SDLP - Seadrill Partners LLC Announces Fourth Quarter 2016 Results
(Thomson Reuters ONE) -
Highlights
* Operating revenue of $353.3 million.
* Operating income of $164.8 million.
* Net income of $207.5 million.
* Adjusted EBITDA of $210.4 million.
* Cash and cash equivalents of $767.6 million.
* Distribution per unit of $0.10 with a coverage ratio of 8.01x.
* Economic utilization of 94%.
* Order backlog of $2.2 billion and average contract duration of 1.8 years as
of February 28, 2017.
Financial Results Overview
Total operating revenues for the fourth quarter were $353.3 million (3Q16:
$384.5 million). The decrease in revenue was driven by a lower dayrate and idle
time on the West Leo due to a force majeure claim and subsequent contract
cancellation, downtime on the West Auriga due to an unplanned BOP pull and a
full quarter of idle time on the West Vencedor. These were partially offset by
higher uptime on the West Vela and West Polaris.
Our fourth quarter guidance had assumed the West Leo to be operating for the
full quarter. Following the commencement of litigation proceedings, only
revenues related to the force majeure rate have been recognized, which is 80% of
contract dayrate for approximately two months during the quarter.
Total operating expenses for the fourth quarter were $188.5 million (3Q16:
$180.5 million). The increase is primarily due higher G&A expense reflecting
severance costs and IT costs.
Operating income was $164.8 million (3Q16: $204.0 million) reflecting lower
revenues for the quarter and higher G&A expenses.
Income from net financial items was $34.2 million (3Q16: expense of $37.3
million). The main movement relates to a gain on the mark-to-market valuation of
derivatives of $74.3 million (3Q16: gain of $5.7 million).
Income before tax was $199.0 million (3Q16: $166.7 million). Income tax for the
fourth quarter was a credit of $8.5 million (3Q16: expense of $13.9 million).
The tax credit in the quarter was primarily due to a reduction in uncertain tax
positions.
Net income attributable to Seadrill Partners LLC Members was $101.9 million for
the fourth quarter (3Q16: $83.2 million).
Distributable cash flow was $60.3 million (3Q16: $105.2 million)giving a
coverage ratio of 8.01x for the fourth quarter (3Q16: 13.98x).
The distribution declared for the quarter was $0.10 per common unit, equivalent
to an annual distribution of $0.40.
Seadrill Partners 4Q 2016 Results:
http://hugin.info/155503/R/2082913/785030.pdf
Seadrill Partners 4Q Fleet Status:
http://hugin.info/155503/R/2082913/785031.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: 28.02.2017 - 14:00 Uhr
Sprache: Deutsch
News-ID 526936
Anzahl Zeichen: 3403
contact information:
Town:
London
Kategorie:
Business News
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