NADL - North Atlantic Drilling Ltd. reports second quarter 2017 result
(Thomson Reuters ONE) -
Highlights for the second quarter
* Revenues of $61.7 million.
* Operating loss of $40.1 million.
* EBITDA of $13.9 million.
* Economic Utilization of 96%.
* Net loss of $59.1 million and net loss attributable to shareholders of $62.3
million. The loss per share was $2.59.
Financial highlights
Second quarter 2017 results
Revenues were $61.7 million (1Q17: $72.6 million). The primary reason for the
decrease is due to lower dayrates on the West Elara and West Linus. This is
partly offset by the West Phoenix commencing operations in February 2017.
Operating loss was $40.1 million, (1Q17: operating loss of $24.5 million). The
increased loss is primarily due to the reduced dayrates on the West Elara and
West Linus, in addition to higher general and administrative expenses of $5.6
million primarily due to advisory fees related to the ongoing restructuring.
Net financial items were an expense of $33.0 million (1Q17: $28.5 million). The
increase is driven by higher foreign exchange losses due to strengthening of NOK
against the USD offset by a higher gain on derivative financial instruments.
Net loss for the second quarter was $59.1 million (1Q17: loss of $52.9 million)
and net loss attributable to shareholders was $62.3 million (1Q17: loss $56.4
million). The resulting basic loss per share for the second quarter was $2.59.
Balance sheet as at June 30, 2017
As at June 30, 2017, total assets decreased to $2,714.6 million (1Q17: $2,795.5
million).
Total current assets decreased to $82.9 million (1Q17: $108.4 million). The
decrease was mainly due to the fall in cash balances following repayments of
long term debt, as noted below.
Total non-current assets decreased to $2,631.7 million (1Q17: $2,687.1 million).
The decrease was mainly due to depreciation on drilling units.
Total current liabilities decreased to $1,204.8 million (1Q17: $1,211.9
million). The decrease is primarily due to the draw down of revolving credit
facility with Seadrill in the quarter partly offset by repayments of debt on the
$2 billion credit facility.
Total non-current liabilities decreased to $1,241.3 million (1Q17: $1,254.6
million). The decrease is primarily attributable to pension payments,
settlements of related party balances and normal deferred revenues amortization.
Total interest bearing debt, including related party debt and net of debt
issuance costs, increased to $2,243.4 million (1Q17: $2,229.9 million) during
the quarter. This reflects normal quarterly repayments and a net drawn down of
the revolving credit facility with Seadrill.
Total equity was $268.5 million (1Q17: $329.0 million), reflecting the net loss
for the quarter of $59.1 million.
Cash flow
As at June 30, 2017, cash and cash equivalents decreased to $21.6 million (1Q17:
$42.9 million).
For the six-month period ending June 30, 2017, net cash used in operating
activities was $6.5 million (2Q16: provided by $35.8 million). Net cash provided
by investing activities amounted to $1.3 million (2Q16: $0.4 million), and net
cash used in financing activities was $41.6 million (2Q16: $111.2 million).
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Second quarter 2017 fleet status:
http://hugin.info/155697/R/2129069/813172.pdf
Second quarter 2017 report:
http://hugin.info/155697/R/2129069/813171.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: 24.08.2017 - 12:16 Uhr
Sprache: Deutsch
News-ID 557734
Anzahl Zeichen: 4414
contact information:
Town:
Stavanger
Kategorie:
Business News
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