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Q1 2014 EARNINGS CALL – Seadrill Partners LLC

Seadrill Partners LLC · May 28, 2014 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 1
    Seadrill Partners LLC Conference Call First Quarter 2014 Results May 28, 2014
  2. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 2
    Agenda Highlights 1Q 2014 Market Outlook Growth Opportunities Financial Overview Q&A session 3
  3. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 3
    Seadrill Partners 1Q Highlights Highlights: Seadrill Partners reports net income attributable to Seadrill Partners Members of US19.8 million Net operating income for the first quarter of US123.6 million Generated distributable cash…
  4. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 4
    Significant Progress Since IPO More Growth to Come 31% 6-7% increase increase recommended for since IPO West Auriga Major Events to Date 2.25 2.18 Tender rig T-15 acquired for US210 million Tender rig T-16 acquired for US200…
  5. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 5
    West Auriga Acquisition West Auriga Acquired by Seadrill Capricorn Holdings LLC (51% owned by SDLP) USD millions Total SDLP Share Purchase Price 1,240 632 Financed by: Bank Debt 443 226 Intercompany Loan to OPCO 100 51 Equity…
  6. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 6
    US1.8 Billion Term Loan B Refinancing Seadrill Limited (NYSE: SDRL) Public Unit Holders Term Loan B Refinances existing 46.8% 53.2% debt facilities at Seadrill Partners Seadrill Partners LLC (NYSE: SDLP) Structure creates a…
  7. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 7
    Top-Tier Distribution Growth 0.60 40 35 0.50 30 0.40 Share price (US) Dividend per unit 25 0.30 20 15 0.20 10 0.10 5 0.00 0 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Management Dividend…
  8. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 8
    Offshore is Key to Deliver Required Volumes Global change of liquids supply from 2012 to 2020 NAm shale and Canadian oil sands represent marginal incremental production Million bbl/d Shale / tight oil /non-conventionals alone…
  9. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 9
    Seadrill Partners Fleet & Potential Dropdowns 10
  10. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 10
    Seadrill Partners Long-Term Contract Coverage 2014 2015 2016 2017 2018 2019 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Vencedor US213,931 West Aquarius US540,000 US615,000 West Capella US627,500…
  11. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 11
    Significant Potential Growth Going Forward 1 Additional New Assets from Seadrill 2014 2015 2016 2017 Unit Customer 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Vela BP US565,000 11.2020 West Auriga BP US565,000 10.2020…
  12. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 12
    Growth Opportunities 2 Long-Term Contracted Jack-ups - E.g. 5 Jack-ups with long-term contracts to PEMEX - Total of 30 rig years 3 Acquisition of Additional OPCO Ownership Interests from Seadrill Ltd. (1) - 70% of three UDW…
  13. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 13
    Financial Performance Highlights 14
  14. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 14
    Income Statement Operating income Unaudited accounts in USD millions 1Q14 4Q13 Contract revenues 260.6 282.1 Reimbursable revenues 14.7 0.3 Total operating revenues 275.3 282.4 Vessel and rig operating expenses 84.3 98.8…
  15. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 15
    Income Statement Net Income Unaudited accounts in USD millions 1Q14 4Q13 Net operating income 123.6 134.4 Financial items Interest income 0.9 2.2 Interest expense (28.6) (28.7) (Loss) / Gain on derivative financial instruments…
  16. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 16
    Balance Sheet - Assets Unaudited accounts in USD millions 1Q14 4Q13 Current assets Cash and cash equivalents 130.1 89.7 Accounts receivable, net 270.6 175.8 Mobilization revenue short term 30.0 16.6 Amount due from related…
  17. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 17
    Balance Sheet Liabilities & Members Capital / Owners Equity Unaudited accounts in USD millions 1Q14 4Q13 Current liabilities Current portion of long-term interest bearing debt 58.3 - Current portion of long-term related party…
  18. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 18
    Distributable Cash Flow Unaudited accounts in USD millions 1Q14 4Q13 EBITDA for the quarter 163.3 171.9 Less: Amortization of Mobilization Revenue and Expenses (4.6) (3.2) Adjusted EBITDA 158.7 168.7 Cash Interest Income 0.9…
  19. Q1 2014 EARNINGS CALL – Seadrill Partners LLC – slide 19
    Summary & Outlook Significant progress made since IPO More than doubled fleet size with the acquisition of five rigs On track to grow distributions 40% since IPO in October 2012 More efficient capital structure following successful…

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