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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Seadrill Partners LLC | NYSE:SDLP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.52 | 0 | 01:00:00 |
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PAGE
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Interim Financial Statements (Unaudited)
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•
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offshore drilling market conditions, including supply and demand;
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•
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the Company's distribution policy and the Company's ability to make cash distributions on the Company's units or any increases or decreases in distributions and the amount of such increases or decreases;
|
•
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the Company's ability to borrow under the credit facility between OPCO (as defined herein), as borrower, and Seadrill Limited (“Seadrill”), as lender;
|
•
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the future financial condition, liquidity or results of operations of the Company or Seadrill;
|
•
|
the repayment of debt;
|
•
|
the ability of the Company, OPCO and Seadrill to comply with financing agreements and the effect of restrictive covenants in such agreements;
|
•
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the financial condition of Seadrill;
|
•
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the ability of the Company's drilling units to perform satisfactorily or to the Company's expectations;
|
•
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fluctuations in the price of oil;
|
•
|
discoveries of new sources of oil that do not require deepwater drilling units;
|
•
|
the development of alternative sources of fuel and energy;
|
•
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technological advances, including in production, refining and energy efficiency;
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•
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weather events and natural disasters;
|
•
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the Company's ability to meet any future capital expenditure requirements;
|
•
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the Company's ability to maintain operating expenses at adequate and profitable levels;
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•
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expected costs of maintenance or other work performed on the Company's drilling units and any estimates of downtime;
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•
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the Company's ability to leverage Seadrill’s relationship and reputation in the offshore drilling industry;
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•
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the Company's ability to purchase drilling units in the future, including from Seadrill;
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•
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increasing the Company's ownership interest in OPCO;
|
•
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customer contracts, including contract backlog, contract terminations and contract revenues;
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•
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delay in payments by, or disputes with the Company’s customers under its drilling contracts;
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•
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termination of the Company's drilling contracts due to force majeure or other events;
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•
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the financial condition of the Company’s customers and their ability and willingness to fund oil exploration, development and production activity;
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•
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the Company’s ability to comply with, maintain, renew or extend its existing drilling contracts;
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•
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the Company’s ability to re-deploy its drilling units upon termination of its existing drilling contracts at profitable dayrates;
|
•
|
the Company's ability to respond to new technological requirements in the areas in which the Company operates;
|
•
|
the occurrence of any accident involving the Company’s drilling units or other drilling units in the industry;
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•
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changes in governmental regulations that affect the Company and the interpretations of those regulations, particularly those that relate to environmental matters, export or import and economic sanctions or trade embargo matters, regulations applicable to the oil industry and tax and royalty legislation;
|
•
|
competition in the offshore drilling industry and other actions of competitors, including decisions to deploy or scrap drilling units in the areas in which the Company currently operates;
|
•
|
the availability on a timely basis of drilling units, supplies, personnel and oil field services in the areas in which the Company operates;
|
•
|
general economic, political and business conditions globally;
|
•
|
military operations, terrorist acts, wars or embargoes;
|
•
|
potential disruption of operations due to accidents, political events, piracy or acts by terrorists;
|
•
|
the Company's ability to obtain financing in sufficient amounts and on adequate terms;
|
•
|
workplace safety regulation and employee claims;
|
•
|
the cost and availability of adequate insurance coverage;
|
•
|
the Company's fees and expenses payable under the advisory, technical and administrative services agreements and the management and administrative services agreements;
|
•
|
the taxation of the Company and distributions to the Company's unitholders;
|
•
|
future sales of the Company's common units in the public market;
|
•
|
acquisitions and divestitures of assets and businesses by Seadrill; and
|
•
|
the Company's business strategy and other plans and objectives for future operations.
|
•
|
the semi-submersible
West Aquarius
, which was delivered from the shipyard in 2009 and is currently operating under a drilling contract with ExxonMobil that expires in
April 2017
;
|
•
|
the semi-submersible
West Capricorn
, which was delivered from the shipyard at the end of 2011, and is operating under a drilling contract with BP that expires in
July 2019
. In May 2016 the unit was placed on an extended standby rate for 30 days. In June 2016 an agreement was reached whereby the unit will remain on extended standby rate with expected recommencement of work in late 2017 at full rate. As part of this agreement, the operator must indicate its intention to recommence work by April 2017.
|
•
|
the semi-submersible
West Leo
, which was delivered from the shipyard in 2012 and is currently operating under a drilling contract with Tullow that expires in
July 2018
;
|
•
|
the semi-submersible
West Sirius
, which was delivered from the shipyard in 2008 and operated under a drilling contract with BP, which was terminated early in April 2015. The
West Sirius
is currently earning early termination fees until
July 2017
;
|
•
|
the semi-tender rig
West Vencedor
, which was delivered from the shipyard in early 2010 and recently operated under a drilling contract with Petronas which concluded in August 2016 and is currently being marketed for new work. The unit has mobilized to Singapore and is expected to remain there during its idle period.
|
•
|
the tender rig
T-15
, which was delivered from the shipyard in 2013 and is currently operating under a drilling contract with Chevron that expires in July 2019;
|
•
|
the tender rig
T-16
, which was delivered from the shipyard in 2013 and is currently operating under a drilling contract with Chevron that expires in August 2019;
|
•
|
the drillship
West Auriga
, which was delivered from the shipyard in 2013 and is currently operating under a drilling contract with BP that expires in
October 2020
;
|
•
|
the drillship
West Vela
, which was delivered from the shipyard in 2013 and is currently operating under a drilling contract with BP that expires in
November 2020
;
|
•
|
the drillship
West Capella
, which was delivered from the shipyard in 2008 and operated under a drilling contract with ExxonMobil that was set to expire in
April 2017
. In May 2016, a notice of early termination was received for the
West Capella.
Early termination fees aggregating approximately $125 million are recoverable in two equal installments. The first installment was received in the third quarter and the second is expected in the first quarter of 2017. Other direct costs incurred as a result of the early termination are also recoverable. The rig is currently warm stacked while it is being marketed for new work; and
|
•
|
the drillship
West Polaris
, which was delivered from the shipyard in 2008 and is currently operating under a drilling contract with ExxonMobil that expires in
March 2018
.
|
A.
|
Operating Results
|
($ in millions)
|
Three months ended June 30,
|
|
Increase/(Decrease)
|
|||||||||
|
2016
|
2015
|
|
$
|
%
|
|||||||
Operating revenues
|
|
|
|
|
|
|||||||
Contract revenues
|
$
|
361.0
|
|
$
|
385.6
|
|
|
$
|
(24.6
|
)
|
(6.4
|
)%
|
Reimbursable revenues
|
6.8
|
|
8.9
|
|
|
(2.1
|
)
|
(23.6
|
)%
|
|||
Other revenues
|
50.7
|
|
22.7
|
|
|
28.0
|
|
123.3
|
%
|
|||
Total operating revenues
|
418.5
|
|
417.2
|
|
|
1.3
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|||||||
Operating expenses
|
|
|
|
|
|
|||||||
Vessel and rig operating expenses
|
96.5
|
|
122.0
|
|
|
(25.5
|
)
|
(20.9
|
)%
|
|||
Amortization of favorable contracts
|
17.6
|
|
12.9
|
|
|
4.7
|
|
36.4
|
%
|
|||
Reimbursable expenses
|
6.1
|
|
7.2
|
|
|
(1.1
|
)
|
(15.3
|
)%
|
|||
Depreciation and amortization
|
64.8
|
|
57.7
|
|
|
7.1
|
|
12.3
|
%
|
|||
General and administrative expenses
|
7.6
|
|
11.9
|
|
|
(4.3
|
)
|
(36.1
|
)%
|
|||
Total operating expenses
|
192.6
|
|
211.7
|
|
|
(19.1
|
)
|
(9.0
|
)%
|
|||
|
|
|
|
|
|
|||||||
Operating income
|
225.9
|
|
205.5
|
|
|
20.4
|
|
9.9
|
%
|
|||
|
|
|
|
|
|
|||||||
Financial and other items
|
|
|
|
|
|
|||||||
Interest income
|
3.2
|
|
5.2
|
|
|
(2.0
|
)
|
(38.5
|
)%
|
|||
Interest expense
|
(44.5
|
)
|
(42.5
|
)
|
|
2.0
|
|
4.7
|
%
|
|||
(Loss)/gain on derivative financial instruments
|
(28.3
|
)
|
18.3
|
|
|
(46.6
|
)
|
(254.6
|
)%
|
|||
Foreign currency exchange loss
|
(0.5
|
)
|
(0.7
|
)
|
|
(0.2
|
)
|
(28.6
|
)%
|
|||
Gain on bargain purchase
|
-
|
|
39.6
|
|
|
(39.6
|
)
|
100.0
|
%
|
|||
Total financial and other items
|
(70.1
|
)
|
19.9
|
|
|
(90.0
|
)
|
(452.3
|
)%
|
|||
|
|
|
|
|
|
|||||||
Income before taxes
|
155.8
|
|
225.4
|
|
|
(69.6
|
)
|
(30.9
|
)%
|
|||
|
|
|
|
|
|
|||||||
Income taxes
|
(43.6
|
)
|
(32.9
|
)
|
|
10.7
|
|
32.5
|
%
|
|||
Net income
|
$
|
112.2
|
|
$
|
192.5
|
|
|
$
|
(80.3
|
)
|
(41.7
|
)%
|
|
|
|
|
|
|
|||||||
Net income attributable to Seadrill Partners LLC members
|
$
|
59.8
|
|
$
|
101.3
|
|
|
$
|
(41.5
|
)
|
(41.0
|
)%
|
Net income attributable to the non-controlling interest
|
$
|
52.4
|
|
$
|
91.2
|
|
|
$
|
(38.8
|
)
|
(42.5
|
)%
|
|
Three months ended June 30,
|
|||||||||||||
|
2016
|
|
2015
|
|||||||||||
|
Number of rigs/ships
|
Average Daily Revenues (1) (3)
|
Economic Utilization (2)
|
|
Number of rigs/ships
|
Average Daily Revenues (1)
|
Economic Utilization (2)
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Semi‑submersible rigs
|
3
|
|
$574,000
|
|
100.0
|
%
|
|
4
|
|
|
$452,000
|
|
96.0
|
%
|
Drillships
|
4
|
|
$498,000
|
|
100.0
|
%
|
|
4
|
|
|
$611,000
|
|
98.0
|
%
|
Tender rigs
|
3
|
|
$117,000
|
|
99.0
|
%
|
|
3
|
|
|
$170,000
|
|
99.0
|
%
|
(1)
|
Average daily revenues are the average revenues for each type of rig, based on the actual days available for each rig of that type on contract.
|
(2)
|
Economic utilization is calculated as the total revenue received, excluding bonuses, divided by the full operating dayrate multiplied by the number of days in the period for rigs that are on contract.
|
(3)
|
Average daily revenues exclude the termination payments received as part of the termination of the drilling contract by BP for the
West Sirius
and Exxon Mobil for the
West Capella.
|
(US$ millions)
|
Three months ended June 30,
|
|||||
|
2016
|
2015
|
||||
|
|
|
||||
Interest income
|
$
|
3.2
|
|
$
|
5.2
|
|
(Loss)/gain on derivative financial instruments
|
(28.3
|
)
|
18.3
|
|
||
Foreign currency exchange loss
|
(0.5
|
)
|
(0.7
|
)
|
||
Total other financial items
|
$
|
(25.6
|
)
|
$
|
22.8
|
|
|
Six months ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
|
Number of rigs/ships
|
Average Daily Revenues (1) (3)
|
Economic Utilization (2)
|
|
Number of rigs/ships
|
Average Daily Revenues (1)
|
Economic Utilization (2)
|
||||||
|
|
|
|
|
|
|
|
||||||
Semi‑submersible rigs
|
3
|
|
$590,800
|
|
99.5
|
%
|
|
4
|
|
$475,000
|
|
91.5
|
%
|
Drillships
|
4
|
|
$536,400
|
|
99.0
|
%
|
|
4
|
|
$603,000
|
|
99.0
|
%
|
Tender rigs
|
3
|
|
$116,800
|
|
99.3
|
%
|
|
3
|
|
$171,000
|
|
98.0
|
%
|
(1)
|
Average daily revenues are the average revenues for each type of rig, based on the actual days available for each rig of that type on contract.
|
(2)
|
Economic utilization is calculated as the total revenue received, excluding bonuses, divided by the full operating dayrate multiplied by the number of days in the period for rigs that are on contract.
|
(3)
|
Average daily revenues exclude the termination payments received as part of the termination of the drilling contract by BP for the
West Sirius
and Exxon Mobil for
West Capella.
|
(US$ millions)
|
Six months ended June 30,
|
|||||
|
2016
|
2015
|
||||
|
|
|
||||
Interest income
|
$
|
5.5
|
|
$
|
6.2
|
|
Loss on derivative financial instruments
|
(98.0
|
)
|
(33.6
|
)
|
||
Foreign currency exchange loss
|
0.1
|
|
(3.3
|
)
|
||
Total other financial items
|
$
|
(92.4
|
)
|
$
|
(30.7
|
)
|
B.
|
Liquidity and Capital Resources
|
(In $ millions)
|
June 30,
2016 |
|
December 31,
2015 |
|
||
External debt agreements
|
|
|
|
|
||
Amended Senior Secured Credit Facilities
|
$
|
2,880.9
|
|
$
|
2,894.7
|
|
$1,450 Senior Secured Credit Facility
|
362.3
|
|
382.6
|
|
||
$420
West Polaris
Facility
|
297.0
|
|
315.0
|
|
||
Sub-total external debt
|
$
|
3,540.2
|
|
$
|
3,592.3
|
|
Less current portion of long-term external debt
|
(105.1
|
)
|
(105.3
|
)
|
||
Long-term external debt
|
$
|
3,435.1
|
|
$
|
3,487.0
|
|
|
|
|
||||
Related party debt agreements
|
|
|
||||
Rig Financing and Loan Agreements
|
|
|
|
|
||
West Vencedor
Loan Agreement
|
$
|
49.4
|
|
$
|
57.5
|
|
$440 Rig Financing Agreement
|
129.0
|
|
139.0
|
|
||
Sub-total Rig Financing and Loan Agreements
|
$
|
178.4
|
|
$
|
196.5
|
|
|
|
|
|
|
||
Other related party debt
|
|
|
|
|
||
$109.5
T-15
vendor financing facility
|
$
|
—
|
|
$
|
109.5
|
|
Total related party debt
|
$
|
178.4
|
|
$
|
306.0
|
|
Less current portion of related party debt
|
(36.3
|
)
|
(145.8
|
)
|
||
Long-term related party debt
|
$
|
142.1
|
|
$
|
160.2
|
|
|
|
|
||||
Total external and related party debt
|
$
|
3,718.6
|
|
$
|
3,898.3
|
|
Outstanding external debt as of June 30, 2016
|
|
|
|
|
||||||
(In $ millions)
|
|
Principal outstanding
|
|
Debt Issuance Costs
|
|
Total External Debt
|
|
|||
Current portion of long-term external debt
|
|
$
|
105.1
|
|
$
|
(11.3
|
)
|
$
|
93.8
|
|
Long-term external debt
|
|
3,435.1
|
|
(42.2
|
)
|
3,392.9
|
|
|||
Total
|
|
$
|
3,540.2
|
|
$
|
(53.5
|
)
|
$
|
3,486.7
|
|
Outstanding external debt as of December 31, 2015
|
|
|
|
|
||||||
(In $ millions)
|
|
Principal outstanding
|
|
Debt Issuance Costs
|
|
Total External Debt
|
|
|||
Current portion of long-term external debt
|
|
$
|
105.3
|
|
$
|
(11.5
|
)
|
$
|
93.8
|
|
Long-term external debt
|
|
3,487.0
|
|
(46.6
|
)
|
3,440.4
|
|
|||
Total
|
|
$
|
3,592.3
|
|
$
|
(58.1
|
)
|
$
|
3,534.2
|
|
(In US$ millions)
|
As of June 30
|
|
|
2017
|
$
|
141.4
|
|
2018
|
754.3
|
|
|
2019
|
29.0
|
|
|
2020
|
29.0
|
|
|
2021
|
2,764.9
|
|
|
2022 and thereafter
|
0.0
|
|
|
Total outstanding debt
|
$
|
3,718.6
|
|
•
|
Equity ratio:
Seadrill is required to maintain a total equity to total assets ratio of at least
30.0%
. Prior to the amendment, both total equity and total assets were adjusted for the difference between book and market values of drilling units, as determined by independent broker valuations. The amendment removes the need for the market value adjustment from the calculation of the equity ratio until June 30, 2017.
|
•
|
Leverage ratio:
Seadrill is required to maintain a ratio of net debt to EBITDA. Prior to the amendment the leverage ratio had to be no greater than
6.0
:1, falling to
5.5
:1 from October 1, 2016, and falling again to
4.5
:1 from January 1, 2017. The amendment retains the ratio at
6.0
:1 until December 31, 2016, and then increases to
6.5
:1 between January 1, 2017 and June 30, 2017.
|
•
|
Minimum-value-clauses:
Seadrill’s secured bank credit facilities contain loan-to-value clauses, or minimum-value-clauses (“MVC”), which could require Seadrill to post additional collateral or prepay a portion of the outstanding borrowings should the value of the drilling units securing borrowings under each of such agreements decrease below required levels. Subject to compliance with the terms of the amendment, this covenant has been suspended until June 30, 2017.
|
•
|
Minimum Liquidity:
Seadrill has previously been required to maintain a minimum of $
150 million
of liquidity. This has been reset to $
250 million
until June 30, 2017 in consideration for the above amendments.
|
•
|
Further process:
|
•
|
Seadrill has agreed to consultation, information provision and certain processes in respect of further discussions with its lenders under its senior secured credit facilities, including agreements in respect of progress milestones towards the agreement of, and implementation plan in respect of, a comprehensive financing package.
|
•
|
In addition Seadrill has agreed to certain additional restrictions which will apply during this process. Such restrictions shall apply to Seadrill and its consolidated subsidiaries only and therefore are not binding on the Company and its subsidiaries.
|
($ in millions)
|
Payments due by Period
|
||||||||||||||
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
4-5 years
|
|
More than 5 years
|
|
|||||
|
|
|
|
|
|
||||||||||
Long-term debt obligations
|
$
|
3,718.6
|
|
$
|
141.4
|
|
$
|
783.3
|
|
$
|
2,793.9
|
|
$
|
—
|
|
Interest expense commitments on long-term debt obligations (1)
|
555.2
|
|
118.4
|
|
214.6
|
|
200.1
|
|
22.1
|
|
|||||
Commitment fee on undrawn facilities (2)
|
16.1
|
|
2.3
|
|
4.6
|
|
4.6
|
|
4.6
|
|
|||||
Deferred consideration payable (3)
|
271.3
|
|
38.6
|
|
75.0
|
|
56.1
|
|
101.6
|
|
|||||
Total
|
$
|
4,561.2
|
|
$
|
300.7
|
|
$
|
1,077.5
|
|
$
|
3,054.7
|
|
$
|
128.3
|
|
(1)
|
The Company's interest commitment on long-term debt is calculated based on the applicable interest rate of the loan agreements and the associated interest rate swap rates.
|
(2)
|
The
$100 million
revolving credit facility with Seadrill and the
$100 million
revolving credit facility under the Amended Senior Secured Credit Facilities incur commitment fees on the undrawn balances of 2.0% per annum and
0.5%
per annum respectively. As of
June 30, 2016
, the outstanding balance on the Amended Senior Secured Credit Facilities revolver was
$50 million
, and the sponsor credit facility was undrawn.
|
(3)
|
The Company recognized deferred consideration payable as a result of the purchase of the entities that own and operate the
West Vela
on November 4, 2014 and the
West Polaris
on June 19, 2015 from Seadrill. The payment of these amounts is contingent on the amount of contract revenues and mobilization revenues received from the customer. For further information on the nature of these payments please see Note 3 - Business Acquisitions in the notes to the Company's audited financial statements included in the Form 20-F.
|
|
June 30, 2016
|
December 31, 2015
|
||||||||||
(In millions of US dollars)
|
Outstanding
Principal |
Fair Value
|
Outstanding
Principal |
Fair Value
|
||||||||
Related party assets/(liabilities) - interest rate swap agreements
|
$
|
637.8
|
|
$
|
(6.5
|
)
|
$
|
655.3
|
|
$
|
2.2
|
|
Other current assets/(liabilities) - interest rate swap agreements
|
2,837.2
|
|
(149.6
|
)
|
2,851.9
|
|
(84.2
|
)
|
•
|
the measurement of monetary assets and liabilities denominated in foreign currencies converted to US Dollars, with the resulting gain or loss recorded as “Foreign exchange gain/(loss)”; and
|
•
|
the impact of fluctuations in exchange rates on the reported amounts of the Company's revenues and expenses which are denominated in foreign currencies.
|
|
|
PAGE
|
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
|
||||||||
Operating revenues
|
|
|
|
|
|
|
||||||||
Contract revenues
|
|
$
|
361.0
|
|
$
|
385.6
|
|
|
$
|
762.9
|
|
$
|
771.5
|
|
Reimbursable revenues
|
|
6.8
|
|
8.9
|
|
|
19.3
|
|
19.0
|
|
||||
Other revenues
|
*
|
50.7
|
|
22.7
|
|
|
80.3
|
|
27.4
|
|
||||
Total operating revenues
|
|
418.5
|
|
417.2
|
|
|
862.5
|
|
817.9
|
|
||||
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
||||||||
Vessel and rig operating expenses
|
*
|
96.5
|
|
122.0
|
|
|
206.2
|
|
240.5
|
|
||||
Amortization of favorable contracts
|
|
17.6
|
|
12.9
|
|
|
35.3
|
|
24.1
|
|
||||
Reimbursable expenses
|
|
6.1
|
|
7.2
|
|
|
17.6
|
|
16.4
|
|
||||
Depreciation and amortization
|
|
64.8
|
|
57.7
|
|
|
132.5
|
|
115.2
|
|
||||
General and administrative expenses
|
*
|
7.6
|
|
11.9
|
|
|
21.5
|
|
25.5
|
|
||||
Total operating expenses
|
|
192.6
|
|
211.7
|
|
|
413.1
|
|
421.7
|
|
||||
|
|
|
|
|
|
|
||||||||
Operating income
|
|
225.9
|
|
205.5
|
|
|
449.4
|
|
396.2
|
|
||||
|
|
|
|
|
|
|
||||||||
Financial and other items
|
|
|
|
|
|
|
||||||||
Interest income
|
|
3.2
|
|
5.2
|
|
|
5.5
|
|
6.2
|
|
||||
Interest expense
|
*
|
(44.5
|
)
|
(42.5
|
)
|
|
(90.4
|
)
|
(94.5
|
)
|
||||
(Loss)/gain on derivative financial instruments
|
*
|
(28.3
|
)
|
18.3
|
|
|
(98.0
|
)
|
(33.6
|
)
|
||||
Foreign currency exchange (loss)/gain
|
|
(0.5
|
)
|
(0.7
|
)
|
|
0.1
|
|
(3.3
|
)
|
||||
Gain on bargain purchase
|
|
—
|
|
39.6
|
|
|
—
|
|
39.6
|
|
||||
Total financial and other items
|
|
(70.1
|
)
|
19.9
|
|
|
(182.8
|
)
|
(85.6
|
)
|
||||
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
155.8
|
|
225.4
|
|
|
266.6
|
|
310.6
|
|
||||
|
|
|
|
|
|
|
||||||||
Income taxes
|
|
(43.6
|
)
|
(32.9
|
)
|
|
(81.2
|
)
|
(47.2
|
)
|
||||
Net income
|
|
$
|
112.2
|
|
$
|
192.5
|
|
|
$
|
185.4
|
|
$
|
263.4
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Seadrill Partners LLC members
|
|
$
|
59.8
|
|
$
|
101.3
|
|
|
$
|
95.9
|
|
$
|
139.5
|
|
Net income attributable to the non-controlling interest
|
|
$
|
52.4
|
|
$
|
91.2
|
|
|
$
|
89.5
|
|
$
|
123.9
|
|
|
|
|
|
|
|
|
||||||||
Earnings per unit (basic and diluted)
|
|
|
|
|
|
|
||||||||
Common unitholders
|
|
$
|
0.79
|
|
$
|
0.82
|
|
|
$
|
1.27
|
|
$
|
1.30
|
|
Subordinated unitholders
|
|
$
|
—
|
|
$
|
0.82
|
|
|
$
|
—
|
|
$
|
1.30
|
|
|
|
|
|
|
|
|
||||||||
Cash distributions declared and paid in the period per unit (1)
|
|
$
|
0.2500
|
|
$
|
0.5675
|
|
|
$
|
0.5000
|
|
$
|
1.1350
|
|
(In $ millions, except unit amounts)
|
June 30,
2016 |
|
December 31,
2015 |
|
||
|
|
|
||||
ASSETS
|
|
|
||||
Current assets
|
|
|
||||
Cash and cash equivalents
|
$
|
450.1
|
|
$
|
319.0
|
|
Accounts receivables, net
|
346.4
|
|
278.3
|
|
||
Amount due from related party
|
141.1
|
|
128.1
|
|
||
Other current assets
|
137.2
|
|
166.6
|
|
||
Total current assets
|
1,074.8
|
|
892.0
|
|
||
|
|
|
||||
Non-current assets
|
|
|
||||
Drilling units
|
5,443.8
|
|
5,547.3
|
|
||
Goodwill
|
3.2
|
|
3.2
|
|
||
Deferred tax assets
|
23.4
|
|
34.2
|
|
||
Amount due from related party
|
—
|
|
50.0
|
|
||
Other non-current assets
|
258.1
|
|
314.4
|
|
||
Total non-current assets
|
5,728.5
|
|
5,949.1
|
|
||
Total assets
|
$
|
6,803.3
|
|
$
|
6,841.1
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
||||
Current liabilities
|
|
|
||||
Current portion of long-term debt
|
$
|
93.8
|
|
$
|
93.8
|
|
Current portion of long-term related party debt
|
36.3
|
|
145.8
|
|
||
Trade accounts payable
|
35.9
|
|
24.1
|
|
||
Current portion of deferred and contingent consideration to related party
|
37.8
|
|
60.4
|
|
||
Related party payables
|
302.2
|
|
304.7
|
|
||
Other current liabilities
|
322.8
|
|
217.9
|
|
||
Total current liabilities
|
828.8
|
|
846.7
|
|
||
|
|
|
||||
Non-current liabilities
|
|
|
||||
Long-term debt
|
3,392.9
|
|
3,440.4
|
|
||
Long-term related party debt
|
142.1
|
|
160.2
|
|
||
Deferred and contingent consideration to related party
|
172.3
|
|
185.4
|
|
||
Deferred tax liability
|
53.0
|
|
43.7
|
|
||
Long-term related party payable
|
—
|
|
50.0
|
|
||
Other non-current liabilities
|
9.8
|
|
17.3
|
|
||
Total non-current liabilities
|
3,770.1
|
|
3,897.0
|
|
||
|
|
|
||||
Equity
|
|
|
||||
Members’ capital:
|
|
|
||||
Common unitholders
(issued 75,278,250 units as at June 30, 2016 and as at December 31, 2015)
|
986.5
|
|
945.5
|
|
||
Subordinated unitholders
(issued 16,543,350 units as at June 30, 2016 and as at December 31, 2015)
|
36.1
|
|
18.8
|
|
||
Seadrill member interest
|
—
|
|
—
|
|
||
Total members’ capital
|
1,022.6
|
|
964.3
|
|
||
Non-controlling interest
|
1,181.8
|
|
1,133.1
|
|
||
Total equity
|
2,204.4
|
|
2,097.4
|
|
||
Total liabilities and equity
|
$
|
6,803.3
|
|
$
|
6,841.1
|
|
|
Six months ended June 30,
|
|||||
|
2016
|
|
2015
|
|
||
Cash Flows from Operating Activities
|
|
|
||||
Net income
|
$
|
185.4
|
|
$
|
263.4
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
||||
Depreciation and amortization
|
132.5
|
|
115.2
|
|
||
Amortization of deferred loan charges
|
5.5
|
|
14.4
|
|
||
Amortization of favorable contracts
|
35.3
|
|
24.1
|
|
||
Gain on bargain purchase
|
—
|
|
(39.6
|
)
|
||
Unrealized loss on derivative financial instruments
|
74.1
|
|
8.0
|
|
||
Payment for long term maintenance
|
(28.3
|
)
|
(19.5
|
)
|
||
Net movement in deferred taxes
|
20.1
|
|
(3.5
|
)
|
||
Accretion of discount on deferred consideration
|
8.8
|
|
7.7
|
|
||
|
|
|
||||
Changes in operating assets and liabilities, net of effect of acquisitions:
|
|
|
||||
Trade accounts receivable
|
(68.1
|
)
|
54.0
|
|
||
Prepaid expenses and accrued income
|
8.8
|
|
0.8
|
|
||
Trade accounts payable
|
11.8
|
|
4.1
|
|
||
Related party balances
|
(27.8
|
)
|
(29.1
|
)
|
||
Other assets
|
35.4
|
|
26.2
|
|
||
Other liabilities
|
40.5
|
|
(39.4
|
)
|
||
Changes in deferred revenue
|
(8.0
|
)
|
(2.0
|
)
|
||
Other, net
|
0.7
|
|
—
|
|
||
Net cash provided by operating activities
|
$
|
426.7
|
|
$
|
384.8
|
|
|
|
|
||||
Cash Flows from Investing Activities
|
|
|
||||
Additions to newbuildings and drilling units
|
$
|
(1.9
|
)
|
$
|
(8.5
|
)
|
Insurance refund
|
6.4
|
|
—
|
|
||
Acquisition of subsidiaries, net of cash acquired
|
—
|
|
(184.0
|
)
|
||
Payment received from loans granted to related parties
|
49.3
|
|
—
|
|
||
Net cash provided by / (used) in investing activities
|
$
|
53.8
|
|
$
|
(192.5
|
)
|
|
|
|
||||
Cash Flows from Financing Activities
|
|
|
||||
Proceeds from long term debt
|
$
|
—
|
|
$
|
50.0
|
|
Repayments of long term debt
|
(52.5
|
)
|
(44.9
|
)
|
||
Repayments of related party debt
|
(177.0
|
)
|
(22.3
|
)
|
||
Debt fees paid
|
(0.3
|
)
|
(0.3
|
)
|
||
Contingent consideration paid
|
(40.7
|
)
|
(3.6
|
)
|
||
Cash distributions
|
(78.4
|
)
|
(217.0
|
)
|
||
Net cash used in financing activities
|
$
|
(348.9
|
)
|
$
|
(238.1
|
)
|
|
|
|
||||
Effect of exchange rate changes on cash
|
(0.5
|
)
|
0.8
|
|
||
|
|
|
||||
Net increase / (decrease) in cash and cash equivalents
|
$
|
131.1
|
|
$
|
(45.0
|
)
|
Cash and cash equivalents at beginning of the period
|
319.0
|
|
242.7
|
|
||
Cash and cash equivalents at the end of period
|
$
|
450.1
|
|
$
|
197.7
|
|
|
|
Members’ Capital
|
|
|
|
|
|
|
||||||||||||||||
|
|
Common
Units |
|
Subordinated
Units |
|
Seadrill
Member Interest |
|
Total
Members' Capital
|
|
Non-
Controlling Interest |
|
Total Equity
|
||||||||||||
Balance at December 31, 2014
|
|
$
|
913.3
|
|
|
$
|
11.7
|
|
|
$
|
3.2
|
|
|
$
|
928.2
|
|
|
$
|
1,116.1
|
|
|
$
|
2,044.3
|
|
Net income
|
|
109.1
|
|
|
24.0
|
|
|
6.4
|
|
|
139.5
|
|
|
123.9
|
|
|
263.4
|
|
||||||
Cash distribution
|
|
(85.4
|
)
|
|
(18.8
|
)
|
|
(6.4
|
)
|
|
(110.6
|
)
|
|
(106.4
|
)
|
|
(217.0
|
)
|
||||||
Balance at June 30, 2015
|
|
$
|
937.0
|
|
|
$
|
16.9
|
|
|
$
|
3.2
|
|
|
$
|
957.1
|
|
|
$
|
1,133.6
|
|
|
$
|
2,090.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2015
|
|
$
|
945.5
|
|
|
$
|
18.8
|
|
|
$
|
—
|
|
|
$
|
964.3
|
|
|
$
|
1,133.1
|
|
|
$
|
2,097.4
|
|
Net income
|
|
78.6
|
|
|
17.3
|
|
|
—
|
|
|
95.9
|
|
|
89.5
|
|
|
185.4
|
|
||||||
Cash distribution
|
|
(37.6
|
)
|
|
—
|
|
|
—
|
|
|
(37.6
|
)
|
|
(40.8
|
)
|
|
(78.4
|
)
|
||||||
Balance at June 30, 2016
|
|
$
|
986.5
|
|
|
$
|
36.1
|
|
|
$
|
—
|
|
|
$
|
1,022.6
|
|
|
$
|
1,181.8
|
|
|
$
|
2,204.4
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
||||
BP
|
40.2
|
%
|
45.3
|
%
|
|
39.2
|
%
|
48.0
|
%
|
ExxonMobil *
|
35.2
|
%
|
28.2
|
%
|
|
37.6
|
%
|
26.0
|
%
|
Tullow
|
15.8
|
%
|
14.4
|
%
|
|
14.9
|
%
|
14.0
|
%
|
Chevron
|
5.9
|
%
|
12.1
|
%
|
|
5.6
|
%
|
12.0
|
%
|
Other
|
2.9
|
%
|
0.0
|
%
|
|
2.7
|
%
|
0.0
|
%
|
Total
|
100.0
|
%
|
100.0
|
%
|
|
100.0
|
%
|
100.0
|
%
|
(In US$ millions)
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||||||
United States
|
$
|
175.4
|
|
$
|
197.9
|
|
|
$
|
359.7
|
|
$
|
397.3
|
|
Canada
|
$
|
61.5
|
|
$
|
45.1
|
|
|
$
|
122.8
|
|
$
|
80.1
|
|
Ghana
|
$
|
57.4
|
|
$
|
58.6
|
|
|
$
|
115.0
|
|
$
|
114.8
|
|
Nigeria
|
$
|
46.1
|
|
$
|
63.6
|
|
|
$
|
107.3
|
|
$
|
126.7
|
|
Angola
|
$
|
45.4
|
|
$
|
20.1
|
|
|
$
|
91.4
|
|
$
|
41.5
|
|
Thailand
|
$
|
21.6
|
|
$
|
26.6
|
|
|
$
|
43.5
|
|
$
|
52.2
|
|
Other
|
$
|
11.1
|
|
$
|
5.3
|
|
|
$
|
22.8
|
|
$
|
5.3
|
|
Total
|
$
|
418.5
|
|
$
|
417.2
|
|
|
$
|
862.5
|
|
$
|
817.9
|
|
(In US$ millions)
|
June 30,
2016 |
|
December 31,
2015 |
|
||
|
|
|
|
|||
United States
|
$
|
2,873.7
|
|
$
|
2,927.4
|
|
Ghana
|
$
|
583.3
|
|
$
|
591.5
|
|
Angola
|
$
|
566.4
|
|
$
|
571.3
|
|
Canada
|
$
|
503.0
|
|
$
|
519.2
|
|
Nigeria
|
$
|
494.2
|
|
$
|
508.0
|
|
Thailand
|
$
|
246.6
|
|
$
|
251.5
|
|
Myanmar
|
$
|
176.6
|
|
$
|
178.4
|
|
Total
|
$
|
5,443.8
|
|
$
|
5,547.3
|
|
(1)
|
The fixed assets referred to in the table above include
eleven
drilling units at
June 30, 2016
and
December 31, 2015
.
|
(In $ millions)
|
June 30,
2016 |
|
December 31,
2015 |
|
||
|
|
|
||||
Corporation tax liability
|
$
|
62.9
|
|
$
|
28.5
|
|
Deferred tax asset
|
$
|
23.4
|
|
$
|
34.2
|
|
Deferred tax liability
|
$
|
(53.0
|
)
|
$
|
(43.7
|
)
|
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
|
||||||
Current tax expense
|
$
|
35.1
|
|
$
|
34.2
|
|
$
|
61.1
|
|
$
|
50.3
|
|
Deferred tax expense/(benefit)
|
8.5
|
|
(1.3
|
)
|
20.1
|
|
(3.1
|
)
|
||||
Total income tax expense
|
$
|
43.6
|
|
$
|
32.9
|
|
$
|
81.2
|
|
$
|
47.2
|
|
Effective tax rate
|
28.0
|
%
|
14.6
|
%
|
30.5
|
%
|
15.2
|
%
|
(In $ millions)
|
June 30,
2016 |
|
December 31,
2015 |
|
||
|
|
|
|
|||
Cost
|
$
|
6,463.2
|
|
$
|
6,434.2
|
|
Accumulated depreciation
|
(1,019.4
|
)
|
(886.9
|
)
|
||
Net book value
|
$
|
5,443.8
|
|
$
|
5,547.3
|
|
(In $ millions)
|
June 30,
2016 |
|
December 31,
2015 |
|
||
External debt agreements
|
|
|
|
|
||
Amended Senior Secured Credit Facilities
|
$
|
2,880.9
|
|
$
|
2,894.7
|
|
$1,450 Senior Secured Credit Facility
|
362.3
|
|
382.6
|
|
||
$420
West Polaris
Facility
|
297.0
|
|
315.0
|
|
||
Sub-total external debt
|
$
|
3,540.2
|
|
$
|
3,592.3
|
|
Less current portion of long-term external debt
|
(105.1
|
)
|
(105.3
|
)
|
||
Long-term external debt
|
$
|
3,435.1
|
|
$
|
3,487.0
|
|
|
|
|
||||
Related party debt agreements
|
|
|
||||
Rig Financing and Loan Agreements
|
|
|
|
|
||
West Vencedor
Loan Agreement
|
$
|
49.4
|
|
$
|
57.5
|
|
$440 Rig Financing Agreement
|
129.0
|
|
139.0
|
|
||
Sub-total Rig Financing and Loan Agreements
|
$
|
178.4
|
|
$
|
196.5
|
|
|
|
|
|
|
||
Other related party debt
|
|
|
|
|
||
$109.5
T-15
vendor financing facility
|
$
|
—
|
|
$
|
109.5
|
|
Total related party debt
|
$
|
178.4
|
|
$
|
306.0
|
|
Less current portion of related party debt
|
(36.3
|
)
|
(145.8
|
)
|
||
Long-term related party debt
|
$
|
142.1
|
|
$
|
160.2
|
|
|
|
|
||||
Total external and related party debt
|
$
|
3,718.6
|
|
$
|
3,898.3
|
|
Outstanding external debt as of June 30, 2016
|
|
|
|
|
||||||
(In $ millions)
|
|
Principal outstanding
|
|
Debt Issuance Costs
|
|
Total External Debt
|
|
|||
Current portion of long-term external debt
|
|
$
|
105.1
|
|
$
|
(11.3
|
)
|
$
|
93.8
|
|
Long-term external debt
|
|
3,435.1
|
|
(42.2
|
)
|
3,392.9
|
|
|||
Total
|
|
$
|
3,540.2
|
|
$
|
(53.5
|
)
|
$
|
3,486.7
|
|
Outstanding external debt as of December 31, 2015
|
|
|
|
|
||||||
(In $ millions)
|
|
Principal outstanding
|
|
Debt Issuance Costs
|
|
Total External Debt
|
|
|||
Current portion of long-term external debt
|
|
$
|
105.3
|
|
$
|
(11.5
|
)
|
$
|
93.8
|
|
Long-term external debt
|
|
3,487.0
|
|
(46.6
|
)
|
3,440.4
|
|
|||
Total
|
|
$
|
3,592.3
|
|
$
|
(58.1
|
)
|
$
|
3,534.2
|
|
(In US$ millions)
|
As of June 30,
|
|
|
2017
|
$
|
141.4
|
|
2018
|
754.3
|
|
|
2019
|
29.0
|
|
|
2020
|
29.0
|
|
|
2021
|
2,764.9
|
|
|
2022 and thereafter
|
0.0
|
|
|
Total outstanding debt
|
$
|
3,718.6
|
|
•
|
Equity ratio:
Seadrill is required to maintain a total equity to total assets ratio of at least
30.0%
. Prior to the amendment, both total equity and total assets were adjusted for the difference between book and market
|
•
|
Leverage ratio:
Seadrill is required to maintain a ratio of net debt to EBITDA. Prior to the amendment the leverage ratio had to be no greater than
6.0
:1, falling to
5.5
:1 from October 1, 2016, and falling again to
4.5
:1 from January 1, 2017. The amendment retains the ratio at
6.0
:1 until December 31, 2016, and then increases to
6.5
:1 between January 1, 2017 and June 30, 2017.
|
•
|
Minimum-value-clauses:
Seadrill’s secured bank credit facilities contain loan-to-value clauses, or minimum-value-clauses (“MVC”), which could require Seadrill to post additional collateral or prepay a portion of the
outstanding borrowings should the value of the drilling units securing borrowings under each of such agreements decrease below required levels. Subject to compliance with the terms of the amendment, this covenant has been suspended until June 30, 2017.
|
•
|
Minimum Liquidity:
Seadrill has previously been required to maintain a minimum of $
150 million
of liquidity. This has been reset to $
250 million
until June 30, 2017 in consideration for the above amendments.
|
•
|
Further process:
|
•
|
Seadrill has agreed to consultation, information provision and certain processes in respect of further discussions with its lenders under its senior secured credit facilities, including agreements in respect of progress milestones towards the agreement of, and implementation plan in respect of, a comprehensive financing package.
|
•
|
In addition Seadrill has agreed to certain additional restrictions which will apply during this process. Such restrictions shall apply to Seadrill and its consolidated subsidiaries only and therefore are not binding on the Company and its subsidiaries.
|
Outstanding principal
|
|
Receive rate
|
|
Pay rate
|
|
Maturity of contract
|
|||
(In US$ millions)
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||
$
|
408.8
|
|
(1) (2)
|
|
3 month LIBOR
|
|
1.10%
|
|
July 2, 2018
|
$
|
100.0
|
|
(2)
|
|
3 month LIBOR
|
|
1.36%
|
|
October 29, 2019
|
$
|
65.3
|
|
(1) (2)
|
|
3 month LIBOR
|
|
1.11%
|
|
June 19, 2020
|
$
|
63.7
|
|
(1) (2)
|
|
3 month LIBOR
|
|
1.93%
|
|
December 21, 2020
|
$
|
2,837.2
|
|
(1) (3)
|
|
3 month LIBOR
|
|
2.45 - 2.52%
|
|
February 21, 2021
|
(1)
|
The outstanding principal of these amortizing swaps falls with each capital repayment of the underlying loans.
|
(2)
|
Related party interest rate swap agreements.
|
(3)
|
The Company has a LIBOR floor of
1%
whereby the Company receives
1%
when LIBOR is below
1%
.
|
|
June 30, 2016
|
|
December 31, 2015
|
|
|||||||||||
(In US$ millions)
|
Fair
value
|
|
|
Carrying
value
|
|
|
Fair
value
|
|
|
Carrying
value
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
450.1
|
|
|
$
|
450.1
|
|
|
$
|
319.0
|
|
|
$
|
319.0
|
|
Current portion of long-term debt principal
|
89.2
|
|
|
105.1
|
|
|
88.0
|
|
|
105.3
|
|
||||
Current portion of long term debt to related party principal
|
36.3
|
|
|
36.3
|
|
|
145.8
|
|
|
145.8
|
|
||||
Long-term debt principal
|
1,843.3
|
|
|
3,384.4
|
|
|
1,763.5
|
|
|
3,487.0
|
|
||||
Long-term portion of debt to related party principal
|
142.1
|
|
|
142.1
|
|
|
160.2
|
|
|
160.2
|
|
|
Fair value
|
|
|
Fair value measurements
at reporting date using
|
|||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
|||||
(In US$ millions)
|
June 30, 2016
|
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
||||
Liabilities:
|
|
|
|
|
|
||||||||
Derivative instruments – Interest rate swap contracts
|
$
|
(149.6
|
)
|
|
$
|
—
|
|
$
|
(149.6
|
)
|
$
|
—
|
|
Derivative instruments – Interest rate swap contracts (Related party)
|
(6.5
|
)
|
|
—
|
|
(6.5
|
)
|
—
|
|
||||
Related party deferred and contingent consideration
|
(210.1
|
)
|
|
—
|
|
(210.1
|
)
|
—
|
|
||||
Total liabilities
|
$
|
(366.2
|
)
|
|
$
|
—
|
|
$
|
(366.2
|
)
|
$
|
—
|
|
|
Fair value
|
|
|
Fair value measurements
at reporting date using
|
|||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
|||||
(In US$ millions)
|
December 31, 2015
|
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
||||
Assets:
|
|
|
|
|
|
||||||||
Derivative instruments – Interest rate swap contracts (related party)
|
$
|
2.2
|
|
|
—
|
|
$
|
2.2
|
|
—
|
|
||
Total assets
|
$
|
2.2
|
|
|
$
|
—
|
|
$
|
2.2
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
||||||||
Derivative instruments – Interest rate swap contracts
|
$
|
(84.2
|
)
|
|
$
|
—
|
|
$
|
(84.2
|
)
|
$
|
—
|
|
Related party deferred and contingent consideration
|
(245.8
|
)
|
|
—
|
|
(245.8
|
)
|
—
|
|
||||
Total liabilities
|
$
|
(330.0
|
)
|
|
$
|
—
|
|
$
|
(330.0
|
)
|
$
|
—
|
|
(In US$ millions)
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
||||
|
|
|
|
|
|
||||||||
Management and administrative fees (a) and (b)
|
$
|
14.2
|
|
$
|
12.3
|
|
|
$
|
33.2
|
|
$
|
25.1
|
|
Rig operating costs (c)
|
6.2
|
|
6.5
|
|
|
13.5
|
|
12.0
|
|
||||
Insurance premiums (d)
|
4.0
|
|
5.4
|
|
|
9.1
|
|
10.5
|
|
||||
Interest expense (e)
|
2.5
|
|
3.5
|
|
|
5.9
|
|
7.0
|
|
||||
Derivative losses/(gain) (e)
|
2.8
|
|
(0.8
|
)
|
|
11.2
|
|
7.1
|
|
||||
Commitment fee on revolving credit facility (f)
|
0.5
|
|
0.5
|
|
|
1.0
|
|
1.0
|
|
||||
Bareboat charters expense/(income) (g)
|
2.6
|
|
(0.5
|
)
|
|
4.6
|
|
(4.6
|
)
|
||||
Other revenues - Nigerian operations (h)
|
(2.8
|
)
|
(2.3
|
)
|
|
(4.8
|
)
|
(7.0
|
)
|
||||
Accretion of discount on deferred consideration (l)
|
3.4
|
|
3.2
|
|
|
7.8
|
|
7.7
|
|
||||
Total net related party expenses
|
$
|
33.4
|
|
$
|
27.8
|
|
|
$
|
81.5
|
|
$
|
58.8
|
|
(In US$ millions)
|
June 30,
2016 |
|
December 31, 2015
|
|
||
|
|
|
||||
Trading balances due from Seadrill and subsidiaries (i)
|
$
|
141.1
|
|
$
|
175.9
|
|
Trading balances due to Seadrill and subsidiaries (i)
|
(295.7
|
)
|
(354.7
|
)
|
||
Rig financing agreements with Seadrill (j)
|
(129.0
|
)
|
(139.0
|
)
|
||
Loan agreement with Seadrill (j)
|
(49.4
|
)
|
(57.5
|
)
|
||
Vendor financing loan agreement with Seadrill (k)
|
—
|
|
(109.5
|
)
|
||
Deferred and contingent consideration to related party - short term portion (l)
|
(37.8
|
)
|
(60.4
|
)
|
||
Deferred and contingent consideration to related party - long term portion (l)
|
(172.3
|
)
|
(185.4
|
)
|
||
Derivatives with Seadrill - interest rate swaps (m)
|
(6.5
|
)
|
2.2
|
|
(In US$ millions)
|
June 30,
2016 |
|
December 31,
2015 |
|
|
|
|
||
Guarantees to customers of the Company's own performance
|
370.0
|
|
370.0
|
|
Guarantees in favor of banks
|
1.8
|
|
85.8
|
|
Total
|
371.8
|
|
455.8
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
||||
(In US$ millions)
|
|
|
|
|
|
||||||||
Net income allocated to:
|
|
|
|
|
|
||||||||
Common unitholders
|
$
|
59.8
|
|
$
|
61.9
|
|
|
$
|
95.9
|
|
$
|
98.0
|
|
Subordinated unitholders
|
—
|
|
13.6
|
|
|
—
|
|
21.5
|
|
||||
Seadrill Member Interest
|
—
|
|
25.8
|
|
|
—
|
|
20.0
|
|
||||
Net income attributable to Seadrill Partners LLC owners
|
$
|
59.8
|
|
$
|
101.3
|
|
|
$
|
95.9
|
|
$
|
139.5
|
|
|
|
|
|
|
|
||||||||
Weighted average units outstanding (basic and diluted)
(in thousands)
:
|
|
|
|
|
|
||||||||
Common unitholders
|
75,278
|
|
75,278
|
|
|
75,278
|
|
75,278
|
|
||||
Subordinated unitholders
|
16,543
|
|
16,543
|
|
|
16,543
|
|
16,543
|
|
||||
|
|
|
|
|
|
||||||||
Earnings per unit (basic and diluted):
|
|
|
|
|
|
||||||||
Common unitholders
|
$
|
0.79
|
|
$
|
0.82
|
|
|
$
|
1.27
|
|
$
|
1.30
|
|
Subordinated unitholders
|
$
|
0.00
|
|
$
|
0.82
|
|
|
$
|
0.00
|
|
$
|
1.30
|
|
|
|
|
|
|
|
||||||||
Cash distributions declared and paid in the period per unit (1)
|
$
|
0.2500
|
|
$
|
0.5675
|
|
|
$
|
0.5000
|
|
$
|
1.1350
|
|
Exhibit No.
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|
Description
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|
|
|
101
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The following financial information from Seadrill Partners LLC’s Report on Form 6-K for the quarterly period ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language):
(i) Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015;
(ii) Unaudited Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015;
(iii) Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015;
(iv) Unaudited Consolidated Statements of Changes in Members’ Capital for the six months ended June 30, 2016 and 2015; and
(v) Notes to the Unaudited Consolidated Financial Statements.
|
By:
|
/s/ Mark Morris
|
|
Name: Mark Morris
Title: Chief Executive Officer
|
1 Year Seadrill Partners Chart |
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