SDLP - Deferral of First Quarter Distribution Decision
(Thomson Reuters ONE) -
London, United Kingdom, April 28, 2017 - Seadrill Partners LLC ("SDLP" or "the
Company") announces that it has deferred its first quarter 2017 distribution
decision until an agreement is reached with its lending banks to insulate itself
from potential events of default by Seadrill Limited should Seadrill Limited
require the use of in court processes, such as schemes of arrangement or chapter
11 proceedings, to implement its restructuring.
Discussions with our lending banks are well advanced and we expect to reach an
agreement by the end of May, prior to the implementation of the broader Seadrill
Limited restructuring.
Assuming we reach an agreement, a determination will be made regarding the
distribution. Based on our current cash position and free cash flow, we aim to
maintain our current distribution level once an agreement is reached.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding projected changes in the Company's cash distributions, liquidity,
amount of the Company's estimated maintenance and replacement capital
expenditures, the Company's anticipated growth strategies and its ability to re-
contract its drilling rigs are considered forward looking statements. These
statements are made based upon management's current plans, expectations,
assumptions and beliefs concerning future events impacting the Company and
therefore involve a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed or implied in the
forward looking statements, which speak only as of the date of this news
release. Important factors that could cause actual results to differ materially
from those in the forward looking statements include, but are not limited to the
performance of the drilling rigs in the Company's fleet; delay in payment or
disputes with customers; fluctuations in the international price of oil; changes
in governmental regulations that affect the Company or the operations of the
Company's fleet; increased competition in the offshore drilling industry; hire
rates and factors affecting supply and demand for drilling rigs; the financial
condition of the Company's existing or future customers; the Company's ability
to insulate itself from certain potential events of default at Seadrill Limited
and a broader Seadrill Limited restructuring; and general economic, political
and business conditions globally. Consequently, no forward looking statement can
be guaranteed. When considering these forward looking statements, you should
also keep in mind the risks described from time to time in the Company's filings
with the SEC, including its Annual Report on Form 20-F (File No. 001-35704).
The Company undertakes no obligation to update any forward looking statements to
reflect events or circumstances after the date on which such statement is made
or to reflect the occurrence of unanticipated events. New factors emerge from
time to time, and it is not possible for us to predict all of these factors.
Further, the Company cannot assess the impact of each such factor on its
business or the extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in any forward
looking statement.
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: 28.04.2017 - 14:16 Uhr
Sprache: Deutsch
News-ID 539092
Anzahl Zeichen: 4290
contact information:
Town:
London
Kategorie:
Business News
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"SDLP - Deferral of First Quarter Distribution Decision"
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