SDLP - Seadrill Partners LLC First Quarter 2014 Cash Distribution
April 25 2014 - 8:09AM
London, United Kingdom,
April 25, 2014 - Seadrill Partners LLC (NYSE: SDLP)
("Seadrill Partners" or the "Company") announced today that its
board of directors has declared a quarterly cash distribution with
respect to the quarter ended March 31, 2014 of $0.5075 per unit,
which represents an increase of 14% from the fourth quarter of
2013.
This increase, as already announced, relates to
the acquisition of the ultra-deepwater semi-submersible units, the
West Sirius and West Leo, and the Company's management
recommendation to the Board to increase the quarterly distribution
rate as a result in respect of the quarter ending March 31,
2014.
This cash distribution will be paid on May 14,
2014 to all unitholders of record as of the close of business on
May 6, 2014.
As announced in March 2014 in connection with the
acquisition of the West Auriga, the Company's management has also
recommended to the Board a further increase in the Company's
quarterly cash distribution of between $0.0325 and $0.0375 per
common unit (or an annualized increase of between $0.13 and $0.15
per common unit), which would become effective for the Company's
distributions with respect to the quarter ending June 30, 2014. Any
such increase would be conditioned upon, among other things, the
approval of such increase by the Board and the absence of any
material adverse developments or potentially attractive
opportunities that would make such an increase inadvisable.
FORWARD LOOKING
STATEMENTS
This news release includes forward looking
statements. Such statements are generally not historical in nature,
and specifically include statements about the Company's plans,
strategies, business prospects, changes and trends in its business
and the markets in which it operates. In particular, statements
regarding projected increases in cash distributions are considered
forward looking statements. These statements are made based upon
management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and therefore
involve a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed or
implied in the forward looking statements, which speak only as of
the date of this news release. Important factors that could cause
actual results to differ materially from those in the forward
looking statements include, but are not limited to the performance
of the drilling rigs in the Company's fleet, delay in payment or
disputes with customers, fluctuations in the international price of
oil, changes in governmental regulations that affect the Company or
the operations of the Company's fleet, increased competition in the
offshore drilling industry, and general economic, political and
business conditions globally. Consequently, no forward looking
statement can be guaranteed. When considering these forward looking
statements, you should keep in mind the risks described from time
to time in the Company's filings with the SEC, including its Annual
Report on Form 20-F (File No. 001-35704).
The Company undertakes no obligation to update any
forward looking statements to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for us to predict all of these
factors. Further, the Company cannot assess the impact of each such
factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward looking
statement.
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#1780085
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