SDLP - Seadrill Partners LLC Announces Second Quarter 2017 Results
(Thomson Reuters ONE) -
Highlights
* Operating revenue of $267.9 million.
* Operating income of $81.6 million.
* Net income of $16.6 million.
* Adjusted EBITDA of $164.6 million.
* Cash and cash equivalents of $919.1 million.
* Economic utilization of 96%.
* Order backlog of $1.9 billion and average contract duration of 1.5 years as
of August 24, 2017.
Financial Results Overview
Total operating revenues for the second quarter were $267.9 million (1Q17:
$327.5 million). The decrease was primarily due to the West Aquarius earning a
lower day rate on its new contract and lower termination fees relating to the
West Capella, partially offset by a full quarter of operations for the West
Vencedor.
Total operating expenses for the second quarter were $186.3 million (1Q17:
$175.4 million). The increase was due to a full quarter of operations for the
West Vencedor, re-commencement costs for the West Capricorn prior to the unit
returning to operations and higher general and administrative expenses related
to costs incurred as part of the recently announced amendments to three credit
facilities.
Operating income was $81.6 million (1Q17: $173.4 million). The decrease was
primarily due to lower revenues, higher expenses and a fair value gain on the
revaluation of contingent consideration on the West Polaris in the first quarter
not being repeated in the second quarter.
Net financial items resulted in an expense of $57.3 million (1Q17: expense of
$46.1 million). The main movement related to a higher loss on the mark to
market valuation of derivatives of $16.7 million (1Q17: loss of $6.2 million).
Income before tax was $24.3 million (1Q17: $127.3 million). Income tax expense
for the second quarter was $7.7 million (1Q17: $20.4 million).
Net income attributable to Seadrill Partners LLC Members was $11.7 million for
the second quarter (1Q17: $56.8 million) and distributable cash flow was $32.7
million (1Q17: $68.9 million).
In April, Seadrill Partners deferred distributions to common unitholders until
an agreement was 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.
The recently announced amendments to three credit facilities have successfully
insulated the company as well as addressing near term refinancing requirements
and distributions will be resumed at the same level as prior to the deferral. A
quarterly cash distribution with respect to the first and second quarters of
2017 of $0.10 per unit for each quarter will therefore be paid on or around
September 5, 2017.
Seadrill Partners 2Q 2017 Results:
http://hugin.info/155503/R/2129081/813176.pdf
Seadrill Partners 2Q 2017 Fleet Status:
http://hugin.info/155503/R/2129081/813175.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: 24.08.2017 - 12:56 Uhr
Sprache: Deutsch
News-ID 557726
Anzahl Zeichen: 3780
contact information:
Town:
London
Kategorie:
Business News
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