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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Seadrill Limited | NYSE:SDRL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.15 | 2.35% | 49.99 | 50.12 | 48.61 | 49.36 | 541,382 | 00:00:01 |
• | Revenue of $891 million |
• | EBITDA 1 of $528 million |
• | 96% economic utilization 2 |
• | Reported Net Income of $88 million and diluted earnings per share of $0.15 |
• | Cash and cash equivalents of $1.09 billion |
• | The Seadrill Group 3 achieved 97% economic utilization |
• | Seadrill Group orderbacklog of approximately $9.1 billion |
Seadrill Limited
|
|||||||||||||
Figures in USD million, unless otherwise indicated
|
Q1 2016
As Reported
|
Q1 2015
As Reported
|
% change
|
Q1 2016
Underlying
4
|
Q1 2015
Underlying
4
|
% change
|
|||||||
Revenue
|
891
|
1,244
|
(28
|
)%
|
891
|
1,133
|
(21
|
)%
|
|||||
EBITDA
|
528
|
715
|
(26
|
)%
|
528
|
648
|
(19
|
)%
|
|||||
Margin (%)
|
59
|
%
|
57
|
%
|
59
|
%
|
57
|
%
|
|||||
Operating income
|
328
|
703
|
(53
|
)%
|
328
|
566
|
(42
|
)%
|
|||||
Net Interest bearing debt
|
9,645
|
11,435
|
(20
|
)%
|
9,645
|
11,653
|
(17
|
)%
|
1 | EBITDA is defined as 'Earnings Before Interest, Tax, Depreciation and Amortization' and has been calculated by taking operating profit plus depreciation and amortization but excluding gains or losses on disposals and impairment charges against goodwill. Contingent consideration realized relates to Seadrill's ongoing residual interest in the West Vela and West Polaris customer contracts, and has been included within EBITDA. |
2 | Economic utilization is calculated as total revenue, excluding bonuses, for the period as a proportion of the full operating dayrate multiplied by the number of days in the period. |
3 | Seadrill Group is defined as all companies currently consolidated into Seadrill Limited plus Seadrill Partners LLC and SeaMex Limited. |
4 | Underlying is defined as reported results, adjusted for certain non-recurring items and other exclusions as discussed in the Appendix I. These numbers are reconciled to the US GAAP reported results for corresponding periods in the Appendix. |
Seadrill Limited
|
||||||||||||
Q1 2016
As Reported
|
Q4 2015
As Reported
|
% change
|
Q1 2016
Underlying
5
|
Q4 2015
Underlying
5
|
% change
|
|||||||
Revenue
|
891
|
959
|
(7.1
|
)%
|
891
|
959
|
(7.1
|
)%
|
||||
EBITDA
|
528
|
513
|
2.9
|
%
|
528
|
513
|
2.9
|
%
|
||||
Margin (%)
|
59
|
%
|
53
|
%
|
59
|
%
|
53
|
%
|
||||
Operating income
|
328
|
223
|
47.1
|
%
|
328
|
316
|
3.8
|
%
|
||||
Net Debt
|
9,645
|
9,937
|
(2.9
|
)%
|
9,645
|
9,937
|
(2.9
|
)%
|
- | West Tellus |
- | Sevan Brazil |
- | Sevan Driller |
- | AOD I, II and III |
- | West Mischief |
- | West Polaris (reduced earnout received from Seadrill Partners) |
1. | The revaluation of the derivative hedge book |
2. | An impairment to our SapuraKencana equity investment as an adjusting subsequent event following the sale of our stake in April 2016, and the write-off of our investment in our joint ventures with Sete. |
3. | A decrease in our share in results of associated companies related to Seadrill Partners' lower earnings for the quarter primarily due to mark to market losses on its derivative hedge book. |
5 | Underlying Net income represents Net income excluding impairment of investments and non-cash mark to market movements on derivatives. Underlying Net income is reconciled to US GAAP Net income in Appendix 1. |
1. |
The reclassification of the $400 million credit facility as noted above
|
2. |
The repayment of the SapuraKencana share loan also noted above
|
3. | The three ship finance entities from whom we lease rigs under sale and leaseback arrangements and we consolidate as variable interest entities, drew down $150 million from their bank facilities. The Ship Finance bank facilities are separate arrangements between Ship Finance and its banks. |
1. | In January we entered into an agreement with DSME to defer the delivery of two ultra-deepwater drillships, the West Aquila and West Libra , until the second quarter 2018 and first quarter of 2019, respectively. |
2. | In April we entered into agreements with Dalian to further defer the deliveries of all eight jack-ups under construction. Following this latest deferral agreement, five units are now scheduled to be delivered in 2017, and three units in 2018. |
3. | In April 2016, Sevan Drilling and Cosco agreed to exercise the second six-month deferral option for the Sevan Developer newbuilding, which extends the deferral agreement until October 15, 2016. |
SDRL
|
SDLP
|
Seamex
|
Seadrill Group
|
|
Operating floaters
|
14
|
7
|
0
|
21
|
Operating floaters economic utilization
|
97%
|
99%
|
-
|
97%
|
Idle floaters
|
5
|
1
|
0
|
6
|
Operating jack-ups
|
14
|
0
|
5
|
19
|
Operating jack-up economic utilization
|
96%
|
-
|
100%
|
97%
|
Idle jack-ups
|
5
|
0
|
0
|
5
|
Operating tender rigs
|
0
|
3
|
0
|
3
|
Operating tender rigs economic utilization
|
-
|
100%
|
-
|
100%
|
Idle tender rigs
|
0
|
0
|
0
|
0
|
Total operating rigs
|
28
|
10
|
5
|
43
|
Total operating rigs economic utilization
|
96%
|
99%
|
100%
|
97%
|
Total idle rigs
|
10
|
1
|
0
|
11
|
Total rigs
|
38
|
11
|
5
|
54
|
1. | The West Eclipse was awarded a new contract in Angola expected to commence in the second quarter of 2016. The contract is for a fixed 2 year period and adds backlog of about $285 million inclusive of mobilization. As part of this agreement, the backlog for the West Polaris earn-out has been decreased by about $95 million. |
2. | The West Tellus was awarded an 18 month contract extension by Petroleo Brasileiro SA ("Petrobras") commencing in April 2018 and securing work for the unit to the end of October 2019. The backlog for the contract extension is approximately $164 million. |
3. | The dayrate for the Sevan Brasil was reduced to $250,000 per day from 26 February 2016 through the remainder of the contract term, ending in July 2018, resulting in a $117 million decrease in backlog. |
4. | Subsequent to the cancellation of the contract for the Sevan Driller effective 1 December 2015, the unit has been awarded a well intervention contract by Shell in Brazil for 60 days with two 30 day options commencing in the second quarter of 2016, adding approximately $11 million in backlog. |
5. | The dayrate on the West Mischief was reduced to $85,000 per day for the remainder of its contract term, resulting in a decrease of $25 million in backlog. |
6. | The West Cressida secured a new 9 month contract with PTTEP in Thailand commencing in April adding approximately $18 million in backlog. |
7. | The AOD I secured a three month extension with Saudi Aramco at $125,000 per day adding approximately $11 million in backlog. |
8. | The West Hercules received a notice of termination for convenience from Statoil. In accordance with the contract, Seadrill will receive a lump sum payment of approximately $61 million, plus dayrate and reimbursement of costs associated with demobilization of the rig. The West Hercules is currently being marketed for new work. |
1. | The $450 million credit facility originally maturing in June 2016 is now extended until the end of December 2016 |
2. | The $400 million credit facility originally maturing in December 2016 extended until the end of May 2017 |
3. | The $2 billion NADL credit facility originally maturing in April 2017 extended until the end of June 2017 |
1. | A reset of the leverage covenant. |
2. | A revised definition of the Equity Ratio to exclude the impact of any change to the market value of our rigs. |
3. | A suspension of the provision that allows lenders to receive a prepayment under their secured credit facilities if rig values decline below a minimum value relative to the loan balance outstanding. |
• | The following units coming off contract during the second quarter: |
◦ | West Prospero |
◦ | West Castor |
◦ | West Hercules |
• | Lower dayrates on the following units compared to the first quarter: |
◦ | West Tellus |
◦ | Sevan Brasil |
◦ | West Cressida |
• | Offset by commencement of operation or higher utilization on the following units: |
◦ | West Eclipse |
◦ | West Phoenix |
Per Wullf:
|
Chief Executive Officer and President
|
Mark Morris:
|
Chief Financial Officer
|
John Roche:
|
Vice President Investor Relations
|
(in $ million)
|
Q1 2016
|
||
Net income
|
88
|
||
Add back:
|
|||
Impairment of investments
|
24
|
||
Non-cash mark to market movements on derivatives
|
41
|
||
Net income excluding non-recurring items and non-cash mark to market movement on derivatives
|
153
|
||
Attributable to NCI
|
23
|
||
Attributable to parent
|
130
|
||
Underlying basic and diluted weighted average shares in issue (million)
|
493
|
||
Underlying basic and diluted EPS excluding non-recurring items and non-cash mark to market movement on derivatives ($ per share)
|
$
|
0.26
|
(in $ million)
|
Q1 2016
|
Q4 2015
|
Q1 2015
|
|||
Interest bearing debt
|
||||||
Current portion of long-term debt
|
1,278
|
1,489
|
1,386
|
|||
Long-term debt
|
9,205
|
9,054
|
10,537
|
|||
Long-term debt due to related parties
|
254
|
438
|
415
|
|||
Total interest bearing debt
|
10,737
|
10,981
|
12,338
|
|||
Cash and cash equivalents
|
1,092
|
1,044
|
903
|
|||
Net interest bearing debt*
|
9,645
|
9,937
|
11,435
|
(in $ million)
|
Q1 2016 As reported
|
Exclusions
|
Q1 2016 Underlying
|
|||
Revenue
|
891
|
—
|
891
|
|||
EBITDA
|
528
|
—
|
528
|
|||
Margin (%)
|
59
|
%
|
59
|
%
|
||
Operating income
|
328
|
—
|
328
|
|||
Net Debt
|
9,645
|
—
|
9,645
|
(in $ million)
|
Q1 2015 As reported
|
Exclusions
|
Q1 2015 Underlying
|
|||
Revenue
|
1,244
|
(111
|
)
|
1,133
|
||
EBITDA
|
715
|
(67
|
)
|
648
|
||
Margin (%)
|
57
|
%
|
57
|
%
|
||
Operating income
|
703
|
(137
|
)
|
566
|
||
Net Debt
|
11,435
|
(342
|
)
|
11,653
|
• | Revenue: exclusion of contract revenue relating to rigs disposed of since January 1, 2015. |
• | EBITDA: exclusion of EBITDA relating to rigs disposed of since January 1, 2015. |
• | Operating income: exclusion of gain on disposals and operating income of rigs disposed since January 1, 2015. |
(in $ million)
|
Q4 2015 As reported
|
Exclusions
|
Q4 2015 Underlying
|
|||
Revenue
|
959
|
—
|
959
|
|||
EBITDA
|
513
|
—
|
513
|
|||
Margin (%)
|
53
|
%
|
53
|
%
|
||
Operating income
|
223
|
93
|
316
|
|||
Net Debt
|
9,937
|
—
|
9,937
|
• | Operating income: exclusion of loss on disposals |
Unaudited Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015
|
F-2 | |
Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015
|
F-3 | |
Unaudited Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015
|
F-4 | |
Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015
|
F-5 | |
Unaudited Consolidated Statements of Changes in Equity for the three months ended March 31, 2016 and 2015
|
F-7 | |
Notes to Unaudited Consolidated Financial Statements
|
F-8 |
(In $ millions)
|
Three Months Ended
March 31, |
|||||||
2016
|
2015
|
|||||||
Operating revenues
|
||||||||
Contract revenues
|
808
|
1,144
|
||||||
Reimbursable revenues
|
18
|
25
|
||||||
Other revenues*
|
65
|
75
|
||||||
Total operating revenues
|
891
|
1,244
|
||||||
Gain on disposals*
|
—
|
186
|
||||||
Contingent consideration realized*
|
5
|
4
|
||||||
Operating expenses
|
||||||||
Vessel and rig operating expenses*
|
290
|
446
|
||||||
Reimbursable expenses
|
18
|
22
|
||||||
Depreciation and amortization
|
200
|
198
|
||||||
General and administrative expenses*
|
60
|
65
|
||||||
Total operating expenses
|
568
|
731
|
||||||
Operating income
|
328
|
703
|
||||||
Financial items and other income and expense
|
||||||||
Interest income*
|
20
|
17
|
||||||
Interest expense*
|
(102
|
)
|
(112
|
)
|
||||
Loss on impairment of investments
|
(24
|
)
|
—
|
|||||
Share in results from associated companies (net of tax)
|
39
|
14
|
||||||
Loss on derivative financial instruments*
|
(87
|
)
|
(181
|
)
|
||||
Foreign exchange (loss)/gain
|
(15
|
)
|
50
|
|||||
Other financial items and other income and (expense), net*
|
13
|
15
|
||||||
Total financial items and other income and (expense), net
|
(156
|
)
|
(197
|
)
|
||||
Income before income taxes
|
172
|
506
|
||||||
Income tax expense
|
(84
|
)
|
(58
|
)
|
||||
Net income
|
88
|
448
|
||||||
Net income attributable to the non-controlling interest
|
14
|
21
|
||||||
Net income attributable to the parent
|
74
|
427
|
||||||
Basic earnings per share (US dollar)
|
0.15
|
0.86
|
||||||
Diluted earnings per share (US dollar)
|
0.15
|
0.86
|
||||||
Declared regular dividend per share (US dollar)
|
—
|
—
|
Three Months Ended
March 31, |
||||||
2016
|
2015
|
|||||
Net income
|
88
|
448
|
||||
Other comprehensive loss, net of tax:
|
||||||
Change in unrealized loss on marketable securities, net
|
(38
|
)
|
(130
|
)
|
||
Other than temporary impairment of marketable securities, reclassification to statement of operations
|
11
|
—
|
||||
Change in unrealized foreign exchange differences
|
—
|
(10
|
)
|
|||
Change in actuarial gain relating to pension
|
6
|
10
|
||||
Change in unrealized loss on interest rate swaps in VIEs and subsidiaries
|
(2
|
)
|
(1
|
)
|
||
Share of other comprehensive loss from associated companies
|
(7
|
)
|
—
|
|||
Other comprehensive loss:
|
(30
|
)
|
(131
|
)
|
||
Total comprehensive income for the period
|
58
|
317
|
||||
Comprehensive income attributable to the non-controlling interest
|
14
|
23
|
||||
Comprehensive income attributable to the parent
|
44
|
294
|
March 31,
2016 |
December 31,
2015 |
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
1,092
|
1,044
|
||||||
Restricted cash
|
104
|
50
|
||||||
Marketable securities
|
286
|
96
|
||||||
Accounts receivables, net
|
710
|
718
|
||||||
Amount due from related party
|
585
|
639
|
||||||
Other current assets
|
364
|
395
|
||||||
Total current assets
|
3,141
|
2,942
|
||||||
Non-current assets
|
||||||||
Investment in associated companies
|
2,583
|
2,590
|
||||||
Marketable securities
|
—
|
228
|
||||||
Newbuildings
|
1,496
|
1,479
|
||||||
Drilling units
|
14,767
|
14,930
|
||||||
Restricted cash
|
35
|
198
|
||||||
Deferred tax assets
|
86
|
81
|
||||||
Equipment
|
44
|
46
|
||||||
Amount due from related party non-current
|
463
|
517
|
||||||
Assets held for sale - non-current
|
128
|
128
|
||||||
Other non-current assets
|
322
|
331
|
||||||
Total non-current assets
|
19,924
|
20,528
|
||||||
Total assets
|
23,065
|
23,470
|
||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Current portion of long-term debt
|
1,278
|
1,489
|
||||||
Trade accounts payable
|
152
|
141
|
||||||
Short-term amounts due to related party
|
177
|
152
|
||||||
Other current liabilities
|
1,627
|
1,684
|
||||||
Total current liabilities
|
3,234
|
3,466
|
||||||
Non-current liabilities
|
||||||||
Long-term debt
|
9,205
|
9,054
|
||||||
Long-term debt due to related parties
|
254
|
438
|
||||||
Deferred tax liabilities
|
153
|
136
|
||||||
Other non-current liabilities
|
183
|
401
|
||||||
Total non-current liabilities
|
9,795
|
10,029
|
||||||
Equity
|
||||||||
Common shares of par value $2.00 per share: 800,000,000 shares authorized 492,759,940 outstanding at March 31, 2016 (December 31, 2015, 492,759,940)
|
985
|
985
|
||||||
Additional paid in capital
|
3,273
|
3,275
|
||||||
Contributed surplus
|
1,956
|
1,956
|
||||||
Accumulated other comprehensive loss
|
(150
|
)
|
(120
|
)
|
||||
Retained earnings
|
3,354
|
3,275
|
||||||
Total shareholders' equity
|
9,418
|
9,371
|
||||||
Non-controlling interest
|
618
|
604
|
||||||
Total equity
|
10,036
|
9,975
|
||||||
Total liabilities and equity
|
23,065
|
23,470
|
Three Months Ended
March 31, |
||||||||
2016
|
2015
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
88
|
448
|
||||||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
200
|
198
|
||||||
Amortization of deferred loan charges
|
9
|
10
|
||||||
Amortization of unfavorable contracts
|
(30
|
)
|
(40
|
)
|
||||
Share of results from associated companies
|
(39
|
)
|
(11
|
)
|
||||
Share-based compensation expense
|
3
|
1
|
||||||
Gain on disposals and deconsolidations
|
—
|
(186
|
)
|
|||||
Contingent consideration realized
|
(5
|
)
|
(4
|
)
|
||||
Unrealized loss related to derivative financial instruments
|
41
|
102
|
||||||
Loss on impairment of investments
|
24
|
—
|
||||||
Dividends received from associated companies
|
26
|
72
|
||||||
Deferred income tax
|
13
|
(9
|
)
|
|||||
Unrealized foreign exchange gain on long-term debt
|
26
|
(57
|
)
|
|||||
Payments for long-term maintenance
|
(15
|
)
|
(9
|
)
|
||||
Other, net
|
(1
|
)
|
(1
|
)
|
||||
Changes in operating assets and liabilities, net of effect of acquisitions and disposals
|
||||||||
Trade accounts receivable
|
8
|
61
|
||||||
Trade accounts payable
|
(8
|
)
|
12
|
|||||
Prepaid expenses/accrued revenue
|
(4
|
)
|
—
|
|||||
Deferred revenue
|
(58
|
)
|
(62
|
)
|
||||
Related party receivables
|
26
|
53
|
||||||
Related party payables
|
(9
|
)
|
(3
|
)
|
||||
Other assets
|
33
|
6
|
||||||
Other liabilities
|
(34
|
)
|
(82
|
)
|
||||
Net cash provided by operating activities
|
294
|
499
|
Three Months Ended
March 31, |
||||||||
2016
|
2015
|
|||||||
Cash Flows from Investing Activities
|
||||||||
Additions to newbuildings
|
(17
|
)
|
(452
|
)
|
||||
Additions to drilling units and equipment
|
(20
|
)
|
(115
|
)
|
||||
Proceeds from contingent consideration
|
32
|
—
|
||||||
Sale of business, net of cash disposed
|
—
|
999
|
||||||
Change in restricted cash
|
(52
|
)
|
81
|
|||||
Investment in associated companies
|
—
|
(165
|
)
|
|||||
Loans granted to related parties
|
—
|
(310
|
)
|
|||||
Payments received from loans granted to related parties
|
55
|
8
|
||||||
Net cash (used in)/provided by investing activities
|
(2
|
)
|
46
|
Cash Flows from Financing Activities
|
||||||||
Proceeds from debt and revolving line of credit
|
—
|
950
|
||||||
Repayments of debt and revolving line of credit
|
(246
|
)
|
(1,405
|
)
|
||||
Debt fees paid
|
—
|
(11
|
)
|
|||||
Dividends paid to non-controlling interests
|
(7
|
)
|
(7
|
)
|
||||
Net cash used in financing activities
|
(253
|
)
|
(473
|
)
|
||||
Effect of exchange rate changes on cash
|
9
|
—
|
||||||
Net increase in cash and cash equivalents
|
48
|
72
|
||||||
Cash and cash equivalents at beginning of the period
|
1,044
|
831
|
||||||
Cash and cash equivalents at the end of period
|
1,092
|
903
|
Common shares
|
Additional paid-in capital
|
Contributed surplus
|
Accumulated
OCI |
Retained earnings
|
Total equity before NCI
|
NCI
|
Total
equity |
|||||||||||||||||||||||||
Balance at December 31, 2014
|
985
|
3,258
|
1,956
|
(448
|
)
|
4,013
|
9,764
|
626
|
10,390
|
|||||||||||||||||||||||
Sale and purchase of treasury shares, net
|
—
|
10
|
—
|
—
|
—
|
10
|
—
|
10
|
||||||||||||||||||||||||
Other comprehensive loss
|
—
|
—
|
—
|
(133
|
)
|
—
|
(133
|
)
|
2
|
(131
|
)
|
|||||||||||||||||||||
Dividend to Non-controlling interests in VIEs
|
—
|
—
|
—
|
—
|
—
|
—
|
(7
|
)
|
(7
|
)
|
||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
427
|
427
|
21
|
448
|
||||||||||||||||||||||||
Balance at March 31, 2015
|
985
|
3,268
|
1,956
|
(581
|
)
|
4,440
|
10,068
|
642
|
10,710
|
|||||||||||||||||||||||
Balance at December 31, 2015
|
985
|
3,275
|
1,956
|
(120
|
)
|
3,275
|
9,371
|
604
|
9,975
|
|||||||||||||||||||||||
Share-based compensation charge
|
—
|
—
|
—
|
—
|
3
|
3
|
—
|
3
|
||||||||||||||||||||||||
Historical stock option reclassification
|
—
|
(2
|
)
|
—
|
—
|
2
|
—
|
—
|
—
|
|||||||||||||||||||||||
Other comprehensive loss
|
—
|
—
|
—
|
(30
|
)
|
—
|
(30
|
)
|
—
|
(30
|
)
|
|||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
74
|
74
|
14
|
88
|
||||||||||||||||||||||||
Balance at March 31, 2016
|
985
|
3,273
|
1,956
|
(150
|
)
|
3,354
|
9,418
|
618
|
10,036
|
(In $ millions)
|
Three Months Ended
March 31, |
|||||||
2016
|
2015
|
|||||||
Floaters
|
616
|
832
|
||||||
Jack-up rigs
|
246
|
377
|
||||||
Other
|
29
|
35
|
||||||
Total
|
891
|
1,244
|
(In $ millions)
|
Three Months Ended
March 31, |
|||||||
2016
|
2015
|
|||||||
Floaters
|
148
|
141
|
||||||
Jack-up rigs
|
52
|
57
|
||||||
Total
|
200
|
198
|
(In $ millions)
|
Three Months Ended
March 31, |
|||||||
2016
|
2015
|
|||||||
Floaters
|
237
|
376
|
||||||
Jack-up rigs
|
86
|
325
|
||||||
Other
|
5
|
2
|
||||||
Operating income
|
328
|
703
|
||||||
Unallocated items:
|
||||||||
Total financial items and other
|
(156
|
)
|
(197
|
)
|
||||
Income taxes
|
(84
|
)
|
(58
|
)
|
||||
Net Income
|
88
|
448
|
(In $ millions)
|
As of March 31,
2016
|
As of December 31,
2015
|
||||||
Floaters
|
12,085
|
12,189
|
||||||
Jack-up rigs
|
4,178
|
4,220
|
||||||
Total Drilling Units and Newbuildings
|
16,263
|
16,409
|
||||||
Unallocated items:
|
||||||||
Assets held for sale
|
128
|
128
|
||||||
Investments in associated companies
|
2,583
|
2,590
|
||||||
Marketable securities
|
286
|
324
|
||||||
Cash and restricted cash
|
1,231
|
1,292
|
||||||
Other assets
|
2,574
|
2,727
|
||||||
Total Assets
|
23,065
|
23,470
|
(In $ millions)
|
Three Months Ended
March 31, |
|||||||
2016
|
2015
|
|||||||
Floaters
|
43
|
538
|
||||||
Jack-up rigs
|
9
|
35
|
||||||
Total
|
52
|
573
|
(In $ millions) |
As at September 14,
2015
|
|||
West Mira book value
|
315
|
|||
Less: equipment redeployed
|
(48
|
)
|
||
Net book value disposed
|
267
|
|||
Less: Yard Installments recoverable
|
(170
|
)
|
||
Less: interest accrued on installment
|
(29
|
)
|
||
Provisions for onerous commitments
|
12
|
|||
Net Loss on disposal
|
80
|
(In $ millions) |
As at June 19,
2015
|
|||
Initial enterprise value
|
540
|
|||
Less: Debt assumed
|
(336
|
)
|
||
Initial purchase price
|
204
|
|||
Plus: Working capital adjustment
|
31
|
|||
Adjusted initial purchase price
|
235
|
|||
Cash
|
204
|
|||
Plus: Working capital receivable
|
31
|
|||
Fair value of purchase consideration recognized on disposal
|
235
|
|||
Less: net carrying value of assets and liabilities
|
(271
|
)
|
||
Less: allocated goodwill to subsidiaries
|
(41
|
)
|
||
Initial loss on disposal
|
(77
|
)
|
||
Contingent consideration realized since disposal
|
34
|
(In $ millions)
|
As at March 10,
2015
|
|||
FAIR VALUE OF CONSIDERATION RECEIVED
|
||||
Net cash consideration received
|
749
|
|||
Seller's credit recognized
|
250
|
|||
Direct repayment of debt by the JV on behalf of Seadrill
|
150
|
|||
Consideration receivable in respect of
West Titania
|
162
|
|||
Other related party balances payable
|
(71
|
)
|
||
Cash paid to acquire 50% interest in the JV
|
(163
|
)
|
||
Fair value of consideration received
|
1,077
|
|||
FAIR VALUE OF RETAINED 50% INVESTMENT IN SEAMEX LIMITED
|
163
|
|||
CARRYING VALUE OF NET ASSETS
|
||||
Current assets
|
||||
Cash and cash equivalents
|
40
|
|||
Deferred tax assets - short term
|
8
|
|||
Other current assets
|
20
|
|||
Total current assets
|
68
|
|||
Non-current assets
|
||||
Drilling units
|
969
|
|||
Deferred tax asset - long term
|
4
|
|||
Other non-current assets
|
86
|
|||
Goodwill
|
49
|
|||
Total non-current assets
|
1,108
|
|||
Total assets
|
1,176
|
|||
LIABILITIES
|
||||
Current liabilities
|
||||
Trade accounts payable
|
(1
|
)
|
||
Other current liabilities
|
(56
|
)
|
||
Total current liabilities
|
(57
|
)
|
||
Non-current liabilities
|
||||
Other non-current liabilities
|
(60
|
)
|
||
Total non-current liabilities
|
(60
|
)
|
||
Total liabilities
|
(117
|
)
|
||
Carrying value of net assets
|
1,059
|
|||
GAIN ON DISPOSAL
|
181
|
(In $ millions)
|
Three Months Ended
March 31, |
|||||||
2016
|
2015
|
|||||||
Net income attributable to the parent
|
74
|
427
|
||||||
Less: Allocation to participating securities
|
—
|
(1
|
)
|
|||||
Net income available to shareholders
|
74
|
426
|
||||||
Effect of dilution
|
—
|
—
|
||||||
Diluted net income available to shareholders
|
74
|
426
|
(In $ millions)
|
Three Months Ended
March 31, |
|||||||
2016
|
2015
|
|||||||
Basic earnings per share:
|
||||||||
Weighted average number of common shares outstanding
|
493
|
493
|
||||||
Diluted earnings per share:
|
||||||||
Weighted average number of common shares outstanding
|
493
|
493
|
||||||
Effect of dilutive share options
|
—
|
—
|
||||||
Effect of dilutive convertible bonds
|
—
|
—
|
||||||
Weighted average number of common shares outstanding adjusted for the effects of dilution
|
493
|
493
|
||||||
Basic earnings per share (US dollar)
|
0.15
|
0.86
|
||||||
Diluted earnings per share (US dollar)
|
0.15
|
0.86
|
As at March 31, 2016
|
||||||||||||
(In $ millions)
|
Amortized cost
|
Cumulative unrealized fair value gains/(losses)
|
Carrying value
|
|||||||||
SapuraKencana
|
195
|
—
|
195
|
|||||||||
Seadrill Partners - Common Units
|
247
|
(156
|
)
|
91
|
||||||||
Total
|
442
|
(156
|
)
|
286
|
As at December 31, 2015
|
||||||||||||
(In $ millions)
|
Amortized cost
|
Cumulative unrealized fair value gains/(losses)
|
Carrying value
|
|||||||||
SapuraKencana
|
206
|
22
|
228
|
|||||||||
Seadrill Partners - Common Units
|
247
|
(151
|
)
|
96
|
||||||||
Total
|
453
|
(129
|
)
|
324
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||||
(In $ millions)
|
Gross realized gains
|
Gross realized losses
|
Gross Unrealized gains
|
Gross Unrealized losses
|
Gross proceeds from disposals
|
Recognition and purchases
|
Gain/(loss) reclassified into income
|
|||||||||||||||||||||
SapuraKencana
|
—
|
—
|
—
|
(33
|
)
|
—
|
—
|
(11
|
)
|
|||||||||||||||||||
Seadrill Partners - Common Units
|
—
|
—
|
—
|
(5
|
)
|
—
|
—
|
—
|
||||||||||||||||||||
Total
|
—
|
—
|
—
|
(38
|
)
|
—
|
—
|
(11
|
)
|
Three Months Ended March 31, 2015
|
||||||||||||||||||||||||||||
(In $ millions)
|
Gross realized gains
|
Gross realized losses
|
Gross Unrealized gains
|
Gross Unrealized losses
|
Gross proceeds from disposals
|
Recognition and purchases
|
Gain/(loss) reclassified into income
|
|||||||||||||||||||||
Sapura Kencana
|
—
|
—
|
—
|
(13
|
)
|
—
|
—
|
—
|
||||||||||||||||||||
Seadrill Partners - Common Units
|
—
|
—
|
—
|
(117
|
)
|
—
|
—
|
—
|
||||||||||||||||||||
Total
|
—
|
—
|
—
|
(130
|
)
|
—
|
—
|
—
|
(In $ millions)
|
March 31,
2016 |
December 31,
2015 |
||||||
Seabras Sapura Participacoes
|
30
|
29
|
||||||
Seabras Sapura Holdco
|
158
|
158
|
||||||
Itaunas Drilling
|
—
|
3
|
||||||
Camburi Drilling
|
—
|
6
|
||||||
Sahy Drilling
|
—
|
4
|
||||||
Seadrill Partners - Total direct ownership interests
|
1,765
|
1,767
|
||||||
Seadrill Partners - Subordinated Units
|
299
|
293
|
||||||
Seadrill Partners - Seadrill member interest and IDRs*
|
137
|
137
|
||||||
SeaMex Ltd
|
194
|
193
|
||||||
Total
|
2,583
|
2,590
|
(In $ millions)
|
Three months
ended March 31,
2016
|
Year ended
December 31,
2015 |
||||||
Opening balance
|
1,479
|
2,030
|
||||||
Additions
|
17
|
661
|
||||||
Transfers to drilling units
|
—
|
(725
|
)
|
|||||
Reclassification to non-current assets*
|
—
|
(199
|
)
|
|||||
Disposals*
|
—
|
(78
|
)
|
|||||
Reclassification to assets held for sale**
|
—
|
(210
|
)
|
|||||
Closing balance
|
1,496
|
1,689
|
(In $ millions) |
March 31,
2016 |
December 31,
2015 |
||||||
Cost
|
18,553
|
18,518
|
||||||
Accumulated depreciation
|
(3,786
|
)
|
(3,588
|
)
|
||||
Net book value
|
14,767
|
14,930
|
(In $ millions)
|
Three months
ended March 31,
2016
|
Year ended
December 31,
2015
|
||||||
Opening balance
|
||||||||
Goodwill
|
795
|
836
|
||||||
Accumulated impairment losses
|
(795
|
)
|
(232
|
)
|
||||
Total opening goodwill
|
—
|
604
|
||||||
Disposals and deconsolidations (see note 4)
|
—
|
(41
|
)
|
|||||
Impairment of goodwill
|
—
|
(563
|
)
|
|||||
Closing balance
|
||||||||
Goodwill
|
795
|
795
|
||||||
Accumulated impairment losses
|
(795
|
)
|
(795
|
)
|
||||
Total closing goodwill
|
—
|
—
|
(In $ millions)
|
March 31,
2016 |
December 31,
2015 |
||||||
Credit facilities:
|
||||||||
$2,000 facility (North Atlantic Drilling)
|
1,158
|
1,200
|
||||||
$400 facility
|
230
|
240
|
||||||
$440 facility
|
224
|
224
|
||||||
$1,450 facility
|
383
|
393
|
||||||
$360 facility (Asia Offshore Drilling)
|
264
|
273
|
||||||
$300 facility
|
180
|
186
|
||||||
$1,750 facility (Sevan Drilling)
|
1,050
|
1,085
|
||||||
$450 facility
|
331
|
344
|
||||||
$1,500 facility
|
1,312
|
1,344
|
||||||
$1,350 facility
|
1,148
|
1,181
|
||||||
$950 facility
|
672
|
688
|
||||||
$450 facility (2015)
|
205
|
215
|
||||||
Total credit facilities
|
7,157
|
7,373
|
||||||
Loans contained within VIEs:
|
||||||||
$375 facility
|
299
|
256
|
||||||
$390 facility
|
265
|
221
|
||||||
$475 facility
|
392
|
354
|
||||||
Total Loans contained within VIEs
|
956
|
831
|
||||||
Unsecured bonds:
|
||||||||
Unsecured bonds
|
2,408
|
2,381
|
||||||
Total unsecured bonds
|
2,408
|
2,381
|
||||||
Other credit facilities with corresponding restricted cash deposits
|
71
|
76
|
||||||
Total debt principal
|
10,592
|
10,661
|
||||||
Less: current portion of debt principal
|
(1,314
|
)
|
(1,526
|
)
|
||||
Long-term portion of debt principal
|
9,278
|
9,135
|
Outstanding debt as at March 31, 2016
|
||||||||||||
(In $ millions)
|
Principal
outstanding
|
Less: Debt
Issuance Costs
|
Total Debt
|
|||||||||
Current portion of long-term debt
|
1,314
|
(36
|
)
|
1,278
|
||||||||
Long-term debt
|
9,278
|
(73
|
)
|
9,205
|
||||||||
Total
|
10,592
|
(109
|
)
|
10,483
|
Outstanding debt as at December 31, 2015
|
||||||||||||
(In $ millions)
|
Principal
outstanding
|
Less: Debt
Issuance Costs
|
Total Debt
|
|||||||||
Current portion of long-term debt
|
1,526
|
(37
|
)
|
1,489
|
||||||||
Long-term debt
|
9,135
|
(81
|
)
|
9,054
|
||||||||
Total
|
10,661
|
(118
|
)
|
10,543
|
(In $ millions)
|
Year ended
March 31,
|
|||
2017
|
1,314
|
|||
2018
|
3,534
|
|||
2019
|
2,514
|
|||
2020
|
2,651
|
|||
2021
|
579
|
|||
2022 and thereafter
|
—
|
|||
Total debt principal
|
10,592
|
• | Extensions: |
◦ | $450 million Senior Secured Credit Facility : The maturity of the $450 million senior secured credit facility, relating to the Eminence rig, has been extended from June 20, 2016 to December 31, 2016. |
◦ | $400 million Senior Secured Credit Facility : The maturity of the $400 million senior secured credit facility, relating to jack-up rigs West Cressida , West Callisto , West Leda and West Triton, has been extended from December 8, 2016 to May 31, 2017. |
◦ | $2 billion Senior Secured Credit Facility : The maturity of the $2 billion senior secured credit facility of our majority-owned subsidiary NADL has been extended from April 15, 2017 to June 30, 2017. |
• | Key amendments and waivers: |
◦ | Equity ratio : The Company 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 : The Company 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 : The Company's secured bank credit facilities contain loan-to-value clauses, or minimum-value-clauses ("MVC"), which could require the Company to 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. This covenant has been suspended until June 30, 2017. |
• | Minimum Liquidity : The Company has previously been required to maintain a minimum of $150 million of liquidity. This has been reset to $250 million. |
• | Additional undertakings: |
◦ | Further process : The Company has agreed certain undertakings on a temporary basis while further discussions with its lenders under its senior secured credit facilities remain ongoing. This includes agreements in respect of progress milestones towards the agreement of, and implementation plan in respect of, a comprehensive financing package. |
◦ | Restrictive undertakings : The Company has agreed to additional near-term restrictive undertakings applicable during this process, including limitations in respect of: |
▪ | dividends, share capital repurchases and new total return swaps; |
▪ | incurrence of certain indebtedness; |
▪ | investments in, extensions of credit to or the provision of financial support for non-wholly owned subsidiaries; |
▪ | investments in, extensions of credit to or the provision of financial support for joint ventures or associated entities; |
▪ | acquisitions; |
▪ | dispositions; |
▪ | prepayment, repayment or repurchase of any debt obligations; |
▪ | granting security; and |
▪ | payments in respect of newbuild drilling units, |
• | Other changes and provisions: |
◦ | Undrawn availability : The Company has agreed to refrain from borrowing any undrawn commitments under its senior secured credit facilities. |
◦ | Fees : The Company has agreed to pay certain fees to its lenders in consideration of these extensions and amendments. |
March 31, 2016
|
December 31, 2015
|
|||||||||||||||
All shares are common shares of $2.00 par value each
|
Shares
|
$ million
|
Shares
|
$ million
|
||||||||||||
Authorized share capital
|
800,000,000
|
1,600
|
800,000,000
|
1,600
|
||||||||||||
Issued and fully paid share capital
|
493,078,680
|
986
|
493,078,680
|
986
|
||||||||||||
Treasury shares held by Company
|
(318,740
|
)
|
(1
|
)
|
(318,740
|
)
|
(1
|
)
|
||||||||
Outstanding common shares in issue
|
492,759,940
|
985
|
492,759,940
|
985
|
(In $ millions)
|
March 31,
2016 |
December 31,
2015 |
||||||
Unrealized loss on marketable securities
|
(156
|
)
|
(129
|
)
|
||||
Unrealized gain on foreign exchange
|
36
|
36
|
||||||
Actuarial loss relating to pension
|
(34
|
)
|
(38
|
)
|
||||
Share in unrealized gains from associated companies
|
4
|
11
|
||||||
Accumulated other comprehensive income
|
(150
|
)
|
(120
|
)
|
Variable interest entity
|
Outstanding principal as at
March 31, 2016
(In $ millions)
|
Receive rate
|
Pay rates
|
Length of contracts
|
||||||
SFL Linus Limited
(West Linus) |
194
|
1 - 3 month LIBOR
|
1.77 - 2.01
|
%
|
Dec 2013 - Dec 2018
|
(In $ millions)
|
Three Months Ended
March 31, |
|||||||
(Losses)/gains recognized in statement of operations relating to derivative financial instruments
|
2016
|
2015
|
||||||
Interest rate swap agreements not qualified as hedge accounting
|
(110
|
)
|
(96
|
)
|
||||
Cross currency interest rate swaps not qualified as hedge accounting
|
27
|
(68
|
)
|
|||||
Foreign currency forwards not qualified as hedge accounting
|
(1
|
)
|
(11
|
)
|
||||
Total Return Swap Agreements
|
(3
|
)
|
(6
|
)
|
||||
Other
|
—
|
(1
|
)
|
|||||
Loss on derivative financial instruments
|
(87
|
)
|
(181
|
)
|
March 31, 2016
|
December 31, 2015
|
|||||||||||||||
(In $ millions)
|
Fair
value
|
Carrying
value
|
Fair
value
|
Carrying
value
|
||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
1,092
|
1,092
|
1,044
|
1,044
|
||||||||||||
Restricted cash
|
139
|
139
|
248
|
248
|
||||||||||||
Related party loans receivable - short term
|
374
|
374
|
371
|
371
|
||||||||||||
Related party loans receivable - long term
|
464
|
414
|
464
|
464
|
||||||||||||
Liabilities
|
||||||||||||||||
Current portion of floating rate debt
|
1,278
|
1,278
|
1,493
|
1,493
|
||||||||||||
Long-term portion of floating rate debt
|
6,835
|
6,835
|
6,711
|
6,711
|
||||||||||||
Current portion of fixed rate CIRR loans
|
36
|
36
|
33
|
33
|
||||||||||||
Long term portion of fixed rate CIRR loans
|
35
|
35
|
43
|
43
|
||||||||||||
Fixed interest bonds - long term
|
678
|
1,840
|
944
|
1,840
|
||||||||||||
Floating interest bonds - long term
|
196
|
568
|
283
|
541
|
||||||||||||
Related party fixed rate debt - long term
|
254
|
254
|
415
|
415
|
Fair value measurements
at reporting date using
|
||||||||||||||||
Total
Fair value
|
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||||||
(In $ millions)
|
March 31,
2016 |
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
Marketable securities
|
286
|
286
|
—
|
—
|
||||||||||||
Other derivative instruments – short term receivable
|
3
|
—
|
3
|
—
|
||||||||||||
Total assets
|
289
|
286
|
3
|
—
|
||||||||||||
Liabilities:
|
||||||||||||||||
Interest rate swap contracts – short term payable
|
207
|
—
|
207
|
—
|
||||||||||||
Interest rate swap contracts – long term payable
|
4
|
—
|
4
|
—
|
||||||||||||
Cross currency swap contracts – short term payable
|
259
|
—
|
259
|
—
|
||||||||||||
Total liabilities
|
470
|
—
|
470
|
—
|
Fair value measurements
at reporting date using
|
||||||||||||||||
Total
Fair value
|
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||||||
(In $ millions)
|
December 31, 2015
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
Marketable securities
|
324
|
324
|
—
|
—
|
||||||||||||
Interest rate swap contracts – short term receivable
|
2
|
—
|
2
|
—
|
||||||||||||
Total assets
|
326
|
324
|
2
|
—
|
||||||||||||
Liabilities:
|
||||||||||||||||
Interest rate swap contracts – short term payable
|
124
|
—
|
124
|
—
|
||||||||||||
Interest rate swap contracts – long term payable
|
2
|
—
|
2
|
—
|
||||||||||||
Cross currency swap contracts – short term payable
|
291
|
—
|
291
|
—
|
||||||||||||
Other derivative instruments – short term payable
|
9
|
—
|
9
|
—
|
||||||||||||
Total liabilities
|
426
|
—
|
426
|
—
|
Unit
|
Effective
from
|
Sale value
(In $ millions)
|
First
repurchase option (In $ millions) |
Month of first
repurchase
option
|
Last
repurchase option
(In $ millions)
|
Month of last
repurchase
Option *
|
|||||||||
West Taurus
|
Nov 2008
|
850
|
418
|
Feb 2015
|
149
|
Nov 2023
|
|||||||||
West Hercules
|
Oct 2008
|
850
|
580
|
Aug 2011
|
135
|
Aug 2023
|
|||||||||
West Linus*
|
June 2013
|
600
|
370
|
June 2018
|
170
|
June 2028
|
(In $ thousands)
|
||||||||||||||||||||||||
Unit
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
||||||||||||||||||
West Taurus
|
165
|
158
|
158
|
144
|
143
|
136
|
||||||||||||||||||
West Hercules
|
179
|
170
|
166
|
143
|
141
|
135
|
||||||||||||||||||
West Linus
|
222
|
222
|
222
|
173
|
140
|
140
|
March 31, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
(In $ millions) |
SFL
Deepwater Limited |
SFL
Hercules Limited |
SFL
Linus Limited |
SFL
Deepwater Limited |
SFL
Hercules Limited |
SFL
Linus Limited |
||||||||||||||||||
Name of unit
|
West Taurus
|
West Hercules
|
West Linus
|
West Taurus
|
West Hercules
|
West Linus
|
||||||||||||||||||
Investment in finance lease
|
387
|
386
|
519
|
394
|
394
|
530
|
||||||||||||||||||
Other assets
|
6
|
7
|
—
|
6
|
7
|
—
|
||||||||||||||||||
Total assets
|
393
|
393
|
519
|
400
|
401
|
530
|
||||||||||||||||||
Short-term interest bearing debt
|
23
|
28
|
51
|
23
|
28
|
51
|
||||||||||||||||||
Long-term interest bearing debt
|
242
|
271
|
341
|
198
|
229
|
302
|
||||||||||||||||||
Other liabilities
|
3
|
1
|
4
|
3
|
1
|
2
|
||||||||||||||||||
Short-term debt due to related parties
|
—
|
—
|
—
|
—
|
—
|
23
|
||||||||||||||||||
Long-term debt due to related parties
|
84
|
72
|
94
|
137
|
125
|
125
|
||||||||||||||||||
Total liabilities
|
352
|
372
|
490
|
361
|
383
|
503
|
||||||||||||||||||
Equity
|
41
|
21
|
29
|
39
|
18
|
27
|
||||||||||||||||||
Book value of units in the Company's consolidated accounts
|
430
|
565
|
554
|
434
|
571
|
559
|
Three Months Ended
March 31, |
||||||||
(In US$ millions)
|
2016
|
2015
|
||||||
Management fees charged to Seadrill Partners - Other revenues (a) and (b)
|
19
|
13
|
||||||
Rig operating expenses charged to Seadrill Partners - Other revenues (c)
|
7
|
6
|
||||||
Insurance premiums charged to Seadrill Partners (d)
|
5
|
5
|
||||||
Rig operating costs charged by Seadrill Partners (e)
|
(2
|
)
|
(5
|
)
|
||||
Bareboat charter arrangements (f)
|
2
|
(4
|
)
|
|||||
Interest expenses charged to Seadrill Partners (g)
|
4
|
4
|
||||||
Derivatives recharged to Seadrill Partners (h)
|
8
|
8
|
||||||
Net related party income from Seadrill Partners
|
43
|
27
|
(In $ millions)
|
March 31,
2016 |
December 31,
2015 |
||||||
Rig financing and loan agreements (i)
|
193
|
197
|
||||||
$109.5 million Vendor financing loan (j)
|
110
|
110
|
||||||
Deferred consideration receivable (k)
|
69
|
96
|
||||||
Other receivables (l)
|
281
|
355
|
||||||
Other payables (l)
|
(180
|
)
|
(178
|
)
|
• | Guarantees in favor of customers, which guarantee the performance of the Seadrill Partners drilling units, totaled $370 million as at March 31, 2016 (December 31, 2015: $370 million). |
• | Guarantees in favor of banks provided on behalf of Seadrill Partners totaled $678 million as at March 31, 2016 and correspond to the outstanding credit facilities relating to the West Polaris and West Vela (December 31, 2015: $698 million). |
• | Guarantees in favor of suppliers provided on behalf of Seadrill Partners, relating to custom guarantees in Nigeria, totaled $86 million as at March 31, 2016 (December 31, 2015: $86 million). |
• | an immediate non-cash cancellation of the total commitment under the MRCFA from $750 million to $687.5 million; |
• | relaxation of certain financial covenants on the bank loan; and |
• | a further repayment and cancellation of the commitment under the MRCFA from $687.5 million to $625 million by April 30, 2016 |
(In $ millions)
|
March 31,
2016 |
December 31,
2015 |
||||||
Seller's credit
|
250
|
250
|
||||||
Short term funding
|
45
|
45
|
||||||
Other receivables
|
36
|
34
|
||||||
Other payables
|
(2
|
)
|
—
|
• | Ship Finance International Limited ("Ship Finance"); |
• | Metrogas Holdings Inc. ("Metrogas"); |
• | Frontline Management (Bermuda) Limited ("Frontline"); and |
• | Seatankers Management Norway AS ("Seatankers"). |
Three Months Ended
March 31, |
||||||||
2016
|
2015
|
|||||||
West Hercules
|
14
|
13
|
||||||
West Taurus
|
13
|
20
|
||||||
West Linus
|
20
|
20
|
||||||
Total
|
47
|
53
|
(In $ millions)
|
||||
2017
|
2,375
|
|||
2018
|
1,193
|
|||
2019
|
526
|
|||
Total
|
4,094
|
Three months ended
|
||||||||
(In $ millions) |
March 31, 2016
|
March 31, 2015
|
||||||
Non-cash investing activities
|
||||||||
Disposal of subsidiaries - existing bank loan repaid (1)
|
—
|
150
|
||||||
Non-cash financing activities
|
||||||||
Repayment of bank loan through disposal of subsidiaries (1)
|
—
|
(150
|
)
|
|||||
Repayment relating to share forward contracts and other derivatives (2)
|
—
|
(136
|
)
|
|||||
Repayment relating to SapuraKencana financing agreements (3)
|
(160
|
)
|
—
|
|||||
Proceeds from long-term loans (4)
|
150
|
—
|
||||||
Long term loans netted-down with related party balances (4)
|
(150
|
)
|
—
|
(1) | Existing debt of the Company was directly settled as consideration for the disposal of certain drilling rigs to the SeaMex joint venture - see Note 4 to the consolidated financial statements included herein , for more details. |
(2) | During the period, the Company settled SapuraKencana financing agreements using cash balances already classified as restricted. |
(3) | During the period, the Company settled SapuraKencana financing agreements using cash balances already classified as restricted. |
(4) | During the three months ended March 31, 2016 certain consolidated VIEs of the company withdrew bank loans and made loans to a related party Ship Finance International. These balances are presented net in the cash flow statement. Refer to Note 17 for more details. |
(In millions of US$)
|
March 31,
2016
|
December 31,
2015
|
||||||
Opening balance at the beginning of the period
|
128
|
—
|
||||||
West Rigel newbuild investment, classified as held for sale
|
—
|
210
|
||||||
Loss on disposal
|
—
|
(82
|
)
|
|||||
Non-current assets held for sale
|
128
|
128
|
Name of unit
|
Previously contracted
delivery date
|
Amended
delivery date
|
||||||
West Titan
|
4Q-15
|
1Q-17
|
||||||
West Proteus
|
1Q-16
|
1Q-17
|
||||||
West Rhea
|
2Q-16
|
2Q-17
|
||||||
West Tethys
|
3Q-16
|
3Q-17
|
||||||
West Hyperion
|
2Q-16
|
4Q-17
|
||||||
West Umbriel
|
3Q-16
|
1Q-18
|
||||||
West Dione
|
1Q-17
|
3Q-18
|
||||||
West Mimas
|
1Q-17
|
4Q-18
|
1 Year Seadrill Chart |
1 Month Seadrill Chart |
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