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Q2 2015 Results – Seadrill Partners LLC

Seadrill Partners LLC · Aug 27, 2015 · 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. Q2 2015 Results – Seadrill Partners LLC – slide 1
    Seadrill Partners LLC Conference Call Second Quarter 2015 Results August 27, 2015
  2. Q2 2015 Results – Seadrill Partners LLC – slide 2
    Agenda Highlights 2Q 2015 Financial Overview Summary & Outlook Q&A session 3
  3. Q2 2015 Results – Seadrill Partners LLC – slide 3
    Seadrill Partners Second Quarter Highlights Net income attributable to Seadrill Partners Members of 101.3 million Operating income of 205.5 million. Economic utilization for the second quarter of 97% Generated distributable…
  4. Q2 2015 Results – Seadrill Partners LLC – slide 4
    West Polaris Acquisition West Polaris Cash 204,000,000 Debt 336,000,000 Sellers Credit 50,000,000 Total Consideration 590,000,000 Additional Earn-out Provisions Seadrill receives any dayrate in excess of 450,000 per day on…
  5. Q2 2015 Results – Seadrill Partners LLC – slide 5
    Significant Progress Since IPO Major Events to Date Tender rig T-15 acquired for 210 million 46% distribution growth since IPO Tender rig T-16 acquired for 200 million Public offering of 380 million 2.50 West Sirius and West Leo…
  6. Q2 2015 Results – Seadrill Partners LLC – slide 6
    Assets & Contracts 2015 2016 2017 2018 2019 2020 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Vencedor West Aquarius 541,000 615,000 (1) West Capella 627,500 (2) West Sirius 297,000 West Polaris…
  7. Q2 2015 Results – Seadrill Partners LLC – slide 7
    Potential Dropdown Opportunities Additional UDW rigs from Seadrill 2015 2016 2017 2018 Unit Customer 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Mira Husky Transit Not Disclosed Newbuild 01.2021 West Vela BP 565,000 11.2020…
  8. Q2 2015 Results – Seadrill Partners LLC – slide 8
    Financial Performance Highlights 9
  9. Q2 2015 Results – Seadrill Partners LLC – slide 9
    Income Statement Operating income Unaudited accounts in USD millions 2Q15 1Q15 Contract revenues 385.6 385.9 Reimbursable revenues 8.9 10.1 Other revenues 22.7 4.7 Total operating revenues 417.2 400.7 Vessel and rig operating…
  10. Q2 2015 Results – Seadrill Partners LLC – slide 10
    Income Statement Net Income Unaudited accounts in USD millions 2Q15 1Q15 Net operating income 205.5 190.7 Financial items Interest income 5.2 1 Interest expense (42.5) (52) (Loss) / Gain on derivative financial instruments 18.3…
  11. Q2 2015 Results – Seadrill Partners LLC – slide 11
    Balance Sheet - Assets Unaudited accounts in USD millions 2Q15 1Q15 Current assets Cash and cash equivalents 197.7 242.0 Accounts receivable, net 272.1 241.6 Amount due from related party 14.6 11.0 Other current assets 192.6 128.6…
  12. Q2 2015 Results – Seadrill Partners LLC – slide 12
    Balance Sheet Liabilities & Members Capital / Owners Equity Unaudited accounts in USD millions 2Q15 1Q15 Current liabilities Current portion of long-term debt 96.2 59.7 Current portion of long-term related party payable 145.8 36.3…
  13. Q2 2015 Results – Seadrill Partners LLC – slide 13
    Distributable Cash Flow Unaudited accounts in USD millions 2Q15 1Q15 EBITDA for the quarter 263.2 248.2 Add: Adjustments for non-cash items 9.3 14.3 Adjusted EBITDA 272.5 261.0 Cash Interest Income 1.9 1.9 Cash Interest Expense…
  14. Q2 2015 Results – Seadrill Partners LLC – slide 14
    Summary & Outlook Well Positioned in a Challenging Market: Long term contracts Average remaining contract term of 3 years 5.0 billion backlog with strong counterparties 1.53x coverage ratio Evaluating acquisitions to continue…
  15. Q2 2015 Results – Seadrill Partners LLC – slide 15
    Q&A 16

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