Report of Foreign Issuer (6-k)
March 30 2015 - 4:55PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2015
Commission File Number 001-35704
Seadrill
Partners LLC
(Exact name of Registrant as specified in its Charter)
2nd Floor, Building 11
Chiswick Business Park
566 Chiswick High Road
London, W4 5YS
United
Kingdom
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F. Form 20-F x Form
40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101 (b)(1). Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101
(b)(7). Yes ¨ No x
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 99.1 is a copy of a press release of Seadrill Partners LLC dated March 30, 2015.
EXHIBITS
The following exhibits are filed as part of
this Report:
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99.1 |
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Press Release of Seadrill Partners LLC dated March 30, 2015 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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SEADRILL PARTNERS LLC |
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Date: March 30, 2015 |
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By: |
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/s/ Graham Robjohns |
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Graham Robjohns |
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Chief Executive Officer |
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Exhibit 99.1
SDLP - Seadrill Partners LLC receives notice of termination for the West Sirius and extends the West Capricorn
London, United Kingdom, March 30, 2015 - Seadrill Partners LLC (NYSE: SDLP) (Seadrill Partners) has received a notice of
termination from BP Exploration & Production Inc. (BP) for the contract for the West Sirius which will be effective after having completed the current well and demobilization, which Seadrill Partners estimates to be by early May
2015.
Prior to the cancellation notice, the dayrate and term for the West Sirius and West Capricorn contracts were swapped. The West Sirius dayrate was
decreased by $40,000 per day and the term was decreased by two years to expire in July 2017 while the dayrate for the West Capricorn was increased by $40,000 per day and the term was extended by two years to expire in July 2019. Amortized payments
for the West Capricorn such as mobilization and upgrades will continue on the original schedule ending in July 2017. In accordance with the cancellation provisions in the West Sirius contract, Seadrill Partners will receive payments over the
remaining contract term, now expiring in July 2017.
As a result of the termination, Seadrill Partners backlog will decrease by approximately $160
million. After taking into consideration the expected decrease in operational expense while the unit is cold stacked, and the fact that termination fee payments will not be impacted by downtime, Seadrill Partners does not expect a material impact on
its cash flow position over the contract period through July 2017.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the
Companys plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. In particular, statements regarding the Companys ability to make cash distributions, the expected performance
of the drilling units in the Companys fleet, estimated duration of customer contracts, contract dayrate amounts and the Companys ability to purchase drilling rigs from Seadrill Limited in the future are considered forward-looking
statements. These statements are made based upon managements 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 offshore drilling market conditions including supply and demand, dayrates, customer dilling programs and effects new rigs on the market, contract awards and rig mobilizations, contract
backlog, the performance of the drilling units in the Companys fleet, delay in payment or disputes with customers, our ability to successfully employ our drilling units, procure or have access to financing, ability to comply with loan
covenants, liquidity and adequacy of cash flow from operations, fluctuations in the international price of oil, changes in governmental regulations that affect the Company or the operations of the Companys 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 Companys filings with the SEC. 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.
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