SDLP - Seadrill Partners LLC Announces Third Quarter 2017 Results
November 21 2017 - 8:40AM
YASTEST
Highlights
- Operating revenue of $276.8 million.
- Operating income of $148.5 million.
- Net income of $78.8 million.
- Adjusted EBITDA of $161.2 million.
- Cash and cash equivalents of $845.3 million.
- Economic utilization of 98%.
- Order backlog of $1.7 billion and average
contract duration of 1.3 years as of November 21, 2017.
Financial Results
Overview
Total operating revenues for the third
quarter were $276.8 million (2Q17: $267.9 million). The increase
was primarily due to the West Capricorn and West Capella commencing
operations, payments received relating to the West Polaris'
relocation to Equatorial Guinea and improved utilization on other
rigs in operation. These were partially offset by the completion of
the West Aquarius contract and West Sirius termination
payments.
Total operating expenses for the third
quarter were $193.0 million (2Q17: $186.3 million). The increase
was due to higher vessel and rig operating expenses as the West
Capricorn and West Capella commenced operations and the West
Polaris was mobilized to Equatorial Guinea. These were partially
offset by lower G&A expenses primarily related to the
reclassification of transaction costs for the amendments to three
credit facilities completed in the quarter now being expensed as
other financial items.
Operating income was $148.5 million
(2Q17: $81.6 million). The increase was primarily due to a gain
resulting from a reduction in the fair value of liabilities related
to the West Polaris contingent and deferred consideration.
Net financial items resulted in an
expense of $56.8 million (2Q17: expense of $57.3 million).
The main movements were a lower loss on the mark to market
valuation of derivatives of $3.8 million (2Q17: loss of $16.7
million), offset by higher expenses in other financial items
related to debt issuance costs and reclassifications as referred to
above.
Income before tax was $91.7 million
(2Q17: $24.3 million). Income tax expense for the third quarter was
$12.9 million (2Q17: $7.7 million).
Net income attributable to Seadrill
Partners LLC Members was $46.3 million for the third quarter (2Q17:
$11.7 million) and distributable cash flow was $31.4 million
(2Q17: $32.7 million).
The quarterly cash distribution
declared and paid with respect to the third quarter of 2017 was
$0.10 per unit, in line with the prior quarter's
distribution.
Seadrill Partners 3Q 2017 Fleet
Status
Seadrill Partners 3Q 2017 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
Seadrill Partners (NYSE:SDLP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Seadrill Partners (NYSE:SDLP)
Historical Stock Chart
From Sep 2023 to Sep 2024