SDLP - Seadrill Partners LLC Announces Second Quarter 2017 Results
August 24 2017 - 6:56AM
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 Fleet
Status
Seadrill Partners 2Q 2017 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
Seadrill Partners (NYSE:SDLP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Seadrill Partners (NYSE:SDLP)
Historical Stock Chart
From Apr 2023 to Apr 2024