Seadrill Partners LLC Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Third Quarter Ending September 30, 2018
For the six months, the company reported total operating revenues of USD 612.4 million compared to USD 595.4 million a year ago. Operating income was USD 257.4 million compared to USD 255.0 million a year ago. Income before tax was USD 200.2 million compared to USD 151.6 million a year ago. Net income attributable to the company members was USD 124.5 million compared to USD 68.5 million a year ago. Net cash provided by operating activities was USD 134.2 million against USD 280.2 million a year ago. Additions to drilling units were USD 12.3 million against USD 24.0 million a year ago. Net debt was USD 2,487.5 million as on June 30, 2018. Net cash provided by operating activities was USD 134.2 million compared to USD 280.2 million a year ago. Net debt as at June 30, 2018 was USD 2,487.5 million.
The company provided earnings guidance for the third quarter ending September 30, 2018. For the quarter, the company expects adjusted EBITDA of USD 100.4 million, which is slightly lower than adjusted EBITDA for the second quarter, excluding the West Leo judgment of USD 116 million. This is due to the West Aquarius coming off contract, a full quarter of idle time for the West Capella and a planned SPS for the West Vela in the third quarter. The company expects operating income of USD 20.7 million and depreciation and amortization of USD 69.6 million.