Energia
SDLP - Seadrill Partners LLC Announces Fourth Quarter 2019 Results
Gunnar Winther Eliassen will join the Seadrill Partners Board as an Appointed Director effective February 27, 2020 . Gunnar is employed by the Seatankers Group, an affiliate of Hemen Holding Limited. Prior to joining Seatankers, Gunnar was a partner at Pareto Securities.
Total operating revenues for the fourth quarter were $183.0 million (3Q19: $184.8 million ). The decrease was primarily due to idle time for the West Capricorn and T-15 after completing contracts and the receipt of termination fees for the West Vencedor in the third quarter not being repeated. These were partially offset by a full quarter of operations for the West Capella and West Polaris.
Total operating expenses for the fourth quarter were $185.3 million (3Q19: $171.8 million ). The increase was primarily due to a full quarter of operations for the West Capella and West Polaris. This was partially offset by lower costs for the West Capricorn, T-15 and West Vencedor while idle and slightly lower general and administrative expenses.
Operating loss was $2.3 million (3Q19: income of $13.0 million ). The decrease was due to the revenue and cost movements highlighted above.
Net financial items resulted in an expense of $60.0 million (3Q19: expense of $60.7 million ). The decrease in the expense was primarily due to lower interest expense on floating rate debt, partially offset by a loss on the mark to market valuation of derivatives of $1.0 million (3Q19: gain of $0.9 million ) and lower interest income.
Loss before taxes was $62.3 million (3Q19: loss of $47.7 million ).
An income tax credit of $19.4 million was recognized (3Q19: expense of $6.5 million ) primarily relating to the release of a $27 million uncertain tax position recorded in the fourth quarter of 2018 in respect of changes in US tax legislation. This was partially offset by normal tax expenses despite reporting a net operating loss in the quarter as losses in one jurisdiction cannot be offset against income in another.
Net loss was $42.9 million (3Q19: net loss of $54.2 million ). Seadrill Partners LLC Members had an attributable net loss for the quarter of $29.1 million (3Q19: net loss of $23.7 million ).
There was no Distributable Cash Flow for the fourth quarter and the quarterly distribution to common unitholders was eliminated.
Contact:
ir@seadrill.com
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