SDLP - Seadrill Partners LLC provides operational update on the semi-submersible West Aquarius
March 11 2014 - 10:13AM
London, United Kingdom,
March 11, 2014 - Seadrill Partners LLC (the
"Company")(NYSE: SDLP), on February 25, 2013 in its fourth quarter
2013 report, reported that it expected 60 days of collective off
hire time in the first quarter 2014. As of today this
estimate has increased to 90 days. The primary reason for the
increase is linked to problems the West Aquarius has experienced
with its mooring system. The root causes for the problems
have been identified and are linked to equipment failures with the
mooring winches. These are currently undergoing repair and testing.
The total downtime for the West Aquarius in connection with this
incident is presently estimated to be 58 days. The Company has Loss
of Hire insurance coverage for downtime exceeding 60 days with
respect to any single rig.
The West Capricorn and West Leo have returned to
service since our fourth quarter 2013 report. The remaining 5 rigs
have operated with an average technical utilization of 98% in the
first quarter to date.
The loss of contract hire for this additional
downtime for Seadrill Partners' 30% ownership share of the West
Aquarius is approximately US$5 million. This will not impact
the Company's ability to make management's recommended distribution
for the first quarter 2014 of between US$0.50 and US$0.5125.
As of today, the Company's orderbacklog stands at
US$4.4 billion and the average remaining contract term is 3.6
years.
The statements in this press release that are not
historical facts may be forward-looking statements. These
forward-looking statements, which include statements related to the
term loan and revolving loan and the anticipated use of proceeds
therefrom, are based upon the current beliefs and expectations of
Seadrill Partners' management and are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements. The information set forth herein should
be read in light of such risks. Seadrill Partners does not assume
any obligation to update the information contained in this press
release.
Questions should be directed to:
Graham Robjohns: Chief Executive Officer
Rune Magnus Lundetræ: Chief Financial
Officer
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1767972
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