Seeking Alpha

Seadrill Partners says rig settlement to hit Q3 results

Seadrill Partners (SDRL -2.6%) says Q3 results will be negatively impacted by a settlement where it agreed to non-payment for 37 days during the recent mobilization period as a result of the time required for the West Aquarius rig to complete modifications and repairs in order to meet Canadian regulatory requirements.

SDRL also says it is negotiating an 18-month contract extension for the rig off Canada's east coast until April 2017, which it expects to be executed by Nov. 30; total revenue potential for the extension is estimated at $337M, the extension would increase SDRL's average contract term to 3.8 years from 3.5, and raise its contracted backlog to $2.9B from $2.6B.

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Comments (3)
  • wigit5
    , contributor
    Comments (4331) | Send Message
    Sounds like a good dip to buy if your looking to get in revenue was delayed not eliminated it seems...
    11 Oct 2013, 10:49 AM Reply Like
  • NC Investor
    , contributor
    Comments (567) | Send Message
    The ticker for Seadrill Partners is SDLP not SDRL


    11 Oct 2013, 10:51 AM Reply Like
  • CaptKorn
    , contributor
    Comments (154) | Send Message
    Yes the person who wrote the story line does not know that they are different entities. SDRL & SDLP nothing new at Seeking Alpha. This should be good news for SDRL however.
    11 Oct 2013, 12:54 PM Reply Like
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