SDLP - Seadrill Partners LLC Announces Fourth Quarter 2015 Results
February 25 2016 - 7:00AM
Highlights
- Operating revenue of $467.2 million
- Adjusted EBITDA of $308.8 million
- Cash and cash equivalents of $319.0 million
- Distribution per unit of $0.25 with a coverage
ratio of 5.26x
- Economic utilization of 99%
- Orderbacklog of $4.3 billion and average contract
duration of 2.5 years as of February 24th
Financial Results
Overview
Total operating revenues for
the fourth quarter were $467.2 million, compared to $456.5 million
in the third quarter of 2015. The increase in revenues is primarily
related to the dayrate increase on the West Aquarius which started
in October and performance related bonuses achieved, partially
offset by the dayrate reduction on the T-15 and T-16 and a decrease
in reimbursable revenues.
Total operating expenses for the
fourth quarter were $229.1 million, compared to $247.1 million in
the previous quarter. The decrease is primarily due to lower
stacking costs for the West Sirius which are currently running at
approximately $10k per day and lower reimbursable expenses.
General and administrative expenses increased from 10.6
million to $16.2 million reflecting redundancy costs and
implementation costs of other cost savings measures.
The net result of the above is
that operating income for the quarter was $238.1 million compared
to $209.4 million in the preceding quarter.
Financial and other items
comprised an expense of $43.7 million for the fourth quarter
compared to an expense of $125.4 million in the third quarter
primarily due to a non-cash gain on mark-to-market valuation of
derivatives of $31.9 million, as compared to a loss of $56.1
million in the third quarter.
Net income before tax was $194.4
million for the fourth quarter compared to $84.0 million in the
third quarter.
Income taxes for the fourth
quarter were $4.8 million compared to $48.6 million in the third
quarter. The decrease is primarily due to the recognition of
a deferred tax liability in the preceding quarter related to a
change in Nigerian tax law.
Net income attributable to
Seadrill Partners LLC Members was $96.2 million for the fourth
quarter compared to $21.5 million for the previous quarter.
Distributable cash flow was
$98.9 million for Seadrill Partners' fourth quarter as compared to
$85.4 million for the third quartergiving a coverage ratio of 5.26x
for the fourth quarter.
Distribution declared for the
period was $0.25 per unit, equivalent to an annual distribution of
$1.00.
Seadrill Partners 4Q 2015
Results
Seadrill Partners 4Q 2015 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#1989418
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