SDLP - Seadrill Partners LLC Announces Contract Extensions for the T-15 & T-16
December 08 2015 - 8:07AM
London, United Kingdom, December
8, 2015 - Seadrill Partners LLC (NYSE: SDLP) ("Seadrill
Partners" or the "Company") has secured one year contract
extensions for the T-15 and T-16 tender rigs with Chevron Thailand
Exploration and Production, Ltd. The contracts will now
expire in July and August 2019, respectively. The total
backlog of the two contract extensions is approximately $80
million.
As part of the agreement to extend the contracts,
the Company has agreed to a dayrate reduction on the current
contracts, effective from October 1, 2015. As a result, the
total backlog of the current contracts is reduced by $35
million.
The net effect of this agreement has resulted in
an increase of $45 million in total backlog and an additional year
of contract coverage for the two units.
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 changes in the Company's cash distributions,
the Company's anticipated growth strategies and its ability to
re-contract its drilling rigs 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; hire rates and factors affecting supply
and demand for drilling rigs; the financial condition of the
Company's existing or future customers; 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#1972174
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