SDLP - Seadrill Partners LLC receives early termination notice for the West Capricorn contract
April 18 2019 - 7:29AM
London, United
Kingdom, April 18, 2019 - Seadrill Partners LLC
("SDLP" or the "Company") has received early termination notice for
the West Capricorn contract approximately three months ahead of
schedule. The contract was originally expected to run through
late July 2019 and we now expect it to conclude in late April 2019
after the current well is completed and the unit is
demobilized.
Seadrill Partners will receive
early termination payments over the original contract term and
backlog is expected to decrease by $18 million. We continue to
actively market the rig for deepwater and mid-water
opportunities.
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 offshore drilling markets, the Company's
ability to make cash distributions, the expected performance of the
drilling units in the Company's fleet, estimated duration of
customer contracts, contract dayrate amounts, contract backlog,
forecasts of operating income and Adjusted EBITDA and the ability
of the Company and Seadrill Limited to negotiate with lenders 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 offshore
drilling market conditions including supply and demand, dayrates,
customer drilling programs and effects new rigs on the market,
contract awards and rig mobilizations, contract backlog, the
performance of the drilling units in the Company's fleet, delay in
payment or disputes with customers, the outcome of any pending
litigation, our ability to successfully employ our drilling units,
procure or have access to financing, ability to comply with loan
covenants, liquidity and adequacy of cash flow from operations,
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, 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. 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 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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