Seadrill Partners 3Q Highlights Seadrill Partners reports net income attributable to Seadrill Partners Members of US14.2 million Net operating income for the third quarter of US63.4 million Generated distributable cash flow of…
Subsequent Events In October, Seadrill Partners announced the acquisition of the T-16 tender rig from Seadrill for a purchase price US200 million. The transaction closed on October 21, 2013. Commenced operations in September 2013…
T-16 Tender Barge Acquisition USD millions Purchase Price 200 Financed by: Bank Debt Facility with Seadrill 107 Equity Issuance to Seadrill 93 Current Contract Rate 115,500 per day Initial Contract Term 5 years Management…
Top-Tier Distribution Growth Dividend Share price 7
Market Outlook 8
Production Growth Coming from Ultra-Deepwater Global liquids production, by Global offshore production land and water depth by water depth 1960 - 2040 Million bbl/d 2012-2030 Thousand boe/d CAGR = 1.3% 2012- 2020 CAGR 19%…
Development drilling will be driving the growth Number of drilling units Demand for floating drilling services Increasing development drilling relative to exploration drilling should lead to longer average contract terms.…
Seadrill Partners Fleet & Potential Dropdowns 11
Seadrill Partners Long-Term Contract Coverage (2) (1) (3) Average remaining contract term: 3.3 years (1) Customer exercised the right to shorten the term of the contract to three years from five years in exchange for an…
Income Statement Operating income Unaudited accounts in USD millions 3Q13 2Q13 Contract revenues 161.5 158.6 Reimbursable revenues 2.6 3.2 Other revenues 0.6 0.4 Total operating revenues 164.7 162.2 Vessel and rig operating…
Income Statement Net Income Unaudited accounts in USD millions 3Q13 2Q13 Net operating income 63.4 71.6 Financial items Interest income 0.8 0.9 Interest expense (14.1) (12.8) (Loss) / Gain on derivative financial instruments…
Balance Sheet - Assets Unaudited accounts in USD millions 3Q13 4Q12 Current assets Cash and cash equivalents 71.8 19.5 Accounts receivable, net 191.8 134.1 Mobilization revenue short term 16.6 13.6 Amount due from related…
Balance Sheet Liabilities & Members Capital / Owners Equity Unaudited accounts in USD millions 3Q13 4Q12 Current liabilities Current portion of long-term related party payable 545.1 235.6 Revolving credit facility 75.9 - Trade…
Distributable Cash Flow Unaudited accounts in USD millions 3Q13 2Q13 EBITDA for the third quarter 2013 87.1 93.9 Add: Net mobilization earnings capitalized - 2.3 Less: Amortization of Mobilization Revenue and Expenses (2.9) (2.3)…
Summary On track to achieve approximately 15% distribution growth for the first year since our initial quarterly distribution Completed second acquisition and focused on executing further rig acquisitions with the goal of becoming…
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