NADL - North Atlantic Drilling Ltd. reports first quarter 2017 result
(Thomson Reuters ONE) -
Highlights for the first quarter
* Revenues of $72.6 million.
* Operating loss of $24.5 million.
* EBITDA of $30.6 million.
* Economic Utilization of 98%.
* Net loss of $52.9 million and net loss attributable to shareholders of $56.4
million. The loss per share was $2.34.
* April 11, 2017, the Company announced it secured 10-year contract awards for
the West Elara and West Linus with ConocoPhillips Skandinavia AS
Financial highlights
First quarter 2017 results
Revenues for the first quarter 2017 were $72.6 million compared to $81.8 million
for the fourth quarter of 2016. The primary reason for the decrease is due to
the West Epsilon concluding its contract in the fourth quarter and remaining
idle. The fall is partly offset by the West Phoenix commencing operations in
February 2017.
Operating loss for the first quarter was $24.5 million, compared to the fourth
quarter of 2016 operating loss of $24.9 million. The impact on the total
operating income of the West Phoenix starting operations is offset by the impact
of the West Epsilon concluding its contract in the fourth quarter as noted
above.
Net financial items for the first quarter of 2017 amounted to a charge of $28.5
million. The charge included $26.4 million in interest expenses and a gain on
financial derivatives of $3.4 million, partly offset by a foreign exchange loss
of $0.7 million related to the NOK1,500 million bond. The fourth quarter of
2016 incurred a net financial charge of $31.0 million, including interest
expenses of $26.6 million, and a loss on derivatives of $17.6 million, partly
offset by a foreign exchange loss of $14.9 million related to the NOK1,500
million bond.
Net loss for the first quarter was $52.9 million and net loss attributable to
shareholders was $56.4 million, resulting in a basic loss per share of $2.34.
This is compared to net loss of $53.4 million and a net loss attributable to
shareholders of $56.9 million for the fourth quarter of 2016.
Balance sheet as at March 31, 2017
As at March 31, 2017, total assets decreased to $2,795.5 million from $2,918.4
million compared to the previous quarter.
Total current assets decreased to $108.4 million from $176.2 million compared to
the previous quarter. The decrease was mainly due to the fall in cash balances
following repayments of long term debt, as noted below. Accounts receivables
also decreased following the collection of receivables as contracts concluded
and other settlements were made.
Total non-current assets decreased to $2,687.1 million from $2,742.2 million
compared to the previous quarter. The decrease was mainly due to depreciation on
drilling units.
Total current liabilities decreased to $1,211.9 million from $1,260.9 million
compared to the previous quarter. The decrease is primarily due to repayments of
debt of $41.7 million on the $2 billion credit facility, as well as a fall in
the mark-to-market liability on our interest rate and cross currency swaps.
Total interest bearing debt, including related party debt and the current
portion, decreased to $2,229.9 million from $2,280.2 million during the
quarter. During the first quarter the Company repaid $11.9 million on the SFL
Linus $475 million credit facility. During the quarter, $21 million of the
revolving credit facility with Seadrill was utilized and then fully repaid, and
no balance was outstanding at March 31, 2017.
Total equity decreased to $329.0 million from $386.0 million compared to the
previous quarter. The decrease is primarily due to the net loss for the quarter
of $52.9 million.
Cash flow
As at March 31, 2017, cash and cash equivalents decreased to $42.9 million from
$68.7 million compared to the fourth quarter of 2016.
For the three-month period ending March 31, 2017, net cash provided by operating
activities was $25.8 million, net cash provided by investing activities amounted
to $2.3 million, and net cash used in financing activities was $53.5 million.
For the three-month period ending March 31, 2016, net cash used in operating
activities was $15.0 million, net cash provided by investing activities amounted
to $2.3 million, and net cash used in financing activities was $53.5 million.
The increase in net cash from operating activities compared to the prior year is
due to the increase in working capital inflows, partly offset by lower operating
income.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
First quarter 2017 fleet status:
http://hugin.info/155697/R/2107489/800355.pdf
First quarter 2017 report:
http://hugin.info/155697/R/2107489/800357.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: 24.05.2017 - 13:11 Uhr
Sprache: Deutsch
News-ID 544380
Anzahl Zeichen: 5798
contact information:
Town:
Stavanger
Kategorie:
Business News
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