SDLP - Seadrill Partners LLC Announces First Quarter 2018 Results
May 24 2018 - 6:15AM
Highlights
- Operating revenue of $194.3 million.
- Operating income of $18.2 million.
- Net loss of $16.3 million.
- Adjusted EBITDA of $96.9 million.
- Cash and cash equivalents of $859.6 million.
- Economic utilization of 93%. Excluding downtime
for planned maintenance, utilization was 98%.
- Order backlog of $1.3 billion as of May 24,
2018.
- 10 cent per common unit distribution for the
first quarter of 2018.
Financial Results
Overview
Total operating revenues for the first
quarter were $194.3 million (4Q17: $256.3 million). The decrease
was primarily due to a full quarter of idle time for the West
Polaris, the West Vencedor becoming idle during the quarter and
idle time on the West Auriga related to planned maintenance.
These were partially offset by a full quarter of
operations for the West Capella in Gabon.
Total operating expenses for the first
quarter were $176.1 million (4Q17: $200.8 million). The decrease
was primarily due to fewer rigs in operation and lower
amortization expenses related to the conclusion of the West Polaris
contract.
Operating income was $18.2 million
(4Q17: $60.1 million). The decline was primarily related to the
movements referred to above and a gain from the reduction in
West Polaris contingent liabilities recognized in the fourth
quarter of 2017 not being repeated in the first quarter.
Net financial items resulted in an
expense of $25.9 million (4Q17: expense of $27.6 million). The
decrease in the expense was primarily due a gain on the mark
to market valuation of derivatives of $29.0 million (4Q17: gain
of $12.8 million), partially offset by an increase in interest
expense and advisory fees related to the amendments on our
Term Loan B.
Loss before tax was $7.7 million (4Q17:
income of $32.5 million). Income tax expense was $8.6 million
(4Q17:credit of $0.6 million), reflecting taxes payable in the
first quarter and provisions taken for the expected tax
expense for the year.
Net loss was $16.3 million (4Q17: net
income of $33.1 million). Seadrill Partners LLC Members had a net
loss for the quarter of $3.2 million (4Q17: net income of
$26.5 million).
While there was no Distributable Cash
Flow for the quarter, the Company declared a 10 cent per common
unit distribution based upon improving activity in the
offshore drilling market, our liquidity position and the
recent conclusion of the TLB leverage covenant waiver and
maturity extensions of the bank facilities.
Seadrill Partners 1Q 2018 Fleet
Status
Seadrill Partners 1Q 2018 Results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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