NADL - North Atlantic Drilling Ltd. reports first quarter 2017 result - Seite 2

Total non-current assets decreased to $2,687.1 million from $2,742.2 million compared to the previous quarter. The decrease was mainly due to depreciation on drilling units.

Total current liabilities decreased to $1,211.9 million from $1,260.9 million compared to the previous quarter. The decrease is primarily due to repayments of debt of $41.7 million on the $2 billion credit facility, as well as a fall in the mark-to-market liability on our interest rate and cross currency swaps.

Total interest bearing debt, including related party debt and the current portion, decreased to $2,229.9 million from $2,280.2 million during the quarter.  During the first quarter the Company repaid $11.9 million on the SFL Linus $475 million credit facility. During the quarter, $21 million of the revolving credit facility with Seadrill was utilized and then fully repaid, and no balance was outstanding at March 31, 2017.

Total equity decreased to $329.0 million from $386.0 million compared to the previous quarter. The decrease is primarily due to the net loss for the quarter of $52.9 million.

Cash flow

As at March 31, 2017, cash and cash equivalents decreased to $42.9 million from $68.7 million compared to the fourth quarter of 2016.

For the three-month period ending March 31, 2017, net cash provided by operating activities was $25.8 million, net cash provided by investing activities amounted to $2.3 million, and net cash used in financing activities was $53.5 million. For the three-month period ending March 31, 2016, net cash used in operating activities was $15.0 million, net cash provided by investing activities amounted to $2.3 million, and net cash used in financing activities was $53.5 million. The increase in net cash from operating activities compared to the prior year is due to the increase in working capital inflows, partly offset by lower operating income.

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

First quarter 2017 fleet status
First quarter 2017 report

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Source: North Atlantic Drilling Ltd. via Globenewswire