $1,400.1 million from $444.2 million
compared to the previous quarter. The increase is largely due to the outstanding
balance on the $2 billion senior secured credit facility being presented in
"Current portion of long-term debt" as it matures in June 2017. Refer to the
Financing update section below for more information.
Total interest bearing debt, including related party debt and the current
portion, decreased to $2,384.8 million from $2,411.6 million during the quarter.
During the second quarter the Company repaid $42.0 million on the $2 billion
credit facility and $12.0 million on the $475 million credit facility.
Total equity decreased to $402.6 million from $416.6 million compared to the
previous quarter. The decrease is primarily due to the fall in the non-
controlling interest, as the Ship Finance International leasing entity that we
consolidate, SFL Linus Limited, declared a dividend of $32 million in the period
to Ship Finance International. The decrease in equity was partly offset by net
income for the quarter.
Cash flow
As at June 30, 2016, cash and cash equivalents decreased to $80.0 million from
$87.4 million compared to the previous quarter.
For the six-month period ending June 30, 2016, net cash provided by operating
activities was $35.8 million, net cash provided by investing activities amounted
to $0.4 million, and net cash used in financing activities was $111.2 million.
For the six-month period ending June 30, 2015, net cash provided by operating
activities was $197.8 million, net cash used in investing activities amounted to
$21.0 million, and net cash used in financing activities was $157.1 million. The
fall in net cash from operating activities compared to the prior year is due to
the increase in outflows of working capital balances, primarily the increase in
accounts receivable balances.
This information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
Second Quarter 2016 report:
http://hugin.info/155697/R/2037152/759006.pdf
Second Quarter 2016 fleet status:
http://hugin.info/155697/R/2037152/759007.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: North Atlantic Drilling Ltd. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2016 - 13:00 Uhr
Sprache: Deutsch
News-ID 491134
Anzahl Zeichen: 5750
contact information:
Town:
Stavanger
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 223 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"NADL - North Atlantic Drilling Ltd. reports second quarter 2016 results"
steht unter der journalistisch-redaktionellen Verantwortung von
North Atlantic Drilling Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
