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


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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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