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Stock Market & Financial Investment News

News Breaks
October 19, 2012
09:41 EDTSDLPSeadrill Partners IPO opens for trading at $24.00, priced at $22.00
News For SDLP From The Last 14 Days
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March 30, 2015
06:56 EDTSDLPSeadrill Partners receives notice of termination for West Sirius contract
Seadrill Partners (SDLP) has received a notice of termination from BP Exploration & Production (BP) for the contract for the West Sirius which will be effective after having completed the current well and demobilization, which Seadrill Partners estimates to be by early May. Prior to the cancellation notice, the dayrate and term for the West Sirius and West Capricorn contracts were swapped. The West Sirius dayrate was decreased by $40,000 per day and the term was decreased by two years to expire in July 2017 while the dayrate for the West Capricorn was increased by $40,000 per day and the term was extended by two years to expire in July 2019. Amortized payments for the West Capricorn such as mobilization and upgrades will continue on the original schedule ending in July 2017. In accordance with the cancellation provisions in the West Sirius contract, Seadrill Partners will receive payments over the remaining contract term, now expiring in July 2017. As a result of the termination, Seadrill Partners' backlog will decrease by approximately $160 million. After taking into consideration the expected decrease in operational expense while the unit is cold stacked, and the fact that termination fee payments will not be impacted by downtime, Seadrill Partners does not expect a material impact on its cash flow position over the contract period through July 2017.

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