SSDLP - Seadrill Partners LLC Announces Third Quarter 2016 Results
November 22 2016 - 8:41AM
Highlights
- Operating revenue of $384.5 million.
- Operating income of $204.0 million.
- Net income of $152.8 million.
- Adjusted EBITDA of $313.1 million.
- Cash and cash equivalents of $744.6 million.
- Distribution per unit of $0.10 with a
coverage ratio of 13.98x.
- Economic utilization of 95%.
- Order backlog of $2.9 billion and average
contract duration of 2.0 years as of November 22.
Financial
Results Overview
Total operating revenues for the
third quarter were $384.5 million (Q2: $418.5 million). The 8.1%
decrease is primarily related to the early termination of the West
Capella, the West Capricorn operating on standby rate for a full
quarter, the conclusion of the West Vencedor contract and downtime
on the West Vela and West Polaris.
Total operating expenses for the
third quarter were $180.5 million (Q2: $192.6 million). The 6.3%
decrease is primarily due to reduced operating costs on the West
Capella, West Capricorn and West Vencedor while the rigs are idle
and efficiencies achieved on operating expenses for vessels in
operation.
Operating income was $204.0
million (Q2: $225.9 million). Lower revenues were partially
offset by reduced operating costs.
Financial and other items resulted
in an expense of $37.3 million for the third quarter (Q2: expense
of $70.1 million). The decline in the expense is primarily due to a
gain on mark-to-market valuation of derivatives of $5.7 million
(Q2: loss of $28.3 million). The cash element was an expense
of $12.0 million in the period.
Income before tax was $166.7
million for the third quarter (Q2: $155.8 million). Income
taxes for the third quarter were $13.9 million (Q2: $43.6 million).
The decrease is primarily due to the impact of tax law changes and
provisions taken in the prior period. Cash tax paid in the quarter
was $12.5 million compared to $12.1 million in the second
quarter.
Net income attributable to
Seadrill Partners LLC Members was $83.2 million for the third
quarter (Q2: $59.8 million).
Distributable cash flow was
$105.2 million for Seadrill Partners' third quarter (Q2: 98.8
million) giving a coverage ratio of 13.98x for the third
quarter.
Distribution declared for the
period was $0.10 per unit, equivalent to an annual distribution of
$0.40.
Seadrill Partners 3Q 2016 Fleet
Status
Seadrill Partners 3Q Results
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
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