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Q2 2013 EARNINGS CALL – Seadrill Partners LLC

Seadrill Partners LLC · Aug 28, 2013 · 17 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. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 1
    Seadrill Partners LLC Conference Call Second Quarter 2013 Results August 28, 2013
  2. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 2
    Agenda Highlights 2Q 2013 Market Outlook Growth Opportunities Financial Overview Q&A session 3
  3. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 3
    Seadrill Partners 2Q Highlights Seadrill Partners reports net income attributable to Seadrill Partners Members of US22.1 million Net operating income for the second quarter of US71.6 million Generated distributable cash flow of…
  4. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 4
    Market Outlook 5
  5. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 5
    Production Growth to Come From Deepwater Source: EIA, ODS Petrodata 6
  6. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 6
    UDW Replacing Aging Deepwater Fleet 16% of the Ultra-Deepwater Fleet is Operating in Ultra-Deepwater Source: ODS Petrodata 7
  7. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 7
    Seadrill Partners Fleet & Potential Dropdowns 8
  8. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 8
    Seadrill Partners Long-Term Contract Coverage (2) (1) (3) Average remaining contract term: 3.8 years (1) Fiveyear contract extension starts in April 2014. Customer has an option to reduce the extension period to three or…
  9. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 9
    Dropdown Candidates 10
  10. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 10
    Seadrills existing fleet 15.4 Billion Contract Backlog Contract coverage 4% 38% 58% 2013 2014 2015 2016 Contracted Uncontracted 100% 96% 62% 42% 11
  11. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 11
    Financial Performance Highlights 12
  12. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 12
    Income Statement Operating income Unaudited accounts in USD millions 2Q13 1Q13 Contract revenues 158.6 161.5 Reimbursable revenues 3.2 4.5 Other revenues 0.4 4.8 Total operating revenues 162.2 170.8 Vessel and rig operating…
  13. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 13
    Income Statement Net Income Unaudited accounts in USD millions 2Q13 1Q13 Net operating income 71.6 74.7 Financial items Interest income 0.9 0.5 Interest expense (12.8) (12.0) Gain / (Loss) on derivative financial instruments 24.5…
  14. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 14
    Balance Sheet - Assets Unaudited accounts in USD millions 2Q13 4Q12 Current assets Cash and cash equivalents 50.0 19.5 Accounts receivable, net 181.5 134.1 Mobilization revenue short term 16.3 13.6 Amount due from related…
  15. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 15
    Balance Sheet Liabilities & Members Capital / Owners Equity Unaudited accounts in USD millions 2Q13 4Q12 Current liabilities Current portion of long-term related party payable 572.3 235.6 Revolving credit facility 69.6 - Trade…
  16. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 16
    Distributable Cash Flow Unaudited accounts in USD millions 2Q13 1Q13 EBITDA for the second quarter 2013 93.9 97.1 Add: Net mobilization earnings capitalized 2.3 - Less: Amortization of Mobilization Revenue and Expenses (2.3) (2.6)…
  17. Q2 2013 EARNINGS CALL – Seadrill Partners LLC – slide 17
    Summary Strong market fundamentals in deepwater drilling, especially for ultra-deepwater assets Significant growth opportunities from Seadrills long-term contracted rigs Additional growth opportunities from Seadrills entire…

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