Seadrill Partners 4Q Highlights Seadrill Partners reports net income attributable to Seadrill Partners Members of US62.6 million Net operating income for the fourth quarter of US134.4 million Generated distributable cash flow of…
Subsequent Events In February 2014, Seadrill Partners completes US1.8 billion term loan B and US100 million revolver. Proceeds of the term loan to be used to refinance existing indebtedness, pay transaction expenses, and for general…
Significant Progress Since IPO More Growth to Come Major Events to Date 2.25 12-15% increase 15% increase Tender rig T-15 acquired for US210 million recommended for since IPO Sirius / Leo Tender rig T-16 acquired for US200…
Two Accretive Dropdowns West Leo West Sirius Acquired by Seadrill Operating LP (30% owned by Acquired by Seadrill Capricorn Holdings LLC (51% SDLP) owned by SDLP) Contract details: Contract details: Dayrate: 605,000 Dayrate:…
Transaction Overview Use of Proceeds (mm) Rigs to be Acquired West Leo West Sirius Total SDLP Share Implied Purchase Price 1,250 1,035 2,285 903 Bank Debt (486) (220) (706) (258) Interco Loan to OPCO (230) (230) (117) Equity Portion…
US1.8 Billion Term Loan B Refinancing Seadrill Limited (NYSE: SDRL) 21.5 MM Common Units 16.5 MM Subordinated Units Public Unit Holders 22.9 MM Common Units Term Loan B Refinances existing 37.6% 62.4% debt facilities at Seadrill…
Top-Tier Distribution Growth Share price (US) Management Dividend Share price recommendation based on Leo & Sirius acquisition 10
Market Outlook 11
Near Term Outlook 1 2014 Projects Pushed to 2015 Block 32 Total Angola Mad Dog 2 BP Gulf of Mexico Stampede Hess Gulf of Mexico Chevron Indonesia Chevron Indonesia Bonga 2 rigs - Nigeria 1 X-axis: total liquids…
Increased Service Intensity: More rigs working, but declining oil production 25 700 Number of Rigs Contracted Million Barrels per Day 24 600 23 500 22 400 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total…
Global Rig Supply & Demand Imbalance Favors Contractors Significant Newbuilds Required to Bridge Expected Demand Gap 500 450 400 Supply 350 Demand 189 300 (50) 60 250 455 200 150 316 256 100 50 0 Current Fleet Newbuilds…
Significant Potential Growth Going Forward 1 Additional New Assets from Seadrill 2013 2014 2015 2016 2017 Unit Customer 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Saturn - Newbuild US 590,000 West Jupiter - Newbuild…
Growth Opportunities Acquisition of Additional OPCO Ownership Interests from 2 Seadrill Ltd. (1) - 70% of three UDW and one tender rig - 49% of two UDW rigs 3 Long-Term Contracted Jack-ups US 565,000 - 5 Jack-ups with…
Financial Performance Highlights 19
Income Statement Operating income Unaudited accounts in USD millions 4Q13 3Q13 Contract revenues 282.1 262.4 Reimbursable revenues 0.3 3.0 Other revenues - 0.6 Total operating revenues 282.4 266.0 Vessel and rig operating…
Income Statement Net Income Unaudited accounts in USD millions 4Q13 3Q13 Net operating income 134.4 118.1 Financial items Interest income 2.2 0.8 Interest expense (28.7) (23.3) Gain / (Loss) on derivative financial instruments…
Balance Sheet - Assets Unaudited accounts in USD millions 4Q13 3Q13 Current assets Cash and cash equivalents 89.7 75.4 Accounts receivable, net 175.8 278.6 Mobilization revenue short term 16.6 16.6 Amount due from related…
Balance Sheet Liabilities & Members Capital / Owners Equity Unaudited accounts in USD millions 4Q13 3Q13 Current liabilities Current portion of long-term related party payable 108.3 816.4 Revolving credit facility 125.9 75.9 Trade…
Distributable Cash Flow Unaudited accounts in USD millions 4Q13 3Q13 EBITDA for the quarter 171.9 87.1 Less: Amortization of Mobilization Revenue and Expenses (3.3) (2.9) Adjusted EBITDA 168.6 84.2 Cash Interest Income 0.8 1.2 Cash…
Summary & Outlook Significant progress made in 2013 Doubled fleet size with the acquisition of four rigs On track to grow distributions 30% since IPO in October 2012 More efficient capital structure following successful Term Loan B…
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