SDLP - Seadrill Partners LLC First Quarter 2014 Cash Distribution
London, United Kingdom, April 25, 2014Â - Seadrill Partners LLC (NYSE: SDLP)
("Seadrill Partners" or the "Company") announced today that its board of
directors has declared a quarterly cash distribution with respect to the quarter
ended March 31, 2014 of $0.5075 per unit, which represents an increase of 14%
from the fourth quarter of 2013.
This increase, as already announced, relates to the acquisition of the ultra-
deepwater semi-submersible units, the West Sirius and West Leo, and the
Company's management recommendation to the Board to increase the quarterly
distribution rate as a result in respect of the quarter ending March 31, 2014.
This cash distribution will be paid on May 14, 2014 to all unitholders of record
as of the close of business on May 6, 2014.
As announced in March 2014 in connection with the acquisition of the West
Auriga, the Company's management has also recommended to the Board a further
increase in the Company's quarterly cash distribution of between $0.0325 and
$0.0375 per common unit (or an annualized increase of between $0.13 and $0.15
per common unit), which would become effective for the Company's distributions
with respect to the quarter ending June 30, 2014. Any such increase would be
conditioned upon, among other things, the approval of such increase by the Board
and the absence of any material adverse developments or potentially attractive
opportunities that would make such an increase inadvisable.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding projected increases in cash distributions are considered forward
looking statements. These statements are made based upon management's current
plans, expectations, assumptions and beliefs concerning future events impacting
the Company and therefore involve a number of risks, uncertainties and
assumptions that could cause actual results to differ materially from those
expressed or implied in the forward looking statements, which speak only as of
the date of this news release. Important factors that could cause actual results
to differ materially from those in the forward looking statements include, but
are not limited to the performance of the drilling rigs in the Company's fleet,
delay in payment or disputes with customers, fluctuations in the international
price of oil, changes in governmental regulations that affect the Company or the
operations of the Company's fleet, increased competition in the offshore
drilling industry, and general economic, political and business conditions
globally. Consequently, no forward looking statement can be guaranteed. When
considering these forward looking statements, you should keep in mind the risks
described from time to time in the Company's filings with the SEC, including its
Annual Report on Form 20-F (File No. 001-35704).
The Company undertakes no obligation to update any forward looking statements to
reflect events or circumstances after the date on which such statement is made
or to reflect the occurrence of unanticipated events. New factors emerge from
time to time, and it is not possible for us to predict all of these factors.
Further, the Company cannot assess the impact of each such factor on its
business or the extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in any forward
looking statement.
This announcement is distributed by GlobeNewswire on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Partners LLC via GlobeNewswire
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