SDLP - Seadrill Partners LLC Announces Third Quarter 2017 Results
(Thomson Reuters ONE) -
Highlights
* Operating revenue of $276.8 million.
* Operating income of $148.5 million.
* Net income of $78.8 million.
* Adjusted EBITDA of $161.2 million.
* Cash and cash equivalents of $845.3 million.
* Economic utilization of 98%.
* Order backlog of $1.7 billion and average contract duration of 1.3 years as
of November 21, 2017.
Financial Results Overview
Total operating revenues for the third quarter were $276.8 million (2Q17: $267.9
million). The increase was primarily due to the West Capricorn and West Capella
commencing operations, payments received relating to the West Polaris'
relocation to Equatorial Guinea and improved utilization on other rigs in
operation. These were partially offset by the completion of the West Aquarius
contract and West Sirius termination payments.
Total operating expenses for the third quarter were $193.0 million (2Q17: $186.3
million). The increase was due to higher vessel and rig operating expenses as
the West Capricorn and West Capella commenced operations and the West Polaris
was mobilized to Equatorial Guinea. These were partially offset by lower G&A
expenses primarily related to the reclassification of transaction costs for the
amendments to three credit facilities completed in the quarter now being
expensed as other financial items.
Operating income was $148.5 million (2Q17: $81.6 million). The increase was
primarily due to a gain resulting from a reduction in the fair value of
liabilities related to the West Polaris contingent and deferred consideration.
Net financial items resulted in an expense of $56.8 million (2Q17: expense of
$57.3 million). The main movements were a lower loss on the mark to market
valuation of derivatives of $3.8 million (2Q17: loss of $16.7 million), offset
by higher expenses in other financial items related to debt issuance costs and
reclassifications as referred to above.
Income before tax was $91.7 million (2Q17: $24.3 million). Income tax expense
for the third quarter was $12.9 million (2Q17: $7.7 million).
Net income attributable to Seadrill Partners LLC Members was $46.3 million for
the third quarter (2Q17: $11.7 million) and distributable cash flow was $31.4
million (2Q17: $32.7 million).
The quarterly cash distribution declared and paid with respect to the third
quarter of 2017 was $0.10 per unit, in line with the prior quarter's
distribution.
Seadrill Partners 3Q 2017 Fleet Status:
http://hugin.info/155503/R/2151142/825787.pdf
Seadrill Partners 3Q 2017 Results:
http://hugin.info/155503/R/2151142/825786.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: 21.11.2017 - 14:40 Uhr
Sprache: Deutsch
News-ID 568851
Anzahl Zeichen: 3309
contact information:
Town:
London
Kategorie:
Business News
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