SDLP - Seadrill Partners LLC Announces Third Quarter 2018 Results
November 20 2018 - 8:20AM
Highlights
- Operating revenue of $206.2 million.
- Operating income of $50.5 million.
- Net loss of $18.9 million.
- Adjusted EBITDA of $129.9 million.
- Cash and cash equivalents of $881.7 million.
- Economic utilization of 92%. Excluding downtime
for planned maintenance, utilization was 98%.
- Order backlog of $1.1 billion as of November 20,
2018.
- 10 cent per common unit distribution for the
third quarter of 2018.
Financial
Results Overview
Total operating revenues for the third quarter
were $206.2 million (2Q18: $418.1 million). The decrease was
primarily due to the $250 million West Leo litigation judgment
recognized in the second quarter, of which $204 million was
recognized as revenue. Excluding the impact of the litigation
judgment, revenue decreased by approximately $8 million primarily
due to a planned SPS for the West Vela and the West Capella
completing its contract, partially offset by higher uptime on the
West Auriga following the completion of a planned SPS in the second
quarter.
Total operating expenses for the third quarter
were $155.7 million (2Q18: $178.9 million). The decrease was
primarily related to lower costs for the West Capella while between
contracts, lower stacking costs for the West Leo and lower general
and administrative expense.
Operating income was $50.5 million (2Q18: $239.2
million). The decrease was primarily related to revenue recognized
from the West Leo litigation judgment in the second quarter.
Excluding the impact of the litigation judgment, operating income
increased by approximately $15 million as lower operating costs
offset the decline in revenue.
Adjusted EBITDA for the third quarter was $129.9
million compared to guidance of $100 million due to the West
Aquarius working for the full quarter, the West Vela planned SPS
being completed sooner than expected and strong operating
performance for other rigs in operation.
Net financial items resulted in an expense of
$55.3 million (2Q18: expense of $31.3 million). The increase in the
expense was primarily due to interest income related to the West
Leo litigation judgment being recognized in the second quarter and
a lower gain on the mark to market valuation of derivatives of $6.5
million (2Q18: gain of $10.8 million).
Loss before tax was $4.8 million (2Q18: income of
$207.9 million). Income tax expense was $14.1 million (2Q18: credit
of $9.3 million) reflecting taxes payable in the third quarter and
provisions taken for the expected tax expense for the year.
Net loss was $18.9 million (2Q18: net income of
$217.2 million). Seadrill Partners LLC Members had a net loss for
the quarter of $9.3 million (2Q18: net income of $127.7
million).
Distributable cash flow for the third quarter was
$5.7 million and our 10 cent per common unit distribution was
maintained.
Seadrill Partners 3Q 2018
Results
Seadrill Partners 3Q 2018 Fleet Status
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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