SDLP - Seadrill Partners LLC Announces First Quarter 2017 Results
(Thomson Reuters ONE) -
Highlights
* Operating revenue of $327.5 million.
* Operating income of $173.4 million.
* Net income of $106.9 million.
* Adjusted EBITDAÂ of $261.3 million.
* Cash and cash equivalents of $862.4 million.
* Economic utilization of 99%.
* Order backlog of $2.1 billion and average contract duration of 1.5 years as
of May 24, 2017
Financial Results Overview
Total operating revenues for the first quarter were $327.5 million (4Q16: $353.3
million). The decrease was primarily driven by a full quarter of idle time for
the West Leo, partially offset by higher uptime on rigs in operation.
Total operating expenses for the first quarter were $175.4 million (4Q16: $188.5
million). The decrease was due to a full quarter of idle time for the West Leo
and lower G&A expenses reflecting the continued benefits of cost control and
saving initiatives implemented during 2016.
Operating income was $173.4 million (4Q16: $164.8 million). Lower revenues for
the quarter were offset by a fair value gain related to the revaluation of
contingent consideration on the West Polaris and lower operating costs and G&A
expenses.
Net financial items resulted in an expense of $46.1 million (4Q16: income of
$34.2 million). The main movement related to a loss on the mark-to-market
valuation of derivatives of $6.2 million (4Q16: gain of $74.3 million).
Income before tax was $127.3 million (4Q16: $199.0 million). Income tax for the
first quarter was $20.4 million (4Q16: credit of $8.5 million).
Net income attributable to Seadrill Partners LLC Members was $56.8 million for
the first quarter (4Q16: $101.9 million) and distributable cash flow was $68.9
million (4Q16: $60.3 million).
The Company 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 are targeting
execution of an agreement during June 2017, prior to the implementation of the
broader Seadrill Limited restructuring.
Assuming we reach an agreement, a determination will be made regarding the
distribution to our Members. Based on our current cash position and free cash
flow, we aim to maintain our current distribution level once an agreement is
reached with our lending banks.
Seadrill Partners 1Q 2017 Fleet Status:
http://hugin.info/155503/R/2107574/800392.pdf
Seadrill Partners 1Q 2017 Results:
http://hugin.info/155503/R/2107574/800393.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: 24.05.2017 - 14:39 Uhr
Sprache: Deutsch
News-ID 544392
Anzahl Zeichen: 3514
contact information:
Town:
London
Kategorie:
Business News
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