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Q3 2014 EARNINGS CALL – Seadrill Partners LLC

Seadrill Partners LLC · Nov 26, 2014 · 15 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. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 1
    Seadrill Partners LLC Conference Call Third Quarter 2014 Results November 26, 2014
  2. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 2
    Agenda Highlights 3Q 2014 Market and Growth Outlook Financial Overview Q&A session 3
  3. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 3
    Seadrill Partners 3Q Highlights & Subsequent Events Highlights: Seadrill Partners reports net income attributable to Seadrill Partners Members for the third quarter 2014 of 54.0 million and net operating income of 153.6 million.…
  4. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 4
    Significant Progress Since IPO More Growth to Come Major Events to Date 53% distribution growth since IPO Tender rig T-15 acquired for US210 million Tender rig T-16 acquired for US200 million West Sirius and West Leo acquired for…
  5. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 5
    West Vela Aquisition West Vela Acquired by Seadrill Capricorn Holdings LLC (51% owned by SDLP) Contract details: Dayrate: 565,000 (plus approx. 44,000 per day as a mobilization fee paid over the term of the contract Seadrill…
  6. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 6
    Stacking Pace Rapidly Increased Number of Rigs Cold Stacked Ultra-Deep Water Deliveries 30 35 27 25 30 29 20 25 20 18 18 18 22 17 17 17 16 16 15 15 20 15 15 14 10 12 10 9 5 5 0 0 Jul-12 Jul-13 Apr-14…
  7. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 7
    Assets & Contracts 2015 2016 2017 2018 2019 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Vencedor US218,000 West Aquarius US540,000 US615,000 West Capella * US627,500 West Capricorn US495,958…
  8. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 8
    Growth Additional UDW rigs from Seadrill 2014 2015 2016 2017 2018 Unit Customer 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Alpha ExxonMobil US523,000 US539,000 Rosneft 07.2022 West Vela BP US565,000 11.2020 West Auriga…
  9. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 9
    Financial Performance Highlights 10
  10. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 10
    Income Statement Operating income Unaudited accounts in USD millions 3Q14 2Q14 Contract revenues 327.5 339.6 Reimbursable revenues 7.0 6.7 Total operating revenues 334.5 346.3 Vessel and rig operating expenses 115.4 107.9…
  11. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 11
    Income Statement Net Income Unaudited accounts in USD millions 3Q14 2Q14 Net operating income 153.6 168.6 Financial items Interest income 0.8 1.0 Interest expense (35.3) (37.6) (Loss) / Gain on derivative financial instruments…
  12. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 12
    Balance Sheet - Assets Unaudited accounts in USD millions 3Q14 2Q14 Current assets Cash and cash equivalents 447.3 523.3 Accounts receivable, net 194.1 284.9 Mobilization revenue short term - - Amount due from related party 84.4…
  13. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 13
    Balance Sheet Liabilities & Members Capital / Owners Equity Unaudited accounts in USD millions 3Q14 2Q14 Current liabilities Current portion of long-term debt 29.0 29.0 Current portion of long-term related party payable 98.0 102.2…
  14. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 14
    Distributable Cash Flow Unaudited accounts in USD millions 3Q14 2Q14 EBITDA for the quarter 201.2 223.5 Less: Amortization of Mobilization Revenue and Expenses 7.2 0.1 Adjusted EBITDA 208.4 223.6 Cash Interest Income 1.6 1.7…
  15. Q3 2014 EARNINGS CALL – Seadrill Partners LLC – slide 15
    Summary & Outlook Significant progress made since IPO More than doubled fleet size with the acquisition of five rigs Diversified fleet Making acquisition of OPCO units an option Strong track record - Distribution growth of 53% since…

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