SDLP - Seadrill Partners LLC Announces Third Quarter 2015 Results
November 24 2015 - 7:20AM
Highlights
-
Operating income of $209.4 million and net
income attributable to Seadrill Partners LLC Members of $21.5
million.
-
Generated distributable cash flow of $85.4
million with a coverage ratio of 1.54x for the third quarter
2015.
-
Declared a $0.5675 per unit distribution for the
third quarter, in line with the second quarter distribution.
-
Economic utilization for the third quarter of
98%.
-
Orderbacklog of $4.7 billion and average
contract duration of 2.8 years
Financial Results
Overview
Seadrill Partners LLC[1] reports:
Total revenues were $456.5 million for the third quarter of 2015
(the "third quarter"), compared to $417.2 million in the second
quarter of 2015 (the "second quarter"). The increase in revenues is
primarily related to the inclusion of the West Polaris for a full
quarter, partially offset by a full quarter of lower dayrates for
the West Sirius and idle time for the West Vencedor.
Operating income for the quarter
was $209.4 million compared to $205.5 million in the preceding
quarter. The increase due to higher revenues was partially offset
by higher expenses for the West Sirius which was being prepared for
cold stacking.
Financial and other items resulted
in a loss of $125.4 million for the third quarter compared to a
gain of $19.9 million in the second quarter primarily due to mark
to market losses on derivatives and increased interest expense due
to the acquisition of the West Polaris. Net income before tax
was therefore reduced to $84.0 million for the third quarter
compared to $225.4 million in the second quarter.
Income taxes for the third quarter
were $48.6 million compared to $32.9 million in the second
quarter. The increase is primarily due the recognition of a
deferred tax liability related to a change in Nigerian tax
law. As a result, net income attributable to Seadrill
Partners LLC Members was $21.5 million for the third quarter
compared to $101.3 million for the previous quarter.
Distributable cash flow[2] was $85.4
million for Seadrill Partners' third quarter as compared to $84.7
million for the second quartergiving a coverage ratio of 1.54x for
the third quarter.
Distribution for the period was
$0.5675 per unit, equivalent to an annual distribution of
$2.27.
1All references
to "Seadrill Partners" and "the Company" refer to Seadrill Partners
LLC and its subsidiaries, including the operating companies that
indirectly own interests in the drilling units Seadrill Partners
LLC owns: (i) a 58% limited partner interest in Seadrill Operating
LP, as well as the non-economic general partner interest in
Seadrill Operating LP through its 100% ownership of its general
partner, Seadrill Operating GP LLC, (ii) a 51% limited liability
company interest in Seadrill Capricorn Holdings LLC and (iii) a
100% limited liability company interest in Seadrill Partners
Operating LLC. Seadrill Operating LP owns: (i) a 100% interest in
the entities that own the West Aquarius,
West Leo and the West
Vencedor and (ii) an approximate 56% interest in the entity
that owns and operates the West Capella.
Seadrill Capricorn Holdings LLC owns 100% of the entities that own
and operate the West Capricorn,West Sirius, West
Auriga and the West Vela. Seadrill Partners Operating LLC owns
100% of the entities that own and operate the T-15
and T-16 tender barges.
2 Please see
Appendix A for a reconciliation of Distributable Cash Flow to net
income, the most directly comparable US Generally Accepted
Accounting Principles ("US GAAP") financial measure.
Seadrill Partners 3Q 2015
Results
Seadrill Partners Fleet Status
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#1969049
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