NADL - North Atlantic Drilling Ltd. reports third quarter 2015 results - Seite 2

Net income for the third quarter was $1.4 million and the net loss attributable to shareholders was $2.6 million, resulting in a basic loss per share of $0.01. This is compared to net income of $44.2 million and a net income attributable to shareholders of $40.1 million for the second quarter.

The Company reports operating revenues of $597.3 million, operating income of $158.6 million and a net income of $34.3 million for the nine months ended September 30, 2015. This compares to operating revenues of $972.5 million, operating income of $286.8 million and a net income of $154.2 million for the nine months ended September 30, 2014.

Balance sheet as at September 30, 2015

As at September 30, 2015, total assets decreased to $3,440.6 million from $3,484.8 million compared to the previous quarter.

Total non-current assets decreased to $3,102.8 million from $3,145.2 million compared to the previous quarter. The decrease was mainly due to depreciation on drilling units.

Total current liabilities increased to $514.1 million from $491.6 million compared to the previous quarter. The increase is largely due to the increase in related party payables.  For further information please see Note 17 to our consolidated financial statements.

Long-term interest bearing debt, including related party debt, decreased to $2,282.9 million from $2,347.7 million during the quarter. Net interest bearing debt decreased to $2,333.1 million from $2,415.1 million during the quarter. During the third quarter the Company repaid net $42 million on the $2 billion credit facility and repaid net $12 million on the $475 million credit facility. As at September 30, 2015, the Company had undrawn amounts of $50 million available on its credit facilities.

Total equity increased to $519.7 million from $515.7 million compared to the previous quarter. The increase is primarily due to the net income for the quarter.

Cash flow

As at September 30, 2015, cash and cash equivalents increased to $155.4 million from $134.5 million compared to the previous quarter.

For the nine-month period ending September 30, 2015, net cash provided by operating activities was $281.1 million, net cash used in investing activities amounted to $29.9 million, and net cash used in financing activities was $210.6 million.

Questions should be directed to North Atlantic Management AS represented by: Scott McReaken, Chief Financial Officer

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Third quarter 2015 report
North Atlantic Drilling Fleet Status Q3 2015

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: North Atlantic Drilling Ltd. via Globenewswire

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