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11.00 Tf ET q 0 0 0 rg BT 487.68 252.85 Td ( ) Tj ET Q q 0 0 0 rg BT 490.31 252.85 Td (in ) Tj ET Q q 0 0 0 rg BT 501.49 252.85 Td (the ) Tj ET Q q 0 0 0 rg BT 517.56 252.85 Td (second ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 239.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 83.30 239.60 Td (as ) Tj ET Q q 0 0 0 rg BT 95.12 239.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 141.15 239.60 Td (to ) Tj ET Q q 0 0 0 rg BT 152.36 239.60 Td (a ) Tj ET Q q 0 0 0 rg BT 159.90 239.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 179.68 239.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 191.50 239.60 Td (US$49.2 ) Tj ET Q q 0 0 0 rg BT 232.96 239.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 264.75 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 267.40 239.60 Td (for ) Tj ET Q q 0 0 0 rg BT 282.89 239.60 Td (the ) Tj ET Q q 0 0 0 rg BT 298.98 239.60 Td (first ) Tj ET Q q 0 0 0 rg BT 319.36 239.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 353.16 239.60 Td (as ) Tj ET Q q 0 0 0 rg BT 364.98 239.60 Td (a ) Tj ET Q q 0 0 0 rg BT 372.52 239.60 Td (result ) Tj ET Q q 0 0 0 rg BT 399.62 239.60 Td (of ) Tj ET Q q 0 0 0 rg BT 411.44 239.60 Td (a ) Tj ET Q q 0 0 0 rg BT 418.98 239.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 459.49 239.60 Td (in ) Tj ET Q q 0 0 0 rg BT 470.70 239.60 Td (long ) Tj ET Q q 0 0 0 rg BT 492.92 239.60 Td (term ) Tj ET Q q 0 0 0 rg BT 515.73 239.60 Td (interest ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 226.40 Td (rates ) Tj ET Q q 0 0 0 rg BT 73.22 226.40 Td (in ) Tj ET Q q 0 0 0 rg BT 84.72 226.40 Td (the ) Tj ET Q q 0 0 0 rg BT 101.11 226.40 Td (second ) Tj ET Q q 0 0 0 rg BT 134.61 226.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 168.71 226.40 Td (as ) Tj ET Q q 0 0 0 rg BT 180.82 226.40 Td (well ) Tj ET Q q 0 0 0 rg BT 202.71 226.40 Td (as ) Tj ET Q q 0 0 0 rg BT 214.83 226.40 Td (a ) Tj ET Q q 0 0 0 rg BT 222.66 226.40 Td (higher ) Tj ET Q q 0 0 0 rg BT 253.72 226.40 Td (level ) Tj ET Q q 0 0 0 rg BT 278.05 226.40 Td (of ) Tj ET Q q 0 0 0 rg BT 290.16 226.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 325.49 226.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 344.92 226.40 Td (swaps ) Tj ET Q q 0 0 0 rg BT 374.76 226.40 Td (as ) Tj ET Q q 0 0 0 rg BT 386.88 226.40 Td (at ) Tj ET Q q 0 0 0 rg BT 397.77 226.40 Td (the ) Tj ET Q q 0 0 0 rg BT 414.16 226.40 Td (end ) Tj ET Q q 0 0 0 rg BT 432.99 226.40 Td (of ) Tj ET Q q 0 0 0 rg BT 445.11 226.40 Td (the ) Tj ET Q q 0 0 0 rg BT 461.50 226.40 Td (second ) Tj ET Q q 0 0 0 rg BT 494.99 226.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 525.53 226.40 Td (. ) Tj ET Q q 0 0 0 rg BT 531.02 226.40 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 213.20 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 98.18 213.20 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 140.77 213.20 Td (element ) Tj ET Q q 0 0 0 rg BT 178.46 213.20 Td (of ) Tj ET Q q 0 0 0 rg BT 190.50 213.20 Td (these ) Tj ET Q q 0 0 0 rg BT 215.98 213.20 Td (amounts ) Tj ET Q q 0 0 0 rg BT 256.13 213.20 Td (is ) Tj ET Q q 0 0 0 rg BT 266.35 213.20 Td (US$23.5 ) Tj ET Q q 0 0 0 rg BT 308.04 213.20 Td (million ) Tj ET Q q 0 0 0 rg BT 342.69 213.20 Td (loss ) Tj ET Q q 0 0 0 rg BT 362.69 213.20 Td (in ) Tj ET Q q 0 0 0 rg BT 374.12 213.20 Td (the ) Tj ET Q q 0 0 0 rg BT 390.44 213.20 Td (second ) Tj ET Q q 0 0 0 rg BT 423.86 213.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 457.89 213.20 Td (2014 ) Tj ET Q q 0 0 0 rg BT 482.76 213.20 Td (and ) Tj ET Q q 0 0 0 rg BT 501.52 213.20 Td (a ) Tj ET Q q 0 0 0 rg BT 509.28 213.20 Td (US$49.8 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 200.00 Td (million ) Tj ET Q q 0 0 0 rg BT 84.03 200.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 103.90 200.00 Td (for ) Tj ET Q q 0 0 0 rg BT 119.47 200.00 Td (the ) Tj ET Q q 0 0 0 rg BT 135.66 200.00 Td (first ) Tj ET Q q 0 0 0 rg BT 156.13 200.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 190.03 200.00 Td (2014.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 142.40 Td (____________________) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 129.68 Td (1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.83 125.60 Td (All references to Seadrill Partners and the Company refer to Seadrill Partners LLC and its subsidiaries, including the operating ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 114.80 Td (companies that indirectly own interests in the drilling rigs Seadrill Partners LLC owns: \(i\) a 30% limited partner interest in Seadrill ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 104.00 Td (Operating LP) Tj ET Q q 0 0 0 rg BT 97.24 104.00 Td (, as well as the non-economic general partner interest in Seadrill Operating LP) Tj ET Q q 0 0 0 rg BT 379.06 104.00 Td ( through its 100% ownership of its general ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 93.20 Td (partner) Tj ET Q q 0 0 0 rg BT 74.62 93.20 Td (, Seadrill Operating GP) Tj ET Q q 0 0 0 rg BT 158.77 93.20 Td ( LLC, \(ii\) a 51% limited liability company interest in Seadrill Capricorn Holdings LLC and \(iii\) a 100% ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 82.40 Td (limited liability company interest in Seadrill Partners Operating LLC. Seadrill Operating LP) Tj ET Q q 0 0 0 rg BT 381.09 82.40 Td ( owns: \(i\) a 100% interest in the entities that ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 71.60 Td (own the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.49 71.60 Td (W) Tj ET Q q 0 0 0 rg BT 87.17 71.60 Td (est ) Tj ET Q q 0 0 0 rg BT 99.25 71.60 Td (Aquarius) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 132.25 71.60 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.75 71.60 Td (W) Tj ET Q q 0 0 0 rg BT 143.42 71.60 Td (est Leo) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.17 71.60 Td ( and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.91 71.60 Td (W) Tj ET Q q 0 0 0 rg BT 206.58 71.60 Td (est V) Tj ET Q q 0 0 0 rg BT 223.33 71.60 Td (encedor ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.57 71.60 Td (and \(ii\) an approximate 56% interest in the entity that owns and operates the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 60.85 Td (W) Tj ET Q q 0 0 0 rg BT 56.17 60.85 Td (est Capella) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 96.92 60.85 Td (. Seadrill Capricorn Holdings LLC owns 100% of the entities that own and operate the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.85 60.85 Td (W) Tj ET Q q 0 0 0 rg BT 417.52 60.85 Td (est Capricorn,W) Tj ET Q q 0 0 0 rg BT 476.19 60.85 Td (est Sirius and W) Tj ET Q q 0 0 0 rg BT 534.12 60.85 Td (est ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 50.05 Td (Auriga. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.00 50.05 Td (Seadrill Partners Operating LLC owns 100% of the entities that own and operate the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.92 50.05 Td (T) Tj ET Q q 0 0 0 rg BT 389.26 50.05 Td (-15 and T) Tj ET Q q 0 0 0 rg BT 423.59 50.05 Td (-16 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.84 50.05 Td (tender bar) Tj ET Q q 0 0 0 rg BT 473.91 50.05 Td (ges.) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 770.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.06 770.60 Td (income ) Tj ET Q q 0 0 0 rg BT 103.11 770.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 155.87 770.60 Td (to ) Tj ET Q q 0 0 0 rg BT 167.10 770.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 203.99 770.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 242.71 770.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 266.15 770.60 Td (Members ) Tj ET Q q 0 0 0 rg BT 310.37 770.60 Td (was ) Tj ET Q q 0 0 0 rg BT 330.15 770.60 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 344.21 770.60 Td ($31.2 ) Tj ET Q q 0 0 0 rg BT 371.64 770.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 403.42 770.60 Td ( ) Tj ET Q q 0 0 0 rg BT 406.09 770.60 Td (for ) Tj ET Q q 0 0 0 rg BT 421.59 770.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 437.70 770.60 Td (second ) Tj ET Q q 0 0 0 rg BT 470.92 770.60 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 502.07 770.60 Td ( ) Tj ET Q q 0 0 0 rg BT 504.74 770.60 Td (compared ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.40 Td (to ) Tj ET Q q 0 0 0 rg BT 60.81 757.40 Td (US$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 80.37 757.40 Td (19.8 ) Tj ET Q q 0 0 0 rg BT 102.37 757.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 134.15 757.40 Td ( ) Tj ET Q q 0 0 0 rg BT 136.90 757.40 Td (for ) Tj ET Q q 0 0 0 rg BT 152.47 757.40 Td (the ) Tj ET Q q 0 0 0 rg BT 168.66 757.40 Td (previous ) Tj ET Q q 0 0 0 rg BT 209.30 757.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 239.84 757.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 738.20 Td (Distributable cash flow was US$51.9 million for Seadrill Partners) Tj ET Q q 0 0 0 rg BT 342.27 738.20 Td ( second quarter as compared to US$30.0 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 725.00 Td (million for the previous quarter) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 187.57 729.98 Td (2 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 192.94 725.00 Td (giving a coverage ratio of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 308.69 725.00 Td (1.09x) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 333.44 725.00 Td ( for the second quarter) Tj ET Q q 0 0 0 rg BT 431.79 725.00 Td (. ) Tj ET Q q 0 0 0 rg BT 439.85 725.00 Td (The increase is mainly ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 711.80 Td (as a result of a full quarter of operations for the ) Tj ET Q q 0 0 0 rg BT 259.75 711.80 Td (W) Tj ET Q q 0 0 0 rg BT 269.25 711.80 Td (est ) Tj ET Q q 0 0 0 rg BT 283.62 711.80 Td (Auriga and improved uptime on the ) Tj ET Q q 0 0 0 rg BT 443.49 711.80 Td (W) Tj ET Q q 0 0 0 rg BT 452.99 711.80 Td (est ) Tj ET Q q 0 0 0 rg BT 467.35 711.80 Td (Aquarius, ) Tj ET Q q 0 0 0 rg BT 512.98 711.80 Td (W) Tj ET Q q 0 0 0 rg BT 522.48 711.80 Td (est ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 698.60 Td (Capricorn, and ) Tj ET Q q 0 0 0 rg BT 117.42 698.60 Td (W) Tj ET Q q 0 0 0 rg BT 126.92 698.60 Td (est Leo. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 679.40 Td (The coverage ratio has been negatively impacted by the increase in units outstanding following the June equity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 666.20 Td (issuance as the second quarter distribution is payable on all outstanding units at the record date. Excluding the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 653.00 Td (distribution in relation to the new units issues in the June equity of) Tj ET Q q 0 0 0 rg BT 341.99 653.00 Td (fering, the coverage ratio would have been ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 639.80 Td (1.22x.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 620.60 Td (Distribution for the period of US$0.5425 per unit, equivalent to an annual distribution of US$2.17, represents a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 607.40 Td (40% increase from the Company) Tj ET Q q 0 0 0 rg BT 197.34 607.40 Td (s minimum quarterly distribution set at its IPO. Subsequent to the acquisition ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 594.20 Td (of an additional 28% ownership interest in Seadrill Operating LP) Tj ET Q q 0 0 0 rg BT 335.33 594.20 Td ( the Company will own a 58% interest in the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 581.00 Td (operating company) Tj ET Q q 0 0 0 rg BT 133.40 581.00 Td (. ) Tj ET Q q 0 0 0 rg BT 141.45 581.00 Td (The transaction is expected to be cash flow and net asset value accretive and therefore to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 567.80 Td (lead to increased distributions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 68.60 Td (____________________) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 55.88 Td (2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.30 51.80 Td (Please see ) Tj ET Q q 0 0 0 rg BT 95.78 51.80 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 133.03 51.80 Td (A) Tj ET Q q 0 0 0 rg BT 139.04 51.80 Td ( for a reconciliation of DCF to net income, the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 426.13 51.80 Td ( financial measure.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 790.00 Td (Operations) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 770.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.01 770.80 Td (Partners ) Tj ET Q q 0 0 0 rg BT 124.35 770.80 Td (has ) Tj ET Q q 0 0 0 rg BT 141.31 770.80 Td (an ) Tj ET Q q 0 0 0 rg BT 153.99 770.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 188.66 770.80 Td (in ) Tj ET Q q 0 0 0 rg BT 199.52 770.80 Td (nine ) Tj ET Q q 0 0 0 rg BT 220.75 770.80 Td (rigs ) Tj ET Q q 0 0 0 rg BT 239.55 770.80 Td (in ) Tj ET Q q 0 0 0 rg BT 250.40 770.80 Td (operation. ) Tj ET Q q 0 0 0 rg BT 296.99 770.80 Td ( ) Tj ET Q q 0 0 0 rg BT 299.12 770.80 Td (The ) Tj ET Q q 0 0 0 rg BT 318.51 770.80 Td (fleet ) Tj ET Q q 0 0 0 rg BT 340.35 770.80 Td (is ) Tj ET Q q 0 0 0 rg BT 349.98 770.80 Td (comprised ) Tj ET Q q 0 0 0 rg BT 398.10 770.80 Td (of ) Tj ET Q q 0 0 0 rg BT 409.56 770.80 Td (four ) Tj ET Q q 0 0 0 rg BT 430.18 770.80 Td (semi-submersible ) Tj ET Q q 0 0 0 rg BT 510.08 770.80 Td (rigs, ) Tj ET Q q 0 0 0 rg BT 531.62 770.80 Td (two ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.60 Td (drillships ) Tj ET Q q 0 0 0 rg BT 92.98 757.60 Td (and ) Tj ET Q q 0 0 0 rg BT 111.39 757.60 Td (three ) Tj ET Q q 0 0 0 rg BT 135.90 757.60 Td (tender ) Tj ET Q q 0 0 0 rg BT 165.91 757.60 Td (rigs ) Tj ET Q q 0 0 0 rg BT 184.94 757.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 229.01 757.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.09 757.60 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 278.36 757.60 Td (the ) Tj ET Q q 0 0 0 rg BT 294.32 757.60 Td (US ) Tj ET Q q 0 0 0 rg BT 310.91 757.60 Td (Gulf ) Tj ET Q q 0 0 0 rg BT 333.60 757.60 Td (of ) Tj ET Q q 0 0 0 rg BT 345.30 757.60 Td (Mexico, ) Tj ET Q q 0 0 0 rg BT 384.18 757.60 Td (Ghana, ) Tj ET Q q 0 0 0 rg BT 418.16 757.60 Td (Nigeria, ) Tj ET Q q 0 0 0 rg BT 455.87 757.60 Td (Angola ) Tj ET Q q 0 0 0 rg BT 490.78 757.60 Td (and ) Tj ET Q q 0 0 0 rg BT 509.00 757.60 Td (Thailand ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.93 744.40 Td (. ) Tj ET Q q 0 0 0 rg BT 107.43 744.40 Td ( ) Tj ET Q q 0 0 0 rg BT 110.18 744.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 725.20 Td (Overall ) Tj ET Q q 0 0 0 rg BT 84.88 725.20 Td (economic ) Tj ET Q q 0 0 0 rg BT 130.04 725.20 Td (utilization ) Tj ET Q q 0 0 0 rg BT 177.04 725.20 Td (for ) Tj ET Q q 0 0 0 rg BT 192.26 725.20 Td (the ) Tj ET Q q 0 0 0 rg BT 208.09 725.20 Td (fleet ) Tj ET Q q 0 0 0 rg BT 230.03 725.20 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 249.54 725.20 Td (94) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 260.54 725.20 Td (% ) Tj ET Q q 0 0 0 rg BT 272.10 725.20 Td (for ) Tj ET Q q 0 0 0 rg BT 287.32 725.20 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.15 725.20 Td (second ) Tj ET Q q 0 0 0 rg BT 336.10 725.20 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 366.64 725.20 Td (. ) Tj ET Q q 0 0 0 rg BT 371.78 725.20 Td ( ) Tj ET Q q 0 0 0 rg BT 374.18 725.20 Td (Following ) Tj ET Q q 0 0 0 rg BT 421.81 725.20 Td (the ) Tj ET Q q 0 0 0 rg BT 437.64 725.20 Td (operational ) Tj ET Q q 0 0 0 rg BT 489.52 725.20 Td (issues ) Tj ET Q q 0 0 0 rg BT 518.20 725.20 Td (related ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 712.00 Td (to ) Tj ET Q q 0 0 0 rg BT 60.89 712.00 Td (third ) Tj ET Q q 0 0 0 rg BT 84.50 712.00 Td (party ) Tj ET Q q 0 0 0 rg BT 109.93 712.00 Td (equipment ) Tj ET Q q 0 0 0 rg BT 159.20 712.00 Td (on ) Tj ET Q q 0 0 0 rg BT 173.03 712.00 Td (the ) Tj ET Q q 0 0 0 rg BT 189.10 712.00 Td (W) Tj ET Q q 0 0 0 rg BT 198.60 712.00 Td (est ) Tj ET Q q 0 0 0 rg BT 213.03 712.00 Td (Aquarius, ) Tj ET Q q 0 0 0 rg BT 258.94 712.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 307.59 712.00 Td (have ) Tj ET Q q 0 0 0 rg BT 331.19 712.00 Td (returned ) Tj ET Q q 0 0 0 rg BT 370.67 712.00 Td (to ) Tj ET Q q 0 0 0 rg BT 382.06 712.00 Td (normal ) Tj ET Q q 0 0 0 rg BT 416.05 712.00 Td (as ) Tj ET Q q 0 0 0 rg BT 428.05 712.00 Td (spare ) Tj ET Q q 0 0 0 rg BT 454.09 712.00 Td (parts ) Tj ET Q q 0 0 0 rg BT 478.31 712.00 Td (were ) Tj ET Q q 0 0 0 rg BT 502.51 712.00 Td (located ) Tj ET Q q 0 0 0 rg BT 537.10 712.00 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 698.80 Td (similar ) Tj ET Q q 0 0 0 rg BT 82.80 698.80 Td (units, ) Tj ET Q q 0 0 0 rg BT 109.69 698.80 Td (demonstrating ) Tj ET Q q 0 0 0 rg BT 175.38 698.80 Td (the ) Tj ET Q q 0 0 0 rg BT 191.57 698.80 Td (syner) Tj ET Q q 0 0 0 rg BT 215.19 698.80 Td (gies ) Tj ET Q q 0 0 0 rg BT 235.66 698.80 Td (of ) Tj ET Q q 0 0 0 rg BT 247.58 698.80 Td (being ) Tj ET Q q 0 0 0 rg BT 274.76 698.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 322.72 698.80 Td (with ) Tj ET Q q 0 0 0 rg BT 345.02 698.80 Td (a ) Tj ET Q q 0 0 0 rg BT 352.66 698.80 Td (strong ) Tj ET Q q 0 0 0 rg BT 382.91 698.80 Td (parent ) Tj ET Q q 0 0 0 rg BT 413.14 698.80 Td (such ) Tj ET Q q 0 0 0 rg BT 436.05 698.80 Td (as ) Tj ET Q q 0 0 0 rg BT 447.97 698.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 484.93 698.80 Td (Limited.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 679.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.45 679.60 Td (otal ) Tj ET Q q 0 0 0 rg BT 75.73 679.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 121.05 679.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 164.54 679.60 Td (for ) Tj ET Q q 0 0 0 rg BT 181.15 679.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 198.37 679.60 Td (second ) Tj ET Q q 0 0 0 rg BT 232.70 679.60 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 263.85 679.60 Td ( ) Tj ET Q q 0 0 0 rg BT 267.63 679.60 Td (were ) Tj ET Q q 0 0 0 rg BT 292.78 679.60 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 306.85 679.60 Td ($177.7 ) Tj ET Q q 0 0 0 rg BT 340.88 679.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 372.66 679.60 Td (, ) Tj ET Q q 0 0 0 rg BT 379.19 679.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 426.34 679.60 Td (to ) Tj ET Q q 0 0 0 rg BT 438.68 679.60 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 452.74 679.60 Td ($151.7 ) Tj ET Q q 0 0 0 rg BT 486.77 679.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 518.56 679.60 Td ( ) Tj ET Q q 0 0 0 rg BT 522.34 679.60 Td (in ) Tj ET Q q 0 0 0 rg BT 534.68 679.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 666.40 Td (previous ) Tj ET Q q 0 0 0 rg BT 90.51 666.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 124.78 666.40 Td (the ) Tj ET Q q 0 0 0 rg BT 141.35 666.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 180.50 666.40 Td (is ) Tj ET Q q 0 0 0 rg BT 190.96 666.40 Td (lar) Tj ET Q q 0 0 0 rg BT 202.37 666.40 Td (gely ) Tj ET Q q 0 0 0 rg BT 224.43 666.40 Td (as ) Tj ET Q q 0 0 0 rg BT 236.72 666.40 Td (a ) Tj ET Q q 0 0 0 rg BT 244.73 666.40 Td (result ) Tj ET Q q 0 0 0 rg BT 272.29 666.40 Td (of ) Tj ET Q q 0 0 0 rg BT 284.58 666.40 Td (the ) Tj ET Q q 0 0 0 rg BT 300.92 666.40 Td (W) Tj ET Q q 0 0 0 rg BT 310.42 666.40 Td (est ) Tj ET Q q 0 0 0 rg BT 325.08 666.40 Td (Auriga ) Tj ET Q q 0 0 0 rg BT 358.75 666.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 403.41 666.40 Td (for ) Tj ET Q q 0 0 0 rg BT 419.37 666.40 Td (a ) Tj ET Q q 0 0 0 rg BT 427.38 666.40 Td (full ) Tj ET Q q 0 0 0 rg BT 445.78 666.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 476.32 666.40 Td (. ) Tj ET Q q 0 0 0 rg BT 482.19 666.40 Td ( ) Tj ET Q q 0 0 0 rg BT 485.09 666.40 Td (The ) Tj ET Q q 0 0 0 rg BT 505.32 666.40 Td (Company ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 653.20 Td (has ) Tj ET Q q 0 0 0 rg BT 66.91 653.20 Td (good ) Tj ET Q q 0 0 0 rg BT 91.66 653.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 112.13 653.20 Td (controls ) Tj ET Q q 0 0 0 rg BT 150.32 653.20 Td (in ) Tj ET Q q 0 0 0 rg BT 161.63 653.20 Td (place ) Tj ET Q q 0 0 0 rg BT 187.58 653.20 Td (and ) Tj ET Q q 0 0 0 rg BT 206.21 653.20 Td (sees ) Tj ET Q q 0 0 0 rg BT 227.29 653.20 Td (little ) Tj ET Q q 0 0 0 rg BT 250.20 653.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 269.45 653.20 Td (of ) Tj ET Q q 0 0 0 rg BT 281.36 653.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 319.54 653.20 Td (to ) Tj ET Q q 0 0 0 rg BT 330.85 653.20 Td (the ) Tj ET Q q 0 0 0 rg BT 347.04 653.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 391.33 653.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 411.80 653.20 Td (structure.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 608.75 Td (Acquisitions) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 589.60 Td (On ) Tj ET Q q 0 0 0 rg BT 66.10 589.60 Td (July ) Tj ET Q q 0 0 0 rg BT 87.59 589.60 Td (21, ) Tj ET Q q 0 0 0 rg BT 104.49 589.60 Td (2014 ) Tj ET Q q 0 0 0 rg BT 129.65 589.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 167.02 589.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 206.22 589.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 255.19 589.60 Td (the ) Tj ET Q q 0 0 0 rg BT 271.78 589.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 323.20 589.60 Td (of ) Tj ET Q q 0 0 0 rg BT 335.52 589.60 Td (an ) Tj ET Q q 0 0 0 rg BT 349.06 589.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 396.20 589.60 Td (28% ) Tj ET Q q 0 0 0 rg BT 419.52 589.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 455.05 589.60 Td (in ) Tj ET Q q 0 0 0 rg BT 466.76 589.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 504.13 589.60 Td (Operating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 576.35 Td (LP) Tj ET Q q 0 0 0 rg BT 61.93 576.35 Td ( ) Tj ET Q q 0 0 0 rg BT 65.35 576.35 Td (for ) Tj ET Q q 0 0 0 rg BT 81.61 576.35 Td (a ) Tj ET Q q 0 0 0 rg BT 89.91 576.35 Td (total ) Tj ET Q q 0 0 0 rg BT 112.89 576.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 175.57 576.35 Td (of ) Tj ET Q q 0 0 0 rg BT 188.16 576.35 Td (US$373 ) Tj ET Q q 0 0 0 rg BT 227.65 576.35 Td (million. ) Tj ET Q q 0 0 0 rg BT 265.60 576.35 Td ( ) Tj ET Q q 0 0 0 rg BT 269.03 576.35 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 306.67 576.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 354.08 576.35 Td (LP) Tj ET Q q 0 0 0 rg BT 366.51 576.35 Td ( ) Tj ET Q q 0 0 0 rg BT 369.93 576.35 Td (has ) Tj ET Q q 0 0 0 rg BT 388.02 576.35 Td (an ) Tj ET Q q 0 0 0 rg BT 401.83 576.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 451.08 576.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 486.88 576.35 Td (in ) Tj ET Q q 0 0 0 rg BT 498.86 576.35 Td (three ) Tj ET Q q 0 0 0 rg BT 524.27 576.35 Td (ultra-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.20 Td (deepwater ) Tj ET Q q 0 0 0 rg BT 97.43 563.20 Td (drilling ) Tj ET Q q 0 0 0 rg BT 132.55 563.20 Td (rigs, ) Tj ET Q q 0 0 0 rg BT 154.33 563.20 Td (W) Tj ET Q q 0 0 0 rg BT 163.84 563.20 Td (est ) Tj ET Q q 0 0 0 rg BT 178.19 563.20 Td (Aquarius, ) Tj ET Q q 0 0 0 rg BT 223.80 563.20 Td (W) Tj ET Q q 0 0 0 rg BT 233.30 563.20 Td (est ) Tj ET Q q 0 0 0 rg BT 248.25 563.20 Td (Leo ) Tj ET Q q 0 0 0 rg BT 268.09 563.20 Td (and ) Tj ET Q q 0 0 0 rg BT 286.51 563.20 Td (W) Tj ET Q q 0 0 0 rg BT 296.01 563.20 Td (est ) Tj ET Q q 0 0 0 rg BT 310.96 563.20 Td (Cappella, ) Tj ET Q q 0 0 0 rg BT 355.54 563.20 Td (and ) Tj ET Q q 0 0 0 rg BT 374.16 563.20 Td (one ) Tj ET Q q 0 0 0 rg BT 392.77 563.20 Td (semi ) Tj ET Q q 0 0 0 rg BT 416.28 563.20 Td (tender ) Tj ET Q q 0 0 0 rg BT 446.50 563.20 Td (rig, ) Tj ET Q q 0 0 0 rg BT 464.20 563.20 Td (the ) Tj ET Q q 0 0 0 rg BT 480.18 563.20 Td (W) Tj ET Q q 0 0 0 rg BT 489.68 563.20 Td (est ) Tj ET Q q 0 0 0 rg BT 504.43 563.20 Td (V) Tj ET Q q 0 0 0 rg BT 511.16 563.20 Td (encedor) Tj ET Q q 0 0 0 rg BT 545.36 563.20 Td (. ) Tj ET Q q 0 0 0 rg BT 550.86 563.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 549.95 Td (The ) Tj ET Q q 0 0 0 rg BT 70.04 549.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 116.24 549.95 Td (now ) Tj ET Q q 0 0 0 rg BT 138.62 549.95 Td (owns ) Tj ET Q q 0 0 0 rg BT 165.28 549.95 Td (a ) Tj ET Q q 0 0 0 rg BT 173.60 549.95 Td (58% ) Tj ET Q q 0 0 0 rg BT 197.19 549.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 233.00 549.95 Td (in ) Tj ET Q q 0 0 0 rg BT 244.99 549.95 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 282.64 549.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 330.06 549.95 Td (LP) Tj ET Q q 0 0 0 rg BT 342.49 549.95 Td ( ) Tj ET Q q 0 0 0 rg BT 345.92 549.95 Td (which ) Tj ET Q q 0 0 0 rg BT 376.24 549.95 Td (in ) Tj ET Q q 0 0 0 rg BT 388.23 549.95 Td (line ) Tj ET Q q 0 0 0 rg BT 408.15 549.95 Td (with ) Tj ET Q q 0 0 0 rg BT 431.14 549.95 Td (the ) Tj ET Q q 0 0 0 rg BT 448.02 549.95 Td (ownership ) Tj ET Q q 0 0 0 rg BT 497.28 549.95 Td (level ) Tj ET Q q 0 0 0 rg BT 522.09 549.95 Td (of ) Tj ET Q q 0 0 0 rg BT 534.68 549.95 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 536.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 101.09 536.75 Td (other ) Tj ET Q q 0 0 0 rg BT 126.24 536.75 Td (ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 197.80 536.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 241.89 536.75 Td (company ) Tj ET Q q 0 0 0 rg BT 284.76 536.75 Td (which ) Tj ET Q q 0 0 0 rg BT 314.19 536.75 Td (is ) Tj ET Q q 0 0 0 rg BT 324.07 536.75 Td (51% ) Tj ET Q q 0 0 0 rg BT 346.79 536.75 Td (owned. ) Tj ET Q q 0 0 0 rg BT 383.98 536.75 Td (The ) Tj ET Q q 0 0 0 rg BT 403.63 536.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 454.44 536.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 497.29 536.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 539.55 536.75 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 523.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 77.85 523.60 Td (that ) Tj ET Q q 0 0 0 rg BT 97.03 523.60 Td (are ) Tj ET Q q 0 0 0 rg BT 113.15 523.60 Td (well ) Tj ET Q q 0 0 0 rg BT 134.78 523.60 Td (known ) Tj ET Q q 0 0 0 rg BT 167.41 523.60 Td (to ) Tj ET Q q 0 0 0 rg BT 178.65 523.60 Td (the ) Tj ET Q q 0 0 0 rg BT 194.78 523.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 240.25 523.60 Td (and ) Tj ET Q q 0 0 0 rg BT 258.82 523.60 Td (that ) Tj ET Q q 0 0 0 rg BT 278.00 523.60 Td (have ) Tj ET Q q 0 0 0 rg BT 301.45 523.60 Td (stable ) Tj ET Q q 0 0 0 rg BT 329.80 523.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 352.03 523.60 Td (flows. ) Tj ET Q q 0 0 0 rg BT 381.72 523.60 Td (The ) Tj ET Q q 0 0 0 rg BT 401.51 523.60 Td (transaction ) Tj ET Q q 0 0 0 rg BT 452.46 523.60 Td (is ) Tj ET Q q 0 0 0 rg BT 462.48 523.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 504.26 523.60 Td (to ) Tj ET Q q 0 0 0 rg BT 515.50 523.60 Td (be ) Tj ET Q q 0 0 0 rg BT 528.57 523.60 Td (cash ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 510.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 72.41 510.35 Td (and ) Tj ET Q q 0 0 0 rg BT 91.05 510.35 Td (net ) Tj ET Q q 0 0 0 rg BT 107.23 510.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 131.37 510.35 Td (value ) Tj ET Q q 0 0 0 rg BT 157.94 510.35 Td (accretive ) Tj ET Q q 0 0 0 rg BT 200.37 510.35 Td (and ) Tj ET Q q 0 0 0 rg BT 219.01 510.35 Td (therefore ) Tj ET Q q 0 0 0 rg BT 261.45 510.35 Td (to ) Tj ET Q q 0 0 0 rg BT 272.75 510.35 Td (lead ) Tj ET Q q 0 0 0 rg BT 293.83 510.35 Td (to ) Tj ET Q q 0 0 0 rg BT 305.13 510.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 349.41 510.35 Td (distributions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 491.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.55 491.15 Td (gross ) Tj ET Q q 0 0 0 rg BT 95.72 491.15 Td (value ) Tj ET Q q 0 0 0 rg BT 122.49 491.15 Td (of ) Tj ET Q q 0 0 0 rg BT 134.60 491.15 Td (the ) Tj ET Q q 0 0 0 rg BT 150.98 491.15 Td (28% ) Tj ET Q q 0 0 0 rg BT 174.09 491.15 Td (share ) Tj ET Q q 0 0 0 rg BT 200.24 491.15 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 243.81 491.15 Td (after ) Tj ET Q q 0 0 0 rg BT 266.90 491.15 Td (deducting ) Tj ET Q q 0 0 0 rg BT 313.22 491.15 Td (the ) Tj ET Q q 0 0 0 rg BT 329.61 491.15 Td (44% ) Tj ET Q q 0 0 0 rg BT 352.72 491.15 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 424.10 491.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 459.42 491.15 Td (in ) Tj ET Q q 0 0 0 rg BT 470.92 491.15 Td (the ) Tj ET Q q 0 0 0 rg BT 487.09 491.15 Td (W) Tj ET Q q 0 0 0 rg BT 496.60 491.15 Td (est ) Tj ET Q q 0 0 0 rg BT 511.76 491.15 Td (Capella, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 477.95 Td (was ) Tj ET Q q 0 0 0 rg BT 69.06 477.95 Td ($804 ) Tj ET Q q 0 0 0 rg BT 93.52 477.95 Td (million. ) Tj ET Q q 0 0 0 rg BT 130.33 477.95 Td (The ) Tj ET Q q 0 0 0 rg BT 149.89 477.95 Td (28% ) Tj ET Q q 0 0 0 rg BT 172.50 477.95 Td (share ) Tj ET Q q 0 0 0 rg BT 198.17 477.95 Td (of ) Tj ET Q q 0 0 0 rg BT 209.79 477.95 Td (the ) Tj ET Q q 0 0 0 rg BT 225.68 477.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 247.08 477.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 294.74 477.95 Td (with ) Tj ET Q q 0 0 0 rg BT 316.75 477.95 Td (the ) Tj ET Q q 0 0 0 rg BT 332.64 477.95 Td (four ) Tj ET Q q 0 0 0 rg BT 353.43 477.95 Td (rigs ) Tj ET Q q 0 0 0 rg BT 372.38 477.95 Td (owned ) Tj ET Q q 0 0 0 rg BT 404.16 477.95 Td (by ) Tj ET Q q 0 0 0 rg BT 417.62 477.95 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 454.29 477.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 500.73 477.95 Td (L.P) Tj ET Q q 0 0 0 rg BT 515.10 477.95 Td (., ) Tj ET Q q 0 0 0 rg BT 523.05 477.95 Td (net ) Tj ET Q q 0 0 0 rg BT 538.95 477.95 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 464.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.49 464.75 Td (W) Tj ET Q q 0 0 0 rg BT 74.99 464.75 Td (est ) Tj ET Q q 0 0 0 rg BT 89.96 464.75 Td (Capella ) Tj ET Q q 0 0 0 rg BT 126.31 464.75 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 197.49 464.75 Td (interest, ) Tj ET Q q 0 0 0 rg BT 235.37 464.75 Td (was ) Tj ET Q q 0 0 0 rg BT 255.22 464.75 Td ($431 ) Tj ET Q q 0 0 0 rg BT 279.97 464.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 317.06 464.75 Td (The ) Tj ET Q q 0 0 0 rg BT 336.91 464.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 367.15 464.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 401.68 464.75 Td (was ) Tj ET Q q 0 0 0 rg BT 421.53 464.75 Td (therefore ) Tj ET Q q 0 0 0 rg BT 463.98 464.75 Td ($373 ) Tj ET Q q 0 0 0 rg BT 488.73 464.75 Td (million.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 445.60 Td (The ) Tj ET Q q 0 0 0 rg BT 70.17 445.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 122.01 445.60 Td (was ) Tj ET Q q 0 0 0 rg BT 142.68 445.60 Td (funded ) Tj ET Q q 0 0 0 rg BT 176.80 445.60 Td (with ) Tj ET Q q 0 0 0 rg BT 199.92 445.60 Td (a ) Tj ET Q q 0 0 0 rg BT 208.37 445.60 Td (combination ) Tj ET Q q 0 0 0 rg BT 266.93 445.60 Td (of ) Tj ET Q q 0 0 0 rg BT 279.66 445.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 302.77 445.60 Td (and ) Tj ET Q q 0 0 0 rg BT 322.22 445.60 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 364.88 445.60 Td (from ) Tj ET Q q 0 0 0 rg BT 389.83 445.60 Td (the ) Tj ET Q q 0 0 0 rg BT 406.84 445.60 Td (US$300 ) Tj ET Q q 0 0 0 rg BT 446.47 445.60 Td (million ) Tj ET Q q 0 0 0 rg BT 481.81 445.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 512.88 445.60 Td (of) Tj ET Q q 0 0 0 rg BT 521.84 445.60 Td (fering ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 432.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 98.24 432.35 Td (on ) Tj ET Q q 0 0 0 rg BT 112.17 432.35 Td (June ) Tj ET Q q 0 0 0 rg BT 135.26 432.35 Td (19, ) Tj ET Q q 0 0 0 rg BT 151.93 432.35 Td (2014 ) Tj ET Q q 0 0 0 rg BT 176.86 432.35 Td (and ) Tj ET Q q 0 0 0 rg BT 195.67 432.35 Td (surplus ) Tj ET Q q 0 0 0 rg BT 230.37 432.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 257.74 432.35 Td (from ) Tj ET Q q 0 0 0 rg BT 282.05 432.35 Td (the ) Tj ET Q q 0 0 0 rg BT 298.41 432.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 350.38 432.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 380.17 432.35 Td (term ) Tj ET Q q 0 0 0 rg BT 403.25 432.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 425.12 432.35 Td (B ) Tj ET Q q 0 0 0 rg BT 435.38 432.35 Td (financing. ) Tj ET Q q 0 0 0 rg BT 482.60 432.35 Td ( ) Tj ET Q q 0 0 0 rg BT 485.31 432.35 Td (The ) Tj ET Q q 0 0 0 rg BT 505.34 432.35 Td (Company ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 419.20 Td (sold ) Tj ET Q q 0 0 0 rg BT 71.04 419.20 Td (a ) Tj ET Q q 0 0 0 rg BT 79.14 419.20 Td (total ) Tj ET Q q 0 0 0 rg BT 101.89 419.20 Td (of ) Tj ET Q q 0 0 0 rg BT 114.27 419.20 Td (6.1 ) Tj ET Q q 0 0 0 rg BT 131.22 419.20 Td (million ) Tj ET Q q 0 0 0 rg BT 166.21 419.20 Td (common ) Tj ET Q q 0 0 0 rg BT 207.91 419.20 Td (units ) Tj ET Q q 0 0 0 rg BT 232.52 419.20 Td (to ) Tj ET Q q 0 0 0 rg BT 244.28 419.20 Td (the ) Tj ET Q q 0 0 0 rg BT 260.93 419.20 Td (public ) Tj ET Q q 0 0 0 rg BT 291.63 419.20 Td (and ) Tj ET Q q 0 0 0 rg BT 310.72 419.20 Td (3.2 ) Tj ET Q q 0 0 0 rg BT 327.68 419.20 Td (million ) Tj ET Q q 0 0 0 rg BT 362.67 419.20 Td (common ) Tj ET Q q 0 0 0 rg BT 404.37 419.20 Td (units ) Tj ET Q q 0 0 0 rg BT 428.97 419.20 Td (to ) Tj ET Q q 0 0 0 rg BT 440.73 419.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 478.16 419.20 Td (Limited ) Tj ET Q q 0 0 0 rg BT 516.19 419.20 Td (in ) Tj ET Q q 0 0 0 rg BT 527.95 419.20 Td (June ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 406.00 Td (2014.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 358.55 Td (Financing ) Tj ET Q q 0 0 0 rg BT 99.32 358.55 Td (and ) Tj ET Q q 0 0 0 rg BT 119.80 358.55 Td (Liquidity) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 339.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.92 339.35 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 77.29 339.35 Td (June30, ) Tj ET Q q 0 0 0 rg BT 117.15 339.35 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.15 339.35 Td (, ) Tj ET Q q 0 0 0 rg BT 145.10 339.35 Td (the ) Tj ET Q q 0 0 0 rg BT 161.74 339.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 207.71 339.35 Td (had ) Tj ET Q q 0 0 0 rg BT 226.79 339.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 249.54 339.35 Td (and ) Tj ET Q q 0 0 0 rg BT 268.62 339.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 291.37 339.35 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 347.41 339.35 Td (on ) Tj ET Q q 0 0 0 rg BT 361.61 339.35 Td (a ) Tj ET Q q 0 0 0 rg BT 369.69 339.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 428.49 339.35 Td (basis, ) Tj ET Q q 0 0 0 rg BT 456.44 339.35 Td (of ) Tj ET Q q 0 0 0 rg BT 468.80 339.35 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 482.86 339.35 Td ($523.3 ) Tj ET Q q 0 0 0 rg BT 516.31 339.35 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 548.10 339.35 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 326.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.89 326.15 Td (two ) Tj ET Q q 0 0 0 rg BT 86.89 326.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 131.55 326.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 159.09 326.15 Td (facilities ) Tj ET Q q 0 0 0 rg BT 199.47 326.15 Td (totaling ) Tj ET Q q 0 0 0 rg BT 235.58 326.15 Td (US$200 ) Tj ET Q q 0 0 0 rg BT 274.14 326.15 Td (million. ) Tj ET Q q 0 0 0 rg BT 311.17 326.15 Td (One ) Tj ET Q q 0 0 0 rg BT 332.00 326.15 Td (US$100mm ) Tj ET Q q 0 0 0 rg BT 387.68 326.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 421.34 326.15 Td (is ) Tj ET Q q 0 0 0 rg BT 431.18 326.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 472.78 326.15 Td (by ) Tj ET Q q 0 0 0 rg BT 486.28 326.15 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 523.00 326.15 Td (as ) Tj ET Q q 0 0 0 rg BT 534.67 326.15 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 312.95 Td (lender ) Tj ET Q q 0 0 0 rg BT 80.04 312.95 Td (and ) Tj ET Q q 0 0 0 rg BT 98.98 312.95 Td (the ) Tj ET Q q 0 0 0 rg BT 115.48 312.95 Td (second ) Tj ET Q q 0 0 0 rg BT 149.09 312.95 Td (US$100mm ) Tj ET Q q 0 0 0 rg BT 205.32 312.95 Td (facility ) Tj ET Q q 0 0 0 rg BT 239.53 312.95 Td (is ) Tj ET Q q 0 0 0 rg BT 249.93 312.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 292.09 312.95 Td (by ) Tj ET Q q 0 0 0 rg BT 306.15 312.95 Td (a ) Tj ET Q q 0 0 0 rg BT 314.09 312.95 Td (syndicate ) Tj ET Q q 0 0 0 rg BT 358.69 312.95 Td (of ) Tj ET Q q 0 0 0 rg BT 370.91 312.95 Td (banks ) Tj ET Q q 0 0 0 rg BT 399.63 312.95 Td (and ) Tj ET Q q 0 0 0 rg BT 418.57 312.95 Td (is ) Tj ET Q q 0 0 0 rg BT 428.97 312.95 Td (secured ) Tj ET Q q 0 0 0 rg BT 465.62 312.95 Td (in ) Tj ET Q q 0 0 0 rg BT 477.23 312.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 528.55 312.95 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 299.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.93 299.75 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 86.18 299.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 116.90 299.75 Td (term ) Tj ET Q q 0 0 0 rg BT 139.05 299.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 159.98 299.75 Td (B. ) Tj ET Q q 0 0 0 rg BT 172.06 299.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.61 299.75 Td (As ) Tj ET Q q 0 0 0 rg BT 187.83 299.75 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 198.99 299.75 Td (June30, ) Tj ET Q q 0 0 0 rg BT 237.65 299.75 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 259.65 299.75 Td (, ) Tj ET Q q 0 0 0 rg BT 264.39 299.75 Td (these ) Tj ET Q q 0 0 0 rg BT 288.99 299.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 328.85 299.75 Td (were ) Tj ET Q q 0 0 0 rg BT 352.22 299.75 Td (undrawn. ) Tj ET Q q 0 0 0 rg BT 395.45 299.75 Td ( ) Tj ET Q q 0 0 0 rg BT 397.30 299.75 Td (T) Tj ET Q q 0 0 0 rg BT 403.25 299.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 421.74 299.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 442.68 299.75 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 461.78 299.75 Td (US$3,248.8 ) Tj ET Q q 0 0 0 rg BT 516.33 299.75 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 548.11 299.75 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 286.55 Td (as ) Tj ET Q q 0 0 0 rg BT 61.82 286.55 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 74.13 286.55 Td (June30, ) Tj ET Q q 0 0 0 rg BT 113.95 286.55 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 135.95 286.55 Td (; ) Tj ET Q q 0 0 0 rg BT 142.16 286.55 Td (US$251 ) Tj ET Q q 0 0 0 rg BT 181.38 286.55 Td (million ) Tj ET Q q 0 0 0 rg BT 216.31 286.55 Td (of ) Tj ET Q q 0 0 0 rg BT 228.63 286.55 Td (this ) Tj ET Q q 0 0 0 rg BT 247.68 286.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 269.77 286.55 Td (was ) Tj ET Q q 0 0 0 rg BT 290.03 286.55 Td (originally ) Tj ET Q q 0 0 0 rg BT 335.96 286.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 375.76 286.55 Td (by ) Tj ET Q q 0 0 0 rg BT 389.91 286.55 Td (Seadrill, ) Tj ET Q q 0 0 0 rg BT 430.03 286.55 Td (as ) Tj ET Q q 0 0 0 rg BT 442.35 286.55 Td (borrower) Tj ET Q q 0 0 0 rg BT 482.22 286.55 Td (, ) Tj ET Q q 0 0 0 rg BT 488.13 286.55 Td (in ) Tj ET Q q 0 0 0 rg BT 499.84 286.55 Td (connection ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 273.35 Td (with ) Tj ET Q q 0 0 0 rg BT 71.81 273.35 Td (its ) Tj ET Q q 0 0 0 rg BT 84.95 273.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 135.97 273.35 Td (of ) Tj ET Q q 0 0 0 rg BT 147.88 273.35 Td (the ) Tj ET Q q 0 0 0 rg BT 164.07 273.35 Td (drilling ) Tj ET Q q 0 0 0 rg BT 199.21 273.35 Td (rigs. ) Tj ET Q q 0 0 0 rg BT 221.21 273.35 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 254.15 Td (As ) Tj ET Q q 0 0 0 rg BT 64.41 254.15 Td (of ) Tj ET Q q 0 0 0 rg BT 76.26 254.15 Td (June ) Tj ET Q q 0 0 0 rg BT 99.11 254.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 115.55 254.15 Td (2014 ) Tj ET Q q 0 0 0 rg BT 140.24 254.15 Td (the ) Tj ET Q q 0 0 0 rg BT 156.36 254.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.82 254.15 Td (had ) Tj ET Q q 0 0 0 rg BT 220.39 254.15 Td (two ) Tj ET Q q 0 0 0 rg BT 239.58 254.15 Td (secured ) Tj ET Q q 0 0 0 rg BT 275.86 254.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 303.58 254.15 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 346.89 254.15 Td (in ) Tj ET Q q 0 0 0 rg BT 358.14 254.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 396.87 254.15 Td (to ) Tj ET Q q 0 0 0 rg BT 408.12 254.15 Td (the ) Tj ET Q q 0 0 0 rg BT 424.24 254.15 Td (term ) Tj ET Q q 0 0 0 rg BT 447.09 254.15 Td (loan ) Tj ET Q q 0 0 0 rg BT 468.71 254.15 Td (B. ) Tj ET Q q 0 0 0 rg BT 481.29 254.15 Td (These ) Tj ET Q q 0 0 0 rg BT 510.24 254.15 Td (facilities ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 240.95 Td (expire ) Tj ET Q q 0 0 0 rg BT 79.49 240.95 Td (in ) Tj ET Q q 0 0 0 rg BT 90.56 240.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 115.07 240.95 Td (and ) Tj ET Q q 0 0 0 rg BT 133.46 240.95 Td (2017. ) Tj ET Q q 0 0 0 rg BT 160.17 240.95 Td (A) Tj ET Q q 0 0 0 rg BT 167.50 240.95 Td ( ) Tj ET Q q 0 0 0 rg BT 170.01 240.95 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 222.61 240.95 Td (strategy ) Tj ET Q q 0 0 0 rg BT 259.94 240.95 Td (should ) Tj ET Q q 0 0 0 rg BT 291.79 240.95 Td (be ) Tj ET Q q 0 0 0 rg BT 304.68 240.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 346.27 240.95 Td (at ) Tj ET Q q 0 0 0 rg BT 356.72 240.95 Td (maturity ) Tj ET Q q 0 0 0 rg BT 396.50 240.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 417.95 240.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 446.12 240.95 Td (or ) Tj ET Q q 0 0 0 rg BT 457.79 240.95 Td (higher) Tj ET Q q 0 0 0 rg BT 485.28 240.95 Td (. ) Tj ET Q q 0 0 0 rg BT 490.54 240.95 Td ( ) Tj ET Q q 0 0 0 rg BT 492.50 240.95 Td (Additionally ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 227.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.43 227.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.71 227.75 Td (has ) Tj ET Q q 0 0 0 rg BT 127.87 227.75 Td (a ) Tj ET Q q 0 0 0 rg BT 135.24 227.75 Td (US$109.5 ) Tj ET Q q 0 0 0 rg BT 182.05 227.75 Td (million ) Tj ET Q q 0 0 0 rg BT 216.33 227.75 Td (vendor ) Tj ET Q q 0 0 0 rg BT 249.37 227.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 270.80 227.75 Td (from ) Tj ET Q q 0 0 0 rg BT 294.68 227.75 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 331.39 227.75 Td (maturing ) Tj ET Q q 0 0 0 rg BT 373.60 227.75 Td (in ) Tj ET Q q 0 0 0 rg BT 384.65 227.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 409.15 227.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 445.24 227.75 Td (to ) Tj ET Q q 0 0 0 rg BT 456.30 227.75 Td (the ) Tj ET Q q 0 0 0 rg BT 472.23 227.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 523.00 227.75 Td (of ) Tj ET Q q 0 0 0 rg BT 534.66 227.75 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 214.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.21 214.55 Td (-15.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 195.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.98 195.35 Td (June ) Tj ET Q q 0 0 0 rg BT 83.46 195.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 110.53 195.35 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 147.06 195.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 185.42 195.35 Td (executed ) Tj ET Q q 0 0 0 rg BT 226.83 195.35 Td (a ) Tj ET Q q 0 0 0 rg BT 234.03 195.35 Td (US$1.1 ) Tj ET Q q 0 0 0 rg BT 269.66 195.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 300.70 195.35 Td (add-on ) Tj ET Q q 0 0 0 rg BT 333.56 195.35 Td (term ) Tj ET Q q 0 0 0 rg BT 356.04 195.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 377.30 195.35 Td (B. ) Tj ET Q q 0 0 0 rg BT 389.70 195.35 Td ( ) Tj ET Q q 0 0 0 rg BT 391.85 195.35 Td (The ) Tj ET Q q 0 0 0 rg BT 411.27 195.35 Td (term ) Tj ET Q q 0 0 0 rg BT 433.75 195.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 455.00 195.35 Td (was ) Tj ET Q q 0 0 0 rg BT 474.43 195.35 Td (upsized ) Tj ET Q q 0 0 0 rg BT 510.35 195.35 Td (from ) Tj ET Q q 0 0 0 rg BT 534.05 195.35 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 182.15 Td ($1 ) Tj ET Q q 0 0 0 rg BT 62.74 182.15 Td (billion, ) Tj ET Q q 0 0 0 rg BT 96.45 182.15 Td (priced ) Tj ET Q q 0 0 0 rg BT 126.17 182.15 Td (at ) Tj ET Q q 0 0 0 rg BT 136.35 182.15 Td (the ) Tj ET Q q 0 0 0 rg BT 152.03 182.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 189.10 182.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 207.82 182.15 Td (of ) Tj ET Q q 0 0 0 rg BT 219.22 182.15 Td (Libor ) Tj ET Q q 0 0 0 rg BT 245.90 182.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 266.47 182.15 Td (3%, ) Tj ET Q q 0 0 0 rg BT 286.12 182.15 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 345.80 182.15 Td (swapped ) Tj ET Q q 0 0 0 rg BT 386.53 182.15 Td (to ) Tj ET Q q 0 0 0 rg BT 397.32 182.15 Td (a ) Tj ET Q q 0 0 0 rg BT 404.44 182.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 429.28 182.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 448.00 182.15 Td (of ) Tj ET Q q 0 0 0 rg BT 459.41 182.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 525.18 182.15 Td (5.5% ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 168.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.55 168.95 Td (will ) Tj ET Q q 0 0 0 rg BT 86.83 168.95 Td (be ) Tj ET Q q 0 0 0 rg BT 99.38 168.95 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 143.70 168.95 Td (on ) Tj ET Q q 0 0 0 rg BT 156.87 168.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 214.64 168.95 Td (the ) Tj ET Q q 0 0 0 rg BT 230.25 168.95 Td (same ) Tj ET Q q 0 0 0 rg BT 255.02 168.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 281.62 168.95 Td (as ) Tj ET Q q 0 0 0 rg BT 292.95 168.95 Td (the ) Tj ET Q q 0 0 0 rg BT 308.56 168.95 Td (Company's ) Tj ET Q q 0 0 0 rg BT 359.76 168.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 396.76 168.95 Td (US$1.8 ) Tj ET Q q 0 0 0 rg BT 432.24 168.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 463.13 168.95 Td (senior ) Tj ET Q q 0 0 0 rg BT 492.18 168.95 Td (secured ) Tj ET Q q 0 0 0 rg BT 527.94 168.95 Td (term ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 155.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 71.49 155.75 Td (B ) Tj ET Q q 0 0 0 rg BT 81.89 155.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 121.59 155.75 Td (in ) Tj ET Q q 0 0 0 rg BT 133.20 155.75 Td (February ) Tj ET Q q 0 0 0 rg BT 175.97 155.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 203.77 155.75 Td ( ) Tj ET Q q 0 0 0 rg BT 206.61 155.75 Td (The ) Tj ET Q q 0 0 0 rg BT 226.77 155.75 Td (1% ) Tj ET Q q 0 0 0 rg BT 244.49 155.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 303.13 155.75 Td (profile ) Tj ET Q q 0 0 0 rg BT 335.51 155.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.73 155.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.22 155.75 Td (new ) Tj ET Q q 0 0 0 rg BT 385.61 155.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 419.81 155.75 Td (further ) Tj ET Q q 0 0 0 rg BT 452.80 155.75 Td (enables ) Tj ET Q q 0 0 0 rg BT 488.84 155.75 Td (the ) Tj ET Q q 0 0 0 rg BT 505.33 155.75 Td (Company ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 142.60 Td (to ) Tj ET Q q 0 0 0 rg BT 60.65 142.60 Td (more ) Tj ET Q q 0 0 0 rg BT 85.85 142.60 Td (ef) Tj ET Q q 0 0 0 rg BT 94.20 142.60 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 133.45 142.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 170.25 142.60 Td (its ) Tj ET Q q 0 0 0 rg BT 183.24 142.60 Td (replacement ) Tj ET Q q 0 0 0 rg BT 239.58 142.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 271.49 142.60 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 326.01 142.60 Td (reserves ) Tj ET Q q 0 0 0 rg BT 364.64 142.60 Td (by ) Tj ET Q q 0 0 0 rg BT 378.24 142.60 Td (investing ) Tj ET Q q 0 0 0 rg BT 421.17 142.60 Td (in ) Tj ET Q q 0 0 0 rg BT 432.32 142.60 Td (new ) Tj ET Q q 0 0 0 rg BT 453.25 142.60 Td (assets. ) Tj ET Q q 0 0 0 rg BT 484.26 142.60 Td ( ) Tj ET Q q 0 0 0 rg BT 486.85 142.60 Td (Following ) Tj ET Q q 0 0 0 rg BT 534.68 142.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 129.35 Td (completion ) Tj ET Q q 0 0 0 rg BT 101.36 129.35 Td (of ) Tj ET Q q 0 0 0 rg BT 112.90 129.35 Td (the ) Tj ET Q q 0 0 0 rg BT 128.72 129.35 Td (add-on ) Tj ET Q q 0 0 0 rg BT 161.64 129.35 Td (term ) Tj ET Q q 0 0 0 rg BT 184.17 129.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 205.49 129.35 Td (the ) Tj ET Q q 0 0 0 rg BT 221.30 129.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 272.71 129.35 Td (BB-/Ba3 ) Tj ET Q q 0 0 0 rg BT 314.20 129.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 342.23 129.35 Td (has ) Tj ET Q q 0 0 0 rg BT 359.27 129.35 Td (been ) Tj ET Q q 0 0 0 rg BT 382.41 129.35 Td (reaf) Tj ET Q q 0 0 0 rg BT 399.30 129.35 Td (firmed ) Tj ET Q q 0 0 0 rg BT 431.00 129.35 Td (by ) Tj ET Q q 0 0 0 rg BT 444.38 129.35 Td (both ) Tj ET Q q 0 0 0 rg BT 466.31 129.35 Td (S&P) Tj ET Q q 0 0 0 rg BT 486.69 129.35 Td ( ) Tj ET Q q 0 0 0 rg BT 489.07 129.35 Td (and ) Tj ET Q q 0 0 0 rg BT 507.32 129.35 Td (Moody's.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 110.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.28 110.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 98.84 110.15 Td (is ) Tj ET Q q 0 0 0 rg BT 108.85 110.15 Td (confident ) Tj ET Q q 0 0 0 rg BT 153.07 110.15 Td (that ) Tj ET Q q 0 0 0 rg BT 172.24 110.15 Td (a ) Tj ET Q q 0 0 0 rg BT 179.80 110.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 213.02 110.15 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 265.78 110.15 Td (can ) Tj ET Q q 0 0 0 rg BT 283.73 110.15 Td (be ) Tj ET Q q 0 0 0 rg BT 296.78 110.15 Td (executed ) Tj ET Q q 0 0 0 rg BT 338.55 110.15 Td (on ) Tj ET Q q 0 0 0 rg BT 352.22 110.15 Td (the ) Tj ET Q q 0 0 0 rg BT 368.34 110.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 415.61 110.15 Td (back ) Tj ET Q q 0 0 0 rg BT 439.05 110.15 Td (to ) Tj ET Q q 0 0 0 rg BT 450.28 110.15 Td (back ) Tj ET Q q 0 0 0 rg BT 473.72 110.15 Td (loans ) Tj ET Q q 0 0 0 rg BT 499.62 110.15 Td (and ) Tj ET Q q 0 0 0 rg BT 518.18 110.15 Td (related ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 97.00 Td (party ) Tj ET Q q 0 0 0 rg BT 74.00 97.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 94.85 97.00 Td (in ) Tj ET Q q 0 0 0 rg BT 105.30 97.00 Td (order ) Tj ET Q q 0 0 0 rg BT 130.42 97.00 Td (to ) Tj ET Q q 0 0 0 rg BT 140.88 97.00 Td (complete ) Tj ET Q q 0 0 0 rg BT 183.09 97.00 Td (the ) Tj ET Q q 0 0 0 rg BT 198.43 97.00 Td (separation ) Tj ET Q q 0 0 0 rg BT 245.54 97.00 Td (of ) Tj ET Q q 0 0 0 rg BT 256.61 97.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 292.72 97.00 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 332.65 97.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 363.87 97.00 Td (structure ) Tj ET Q q 0 0 0 rg BT 404.26 97.00 Td (from ) Tj ET Q q 0 0 0 rg BT 427.54 97.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 463.66 97.00 Td (Limited ) Tj ET Q q 0 0 0 rg BT 500.39 97.00 Td (and ) Tj ET Q q 0 0 0 rg BT 518.17 97.00 Td (further ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 83.80 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 90.72 83.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 127.69 83.80 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 168.46 83.80 Td (growth. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 64.60 Td (As ) Tj ET Q q 0 0 0 rg BT 64.06 64.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 75.55 64.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 114.54 64.60 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 136.54 64.60 Td (, ) Tj ET Q q 0 0 0 rg BT 141.63 64.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 178.17 64.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 216.55 64.60 Td (had ) Tj ET Q q 0 0 0 rg BT 234.76 64.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 269.47 64.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 288.28 64.60 Td (swaps ) Tj ET Q q 0 0 0 rg BT 317.50 64.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 371.16 64.60 Td (on ) Tj ET Q q 0 0 0 rg BT 384.50 64.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 425.92 64.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 447.19 64.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 458.69 64.60 Td (US$3,164.2 ) Tj ET Q q 0 0 0 rg BT 513.58 64.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 545.36 64.60 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 51.35 Td (All ) Tj ET Q q 0 0 0 rg BT 67.66 51.35 Td (of ) Tj ET Q q 0 0 0 rg BT 80.93 51.35 Td (the ) Tj ET Q q 0 0 0 rg BT 98.47 51.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.95 51.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 155.54 51.35 Td (swap ) Tj ET Q q 0 0 0 rg BT 182.25 51.35 Td (agreements ) Tj ET Q q 0 0 0 rg BT 236.44 51.35 Td (were ) Tj ET Q q 0 0 0 rg BT 261.91 51.35 Td (entered ) Tj ET Q q 0 0 0 rg BT 298.38 51.35 Td (into ) Tj ET Q q 0 0 0 rg BT 319.60 51.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 372.58 51.35 Td (to ) Tj ET Q q 0 0 0 rg BT 385.24 51.35 Td (the ) Tj ET Q q 0 0 0 rg BT 402.78 51.35 Td (IPO ) Tj ET Q q 0 0 0 rg BT 424.61 51.35 Td (Closing ) Tj ET Q q 0 0 0 rg BT 462.95 51.35 Td (Date ) Tj ET Q q 0 0 0 rg BT 487.81 51.35 Td (and ) Tj ET Q q 0 0 0 rg BT 507.80 51.35 Td (represent ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 789.80 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 115.49 789.80 Td (97%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 135.65 789.80 Td ( ) Tj ET Q q 0 0 0 rg BT 138.10 789.80 Td (of ) Tj ET Q q 0 0 0 rg BT 149.72 789.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 171.11 789.80 Td (obligations ) Tj ET Q q 0 0 0 rg BT 222.45 789.80 Td (as ) Tj ET Q q 0 0 0 rg BT 234.07 789.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 245.69 789.80 Td (June30, ) Tj ET Q q 0 0 0 rg BT 284.80 789.80 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 306.80 789.80 Td (. ) Tj ET Q q 0 0 0 rg BT 311.83 789.80 Td (The ) Tj ET Q q 0 0 0 rg BT 331.38 789.80 Td (average ) Tj ET Q q 0 0 0 rg BT 368.03 789.80 Td (swapped ) Tj ET Q q 0 0 0 rg BT 408.97 789.80 Td (rate, ) Tj ET Q q 0 0 0 rg BT 430.66 789.80 Td (excluding ) Tj ET Q q 0 0 0 rg BT 476.49 789.80 Td (bank ) Tj ET Q q 0 0 0 rg BT 500.32 789.80 Td (mar) Tj ET Q q 0 0 0 rg BT 517.23 789.80 Td (gins, ) Tj ET Q q 0 0 0 rg BT 540.77 789.80 Td (is ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 776.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 115.76 776.60 Td (2.40%. ) Tj ET Q q 0 0 0 rg BT 149.46 776.60 Td (The ) Tj ET Q q 0 0 0 rg BT 169.29 776.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 214.79 776.60 Td (has ) Tj ET Q q 0 0 0 rg BT 232.18 776.60 Td (a ) Tj ET Q q 0 0 0 rg BT 239.79 776.60 Td (policy ) Tj ET Q q 0 0 0 rg BT 270.02 776.60 Td (of ) Tj ET Q q 0 0 0 rg BT 281.91 776.60 Td (hedging ) Tj ET Q q 0 0 0 rg BT 320.08 776.60 Td (the ) Tj ET Q q 0 0 0 rg BT 336.24 776.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 385.40 776.60 Td (majority ) Tj ET Q q 0 0 0 rg BT 425.40 776.60 Td (of ) Tj ET Q q 0 0 0 rg BT 437.29 776.60 Td (its ) Tj ET Q q 0 0 0 rg BT 450.42 776.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 496.52 776.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 531.63 776.60 Td (rate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 763.40 Td (exposure ) Tj ET Q q 0 0 0 rg BT 91.96 763.40 Td (in ) Tj ET Q q 0 0 0 rg BT 103.26 763.40 Td (order ) Tj ET Q q 0 0 0 rg BT 129.22 763.40 Td (to ) Tj ET Q q 0 0 0 rg BT 140.53 763.40 Td (reduce ) Tj ET Q q 0 0 0 rg BT 172.59 763.40 Td (the ) Tj ET Q q 0 0 0 rg BT 188.78 763.40 Td (risk ) Tj ET Q q 0 0 0 rg BT 208.03 763.40 Td (of ) Tj ET Q q 0 0 0 rg BT 219.94 763.40 Td (a ) Tj ET Q q 0 0 0 rg BT 227.57 763.40 Td (rising ) Tj ET Q q 0 0 0 rg BT 255.38 763.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 290.51 763.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 309.74 763.40 Td (environment.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 719.00 Td (Market ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 699.80 Td (The ) Tj ET Q q 0 0 0 rg BT 69.68 699.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 84.37 699.80 Td (market ) Tj ET Q q 0 0 0 rg BT 117.98 699.80 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 180.32 699.80 Td (continue ) Tj ET Q q 0 0 0 rg BT 221.27 699.80 Td (to ) Tj ET Q q 0 0 0 rg BT 232.90 699.80 Td (be ) Tj ET Q q 0 0 0 rg BT 246.36 699.80 Td (strong ) Tj ET Q q 0 0 0 rg BT 276.94 699.80 Td (with ) Tj ET Q q 0 0 0 rg BT 299.57 699.80 Td (high ) Tj ET Q q 0 0 0 rg BT 322.20 699.80 Td (and ) Tj ET Q q 0 0 0 rg BT 341.16 699.80 Td (stable ) Tj ET Q q 0 0 0 rg BT 369.90 699.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 384.58 699.80 Td (prices. ) Tj ET Q q 0 0 0 rg BT 416.67 699.80 Td ( ) Tj ET Q q 0 0 0 rg BT 419.75 699.80 Td (Except ) Tj ET Q q 0 0 0 rg BT 453.37 699.80 Td (for ) Tj ET Q q 0 0 0 rg BT 469.27 699.80 Td (very ) Tj ET Q q 0 0 0 rg BT 491.89 699.80 Td (brief ) Tj ET Q q 0 0 0 rg BT 515.73 699.80 Td (periods ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 65.56 686.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 79.80 686.60 Td (price ) Tj ET Q q 0 0 0 rg BT 104.41 686.60 Td (has ) Tj ET Q q 0 0 0 rg BT 121.70 686.60 Td (remained ) Tj ET Q q 0 0 0 rg BT 165.25 686.60 Td (above ) Tj ET Q q 0 0 0 rg BT 194.13 686.60 Td (US$100 ) Tj ET Q q 0 0 0 rg BT 232.82 686.60 Td (for ) Tj ET Q q 0 0 0 rg BT 248.27 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 264.34 686.60 Td (last ) Tj ET Q q 0 0 0 rg BT 282.24 686.60 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 298.61 686.60 Td (years ) Tj ET Q q 0 0 0 rg BT 324.44 686.60 Td (and ) Tj ET Q q 0 0 0 rg BT 342.95 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 359.02 686.60 Td (global ) Tj ET Q q 0 0 0 rg BT 389.14 686.60 Td (economy ) Tj ET Q q 0 0 0 rg BT 432.08 686.60 Td (continues ) Tj ET Q q 0 0 0 rg BT 476.86 686.60 Td (along ) Tj ET Q q 0 0 0 rg BT 503.93 686.60 Td (its ) Tj ET Q q 0 0 0 rg BT 516.95 686.60 Td (growth ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 673.40 Td (path ) Tj ET Q q 0 0 0 rg BT 71.41 673.40 Td (following ) Tj ET Q q 0 0 0 rg BT 117.15 673.40 Td (the ) Tj ET Q q 0 0 0 rg BT 133.56 673.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 175.01 673.40 Td (crisis. ) Tj ET Q q 0 0 0 rg BT 203.95 673.40 Td ( ) Tj ET Q q 0 0 0 rg BT 206.92 673.40 Td (Even ) Tj ET Q q 0 0 0 rg BT 232.49 673.40 Td (with ) Tj ET Q q 0 0 0 rg BT 255.02 673.40 Td (these ) Tj ET Q q 0 0 0 rg BT 280.59 673.40 Td (strong ) Tj ET Q q 0 0 0 rg BT 311.06 673.40 Td (macro ) Tj ET Q q 0 0 0 rg BT 341.52 673.40 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 403.75 673.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 418.33 673.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 468.34 673.40 Td (seem ) Tj ET Q q 0 0 0 rg BT 493.91 673.40 Td (to ) Tj ET Q q 0 0 0 rg BT 505.44 673.40 Td (be ) Tj ET Q q 0 0 0 rg BT 518.79 673.40 Td (unable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 660.20 Td (to ) Tj ET Q q 0 0 0 rg BT 60.44 660.20 Td (generate ) Tj ET Q q 0 0 0 rg BT 100.08 660.20 Td (free ) Tj ET Q q 0 0 0 rg BT 119.56 660.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 141.50 660.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 164.05 660.20 Td (to ) Tj ET Q q 0 0 0 rg BT 174.99 660.20 Td (grow ) Tj ET Q q 0 0 0 rg BT 199.99 660.20 Td (their ) Tj ET Q q 0 0 0 rg BT 222.53 660.20 Td (businesses ) Tj ET Q q 0 0 0 rg BT 271.37 660.20 Td (and ) Tj ET Q q 0 0 0 rg BT 289.64 660.20 Td (have ) Tj ET Q q 0 0 0 rg BT 312.79 660.20 Td (entered ) Tj ET Q q 0 0 0 rg BT 347.55 660.20 Td (into ) Tj ET Q q 0 0 0 rg BT 367.05 660.20 Td (a ) Tj ET Q q 0 0 0 rg BT 374.32 660.20 Td (period ) Tj ET Q q 0 0 0 rg BT 404.81 660.20 Td (of ) Tj ET Q q 0 0 0 rg BT 416.36 660.20 Td (selectivity ) Tj ET Q q 0 0 0 rg BT 463.96 660.20 Td (on ) Tj ET Q q 0 0 0 rg BT 477.35 660.20 Td (projects ) Tj ET Q q 0 0 0 rg BT 514.56 660.20 Td (as ) Tj ET Q q 0 0 0 rg BT 526.11 660.20 Td (costs ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 647.00 Td (escalated ) Tj ET Q q 0 0 0 rg BT 93.29 647.00 Td (across ) Tj ET Q q 0 0 0 rg BT 124.27 647.00 Td (their ) Tj ET Q q 0 0 0 rg BT 147.92 647.00 Td (entire ) Tj ET Q q 0 0 0 rg BT 176.45 647.00 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 218.43 647.00 Td (of ) Tj ET Q q 0 0 0 rg BT 231.08 647.00 Td (projects. ) Tj ET Q q 0 0 0 rg BT 272.14 647.00 Td ( ) Tj ET Q q 0 0 0 rg BT 275.38 647.00 Td (The ) Tj ET Q q 0 0 0 rg BT 295.97 647.00 Td (current ) Tj ET Q q 0 0 0 rg BT 330.60 647.00 Td (situation ) Tj ET Q q 0 0 0 rg BT 371.98 647.00 Td (has ) Tj ET Q q 0 0 0 rg BT 390.13 647.00 Td (some ) Tj ET Q q 0 0 0 rg BT 416.84 647.00 Td (similarities ) Tj ET Q q 0 0 0 rg BT 469.21 647.00 Td (to ) Tj ET Q q 0 0 0 rg BT 481.26 647.00 Td (the ) Tj ET Q q 0 0 0 rg BT 498.18 647.00 Td (situation ) Tj ET Q q 0 0 0 rg BT 539.56 647.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 633.80 Td (2002-2003 ) Tj ET Q q 0 0 0 rg BT 99.97 633.80 Td (when ) Tj ET Q q 0 0 0 rg BT 126.61 633.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 141.03 633.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 190.88 633.80 Td (had ) Tj ET Q q 0 0 0 rg BT 209.58 633.80 Td (limited ) Tj ET Q q 0 0 0 rg BT 243.55 633.80 Td (free ) Tj ET Q q 0 0 0 rg BT 263.45 633.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 285.81 633.80 Td (flow ) Tj ET Q q 0 0 0 rg BT 308.78 633.80 Td (to ) Tj ET Q q 0 0 0 rg BT 320.15 633.80 Td (develop ) Tj ET Q q 0 0 0 rg BT 357.78 633.80 Td (new ) Tj ET Q q 0 0 0 rg BT 378.92 633.80 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 420.51 633.80 Td ( ) Tj ET Q q 0 0 0 rg BT 423.12 633.80 Td (This ) Tj ET Q q 0 0 0 rg BT 445.49 633.80 Td (led ) Tj ET Q q 0 0 0 rg BT 461.73 633.80 Td (to ) Tj ET Q q 0 0 0 rg BT 473.10 633.80 Td (an ) Tj ET Q q 0 0 0 rg BT 486.29 633.80 Td (increase ) Tj ET Q q 0 0 0 rg BT 525.13 633.80 Td (in ) Tj ET Q q 0 0 0 rg BT 536.50 633.80 Td (oil ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 620.60 Td (price ) Tj ET Q q 0 0 0 rg BT 75.29 620.60 Td (between ) Tj ET Q q 0 0 0 rg BT 115.73 620.60 Td (2003-2008 ) Tj ET Q q 0 0 0 rg BT 167.20 620.60 Td (when ) Tj ET Q q 0 0 0 rg BT 194.83 620.60 Td (Brent ) Tj ET Q q 0 0 0 rg BT 223.06 620.60 Td (moved ) Tj ET Q q 0 0 0 rg BT 256.80 620.60 Td (from ) Tj ET Q q 0 0 0 rg BT 281.99 620.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 349.32 620.60 Td (US$40 ) Tj ET Q q 0 0 0 rg BT 383.69 620.60 Td (to ) Tj ET Q q 0 0 0 rg BT 396.04 620.60 Td (US$100 ) Tj ET Q q 0 0 0 rg BT 435.91 620.60 Td (and ) Tj ET Q q 0 0 0 rg BT 455.59 620.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 494.21 620.60 Td (in ) Tj ET Q q 0 0 0 rg BT 506.57 620.60 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 607.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.59 607.40 Td (by ) Tj ET Q q 0 0 0 rg BT 112.42 607.40 Td (the ) Tj ET Q q 0 0 0 rg BT 127.68 607.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 141.12 607.40 Td (companies. ) Tj ET Q q 0 0 0 rg BT 192.73 607.40 Td ( ) Tj ET Q q 0 0 0 rg BT 194.43 607.40 Td (T) Tj ET Q q 0 0 0 rg BT 200.38 607.40 Td (oday) Tj ET Q q 0 0 0 rg BT 221.05 607.40 Td (, ) Tj ET Q q 0 0 0 rg BT 225.62 607.40 Td (the ) Tj ET Q q 0 0 0 rg BT 240.88 607.40 Td (the ) Tj ET Q q 0 0 0 rg BT 256.15 607.40 Td (majority ) Tj ET Q q 0 0 0 rg BT 295.24 607.40 Td (of ) Tj ET Q q 0 0 0 rg BT 306.23 607.40 Td (low ) Tj ET Q q 0 0 0 rg BT 324.55 607.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 344.10 607.40 Td (inventory ) Tj ET Q q 0 0 0 rg BT 388.08 607.40 Td (has ) Tj ET Q q 0 0 0 rg BT 404.57 607.40 Td (been ) Tj ET Q q 0 0 0 rg BT 427.16 607.40 Td (produced ) Tj ET Q q 0 0 0 rg BT 469.91 607.40 Td (and ) Tj ET Q q 0 0 0 rg BT 487.62 607.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 501.05 607.40 Td (companies ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 594.20 Td (are ) Tj ET Q q 0 0 0 rg BT 65.79 594.20 Td (entering ) Tj ET Q q 0 0 0 rg BT 104.69 594.20 Td (a ) Tj ET Q q 0 0 0 rg BT 112.44 594.20 Td (new ) Tj ET Q q 0 0 0 rg BT 133.63 594.20 Td (phase ) Tj ET Q q 0 0 0 rg BT 161.54 594.20 Td (in ) Tj ET Q q 0 0 0 rg BT 172.95 594.20 Td (which ) Tj ET Q q 0 0 0 rg BT 202.70 594.20 Td (recently ) Tj ET Q q 0 0 0 rg BT 240.98 594.20 Td (discovered ) Tj ET Q q 0 0 0 rg BT 291.49 594.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 305.97 594.20 Td (must ) Tj ET Q q 0 0 0 rg BT 330.23 594.20 Td (be ) Tj ET Q q 0 0 0 rg BT 343.47 594.20 Td (developed ) Tj ET Q q 0 0 0 rg BT 391.54 594.20 Td (in ) Tj ET Q q 0 0 0 rg BT 402.96 594.20 Td (order ) Tj ET Q q 0 0 0 rg BT 429.03 594.20 Td (to ) Tj ET Q q 0 0 0 rg BT 440.45 594.20 Td (grow ) Tj ET Q q 0 0 0 rg BT 465.92 594.20 Td (production. ) Tj ET Q q 0 0 0 rg BT 519.19 594.20 Td ( ) Tj ET Q q 0 0 0 rg BT 521.84 594.20 Td (These ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 581.00 Td (reserves ) Tj ET Q q 0 0 0 rg BT 88.58 581.00 Td (are ) Tj ET Q q 0 0 0 rg BT 105.06 581.00 Td (in ) Tj ET Q q 0 0 0 rg BT 116.66 581.00 Td (the ) Tj ET Q q 0 0 0 rg BT 133.14 581.00 Td (deep ) Tj ET Q q 0 0 0 rg BT 156.96 581.00 Td (and ) Tj ET Q q 0 0 0 rg BT 175.89 581.00 Td (ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 247.95 581.00 Td (and ) Tj ET Q q 0 0 0 rg BT 266.87 581.00 Td (are ) Tj ET Q q 0 0 0 rg BT 283.35 581.00 Td (far ) Tj ET Q q 0 0 0 rg BT 298.60 581.00 Td (more ) Tj ET Q q 0 0 0 rg BT 324.25 581.00 Td (complex ) Tj ET Q q 0 0 0 rg BT 365.18 581.00 Td (than ) Tj ET Q q 0 0 0 rg BT 387.16 581.00 Td (reserves ) Tj ET Q q 0 0 0 rg BT 426.24 581.00 Td (discovered ) Tj ET Q q 0 0 0 rg BT 476.94 581.00 Td (in ) Tj ET Q q 0 0 0 rg BT 488.54 581.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 512.97 581.00 Td (periods. ) Tj ET Q q 0 0 0 rg BT 550.85 581.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 567.80 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 567.80 Td (e ) Tj ET Q q 0 0 0 rg BT 66.91 567.80 Td (can ) Tj ET Q q 0 0 0 rg BT 85.20 567.80 Td (thereby ) Tj ET Q q 0 0 0 rg BT 121.21 567.80 Td (assume ) Tj ET Q q 0 0 0 rg BT 156.62 567.80 Td (that ) Tj ET Q q 0 0 0 rg BT 176.14 567.80 Td (the ) Tj ET Q q 0 0 0 rg BT 192.60 567.80 Td (amount ) Tj ET Q q 0 0 0 rg BT 228.62 567.80 Td (of ) Tj ET Q q 0 0 0 rg BT 240.81 567.80 Td (rig ) Tj ET Q q 0 0 0 rg BT 256.05 567.80 Td (capacity ) Tj ET Q q 0 0 0 rg BT 295.72 567.80 Td (which ) Tj ET Q q 0 0 0 rg BT 325.63 567.80 Td (is ) Tj ET Q q 0 0 0 rg BT 335.99 567.80 Td (needed ) Tj ET Q q 0 0 0 rg BT 370.16 567.80 Td (to ) Tj ET Q q 0 0 0 rg BT 381.74 567.80 Td (produce ) Tj ET Q q 0 0 0 rg BT 420.20 567.80 Td (a ) Tj ET Q q 0 0 0 rg BT 428.10 567.80 Td (barrel ) Tj ET Q q 0 0 0 rg BT 456.78 567.80 Td (of ) Tj ET Q q 0 0 0 rg BT 468.97 567.80 Td (of) Tj ET Q q 0 0 0 rg BT 477.93 567.80 Td (fshore ) Tj ET Q q 0 0 0 rg BT 508.44 567.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 523.08 567.80 Td (in ) Tj ET Q q 0 0 0 rg BT 534.66 567.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 554.60 Td (future ) Tj ET Q q 0 0 0 rg BT 78.51 554.60 Td (will ) Tj ET Q q 0 0 0 rg BT 98.38 554.60 Td (increase.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 535.40 Td (Over ) Tj ET Q q 0 0 0 rg BT 74.94 535.40 Td (the ) Tj ET Q q 0 0 0 rg BT 91.83 535.40 Td (long ) Tj ET Q q 0 0 0 rg BT 114.84 535.40 Td (term, ) Tj ET Q q 0 0 0 rg BT 141.20 535.40 Td (return ) Tj ET Q q 0 0 0 rg BT 170.91 535.40 Td (on ) Tj ET Q q 0 0 0 rg BT 185.36 535.40 Td (invested ) Tj ET Q q 0 0 0 rg BT 225.47 535.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 258.24 535.40 Td (will ) Tj ET Q q 0 0 0 rg BT 278.80 535.40 Td (be ) Tj ET Q q 0 0 0 rg BT 292.64 535.40 Td (the ) Tj ET Q q 0 0 0 rg BT 309.53 535.40 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 349.02 535.40 Td (driver ) Tj ET Q q 0 0 0 rg BT 378.74 535.40 Td (of ) Tj ET Q q 0 0 0 rg BT 391.35 535.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 424.12 535.40 Td (allocation ) Tj ET Q q 0 0 0 rg BT 470.94 535.40 Td (decisions ) Tj ET Q q 0 0 0 rg BT 515.33 535.40 Td (and ) Tj ET Q q 0 0 0 rg BT 534.66 535.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 522.20 Td (attractive ) Tj ET Q q 0 0 0 rg BT 92.87 522.20 Td (economics ) Tj ET Q q 0 0 0 rg BT 142.36 522.20 Td (of ) Tj ET Q q 0 0 0 rg BT 153.98 522.20 Td (the ) Tj ET Q q 0 0 0 rg BT 169.87 522.20 Td (deep ) Tj ET Q q 0 0 0 rg BT 193.09 522.20 Td (and ) Tj ET Q q 0 0 0 rg BT 211.42 522.20 Td (ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 282.89 522.20 Td (will ) Tj ET Q q 0 0 0 rg BT 302.46 522.20 Td (lead ) Tj ET Q q 0 0 0 rg BT 323.23 522.20 Td (to ) Tj ET Q q 0 0 0 rg BT 334.24 522.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 378.22 522.20 Td (exploration ) Tj ET Q q 0 0 0 rg BT 430.77 522.20 Td (and ) Tj ET Q q 0 0 0 rg BT 449.11 522.20 Td (development ) Tj ET Q q 0 0 0 rg BT 508.38 522.20 Td (spending ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 509.00 Td (in ) Tj ET Q q 0 0 0 rg BT 60.81 509.00 Td (these ) Tj ET Q q 0 0 0 rg BT 86.16 509.00 Td (regions. ) Tj ET Q q 0 0 0 rg BT 124.04 509.00 Td ( ) Tj ET Q q 0 0 0 rg BT 126.59 509.00 Td (This ) Tj ET Q q 0 0 0 rg BT 148.90 509.00 Td (view ) Tj ET Q q 0 0 0 rg BT 173.03 509.00 Td (is ) Tj ET Q q 0 0 0 rg BT 183.12 509.00 Td (supported ) Tj ET Q q 0 0 0 rg BT 229.25 509.00 Td (by ) Tj ET Q q 0 0 0 rg BT 243.00 509.00 Td (most ) Tj ET Q q 0 0 0 rg BT 267.14 509.00 Td (of ) Tj ET Q q 0 0 0 rg BT 279.06 509.00 Td (the ) Tj ET Q q 0 0 0 rg BT 295.24 509.00 Td (major ) Tj ET Q q 0 0 0 rg BT 323.65 509.00 Td (oil ) Tj ET Q q 0 0 0 rg BT 338.01 509.00 Td (companies.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 49.50 489.80 Td (Ultra-Deepwater ) Tj ET Q q 0 0 0 rg BT 128.01 489.80 Td (Floaters) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 470.60 Td (The ) Tj ET Q q 0 0 0 rg BT 69.20 470.60 Td (near ) Tj ET Q q 0 0 0 rg BT 90.72 470.60 Td (term ) Tj ET Q q 0 0 0 rg BT 113.47 470.60 Td (market ) Tj ET Q q 0 0 0 rg BT 146.60 470.60 Td (for ) Tj ET Q q 0 0 0 rg BT 162.02 470.60 Td (ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 233.63 470.60 Td (drilling ) Tj ET Q q 0 0 0 rg BT 268.61 470.60 Td (units ) Tj ET Q q 0 0 0 rg BT 292.60 470.60 Td (continues ) Tj ET Q q 0 0 0 rg BT 337.35 470.60 Td (to ) Tj ET Q q 0 0 0 rg BT 348.50 470.60 Td (be ) Tj ET Q q 0 0 0 rg BT 361.48 470.60 Td (challenging ) Tj ET Q q 0 0 0 rg BT 415.39 470.60 Td (partly ) Tj ET Q q 0 0 0 rg BT 443.64 470.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 474.34 470.60 Td (by ) Tj ET Q q 0 0 0 rg BT 487.93 470.60 Td (a ) Tj ET Q q 0 0 0 rg BT 495.41 470.60 Td (reduction ) Tj ET Q q 0 0 0 rg BT 539.54 470.60 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 457.40 Td (exploration ) Tj ET Q q 0 0 0 rg BT 101.70 457.40 Td (drilling ) Tj ET Q q 0 0 0 rg BT 136.18 457.40 Td (which ) Tj ET Q q 0 0 0 rg BT 165.17 457.40 Td (has ) Tj ET Q q 0 0 0 rg BT 181.93 457.40 Td (led ) Tj ET Q q 0 0 0 rg BT 197.47 457.40 Td (to ) Tj ET Q q 0 0 0 rg BT 208.12 457.40 Td (a ) Tj ET Q q 0 0 0 rg BT 215.11 457.40 Td (slower ) Tj ET Q q 0 0 0 rg BT 246.53 457.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 279.80 457.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 298.38 457.40 Td (in ) Tj ET Q q 0 0 0 rg BT 309.04 457.40 Td (overall ) Tj ET Q q 0 0 0 rg BT 341.68 457.40 Td (upstream ) Tj ET Q q 0 0 0 rg BT 384.10 457.40 Td (spending. ) Tj ET Q q 0 0 0 rg BT 428.67 457.40 Td ( ) Tj ET Q q 0 0 0 rg BT 430.77 457.40 Td (However) Tj ET Q q 0 0 0 rg BT 470.64 457.40 Td (, ) Tj ET Q q 0 0 0 rg BT 475.49 457.40 Td (there ) Tj ET Q q 0 0 0 rg BT 499.58 457.40 Td (is ) Tj ET Q q 0 0 0 rg BT 509.01 457.40 Td (evidence ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 444.20 Td (of ) Tj ET Q q 0 0 0 rg BT 62.69 444.20 Td (positive ) Tj ET Q q 0 0 0 rg BT 101.55 444.20 Td (developments ) Tj ET Q q 0 0 0 rg BT 166.67 444.20 Td (in ) Tj ET Q q 0 0 0 rg BT 179.25 444.20 Td (the ) Tj ET Q q 0 0 0 rg BT 196.72 444.20 Td (number ) Tj ET Q q 0 0 0 rg BT 234.35 444.20 Td (of ) Tj ET Q q 0 0 0 rg BT 247.54 444.20 Td (tenders ) Tj ET Q q 0 0 0 rg BT 283.33 444.20 Td (that ) Tj ET Q q 0 0 0 rg BT 303.85 444.20 Td (have ) Tj ET Q q 0 0 0 rg BT 328.64 444.20 Td (materialized ) Tj ET Q q 0 0 0 rg BT 387.02 444.20 Td (for ) Tj ET Q q 0 0 0 rg BT 403.88 444.20 Td (2015 ) Tj ET Q q 0 0 0 rg BT 429.90 444.20 Td (and ) Tj ET Q q 0 0 0 rg BT 449.81 444.20 Td (2016 ) Tj ET Q q 0 0 0 rg BT 475.84 444.20 Td (projects. ) Tj ET Q q 0 0 0 rg BT 517.44 444.20 Td ( ) Tj ET Q q 0 0 0 rg BT 521.47 444.20 Td (In ) Tj ET Q q 0 0 0 rg BT 534.66 444.20 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 431.00 Td (meantime, ) Tj ET Q q 0 0 0 rg BT 98.45 431.00 Td (independent ) Tj ET Q q 0 0 0 rg BT 155.03 431.00 Td (E&P) Tj ET Q q 0 0 0 rg BT 179.48 431.00 Td (s ) Tj ET Q q 0 0 0 rg BT 186.59 431.00 Td (could ) Tj ET Q q 0 0 0 rg BT 213.86 431.00 Td (potentially ) Tj ET Q q 0 0 0 rg BT 263.73 431.00 Td (fill ) Tj ET Q q 0 0 0 rg BT 279.39 431.00 Td (some ) Tj ET Q q 0 0 0 rg BT 305.43 431.00 Td (of ) Tj ET Q q 0 0 0 rg BT 317.42 431.00 Td (the ) Tj ET Q q 0 0 0 rg BT 333.69 431.00 Td (exploration ) Tj ET Q q 0 0 0 rg BT 386.61 431.00 Td (gap ) Tj ET Q q 0 0 0 rg BT 405.32 431.00 Td (that ) Tj ET Q q 0 0 0 rg BT 424.64 431.00 Td (has ) Tj ET Q q 0 0 0 rg BT 442.13 431.00 Td (been ) Tj ET Q q 0 0 0 rg BT 465.72 431.00 Td (created ) Tj ET Q q 0 0 0 rg BT 500.30 431.00 Td (by ) Tj ET Q q 0 0 0 rg BT 514.12 431.00 Td (the ) Tj ET Q q 0 0 0 rg BT 530.39 431.00 Td (cuts ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 417.80 Td (in ) Tj ET Q q 0 0 0 rg BT 60.81 417.80 Td (exploration ) Tj ET Q q 0 0 0 rg BT 113.65 417.80 Td (spending ) Tj ET Q q 0 0 0 rg BT 156.12 417.80 Td (from ) Tj ET Q q 0 0 0 rg BT 180.25 417.80 Td (the ) Tj ET Q q 0 0 0 rg BT 196.44 417.80 Td (major ) Tj ET Q q 0 0 0 rg BT 224.85 417.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 239.21 417.80 Td (companies.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 398.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.77 398.60 Td (reported ) Tj ET Q q 0 0 0 rg BT 107.59 398.60 Td (overall ) Tj ET Q q 0 0 0 rg BT 140.30 398.60 Td (contracting ) Tj ET Q q 0 0 0 rg BT 191.95 398.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 227.11 398.60 Td (has ) Tj ET Q q 0 0 0 rg BT 243.94 398.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 287.64 398.60 Td (however ) Tj ET Q q 0 0 0 rg BT 327.68 398.60 Td (we ) Tj ET Q q 0 0 0 rg BT 342.68 398.60 Td (see ) Tj ET Q q 0 0 0 rg BT 358.89 398.60 Td (some ) Tj ET Q q 0 0 0 rg BT 384.28 398.60 Td (industry ) Tj ET Q q 0 0 0 rg BT 422.51 398.60 Td (participants, ) Tj ET Q q 0 0 0 rg BT 478.74 398.60 Td (especially ) Tj ET Q q 0 0 0 rg BT 524.89 398.60 Td (those ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 385.40 Td (with ) Tj ET Q q 0 0 0 rg BT 71.35 385.40 Td (older ) Tj ET Q q 0 0 0 rg BT 96.25 385.40 Td (units ) Tj ET Q q 0 0 0 rg BT 119.94 385.40 Td (and ) Tj ET Q q 0 0 0 rg BT 138.12 385.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 186.85 385.40 Td (portions ) Tj ET Q q 0 0 0 rg BT 225.20 385.40 Td (of ) Tj ET Q q 0 0 0 rg BT 236.66 385.40 Td (their ) Tj ET Q q 0 0 0 rg BT 259.11 385.40 Td (fleet ) Tj ET Q q 0 0 0 rg BT 280.95 385.40 Td (requiring ) Tj ET Q q 0 0 0 rg BT 323.57 385.40 Td (renewal ) Tj ET Q q 0 0 0 rg BT 360.67 385.40 Td (in ) Tj ET Q q 0 0 0 rg BT 371.53 385.40 Td (the ) Tj ET Q q 0 0 0 rg BT 387.26 385.40 Td (short ) Tj ET Q q 0 0 0 rg BT 411.56 385.40 Td (term, ) Tj ET Q q 0 0 0 rg BT 436.76 385.40 Td (driving ) Tj ET Q q 0 0 0 rg BT 470.83 385.40 Td (prices ) Tj ET Q q 0 0 0 rg BT 499.40 385.40 Td (down. ) Tj ET Q q 0 0 0 rg BT 528.89 385.40 Td ( ) Tj ET Q q 0 0 0 rg BT 531.02 385.40 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 372.20 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 93.22 372.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 115.57 372.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 138.53 372.20 Td (profile ) Tj ET Q q 0 0 0 rg BT 170.65 372.20 Td (of ) Tj ET Q q 0 0 0 rg BT 182.61 372.20 Td (these ) Tj ET Q q 0 0 0 rg BT 208.02 372.20 Td (older ) Tj ET Q q 0 0 0 rg BT 233.42 372.20 Td (units ) Tj ET Q q 0 0 0 rg BT 257.61 372.20 Td (is ) Tj ET Q q 0 0 0 rg BT 267.75 372.20 Td (forcing ) Tj ET Q q 0 0 0 rg BT 302.31 372.20 Td (contractors ) Tj ET Q q 0 0 0 rg BT 353.98 372.20 Td (to ) Tj ET Q q 0 0 0 rg BT 365.33 372.20 Td (make ) Tj ET Q q 0 0 0 rg BT 391.95 372.20 Td (dif) Tj ET Q q 0 0 0 rg BT 403.97 372.20 Td (ficult ) Tj ET Q q 0 0 0 rg BT 429.99 372.20 Td (decisions ) Tj ET Q q 0 0 0 rg BT 473.73 372.20 Td (and ) Tj ET Q q 0 0 0 rg BT 492.41 372.20 Td (lock ) Tj ET Q q 0 0 0 rg BT 514.15 372.20 Td (up ) Tj ET Q q 0 0 0 rg BT 527.95 372.20 Td (their ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 359.00 Td (best ) Tj ET Q q 0 0 0 rg BT 69.83 359.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 98.10 359.00 Td (in ) Tj ET Q q 0 0 0 rg BT 109.26 359.00 Td (order ) Tj ET Q q 0 0 0 rg BT 135.08 359.00 Td (to ) Tj ET Q q 0 0 0 rg BT 146.24 359.00 Td (gain ) Tj ET Q q 0 0 0 rg BT 167.79 359.00 Td (some ) Tj ET Q q 0 0 0 rg BT 193.62 359.00 Td (clarity ) Tj ET Q q 0 0 0 rg BT 224.32 359.00 Td (on ) Tj ET Q q 0 0 0 rg BT 237.93 359.00 Td (the ) Tj ET Q q 0 0 0 rg BT 253.97 359.00 Td (near ) Tj ET Q q 0 0 0 rg BT 275.51 359.00 Td (term ) Tj ET Q q 0 0 0 rg BT 298.28 359.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 334.50 359.00 Td (for ) Tj ET Q q 0 0 0 rg BT 349.93 359.00 Td (their ) Tj ET Q q 0 0 0 rg BT 372.70 359.00 Td (business. ) Tj ET Q q 0 0 0 rg BT 415.33 359.00 Td ( ) Tj ET Q q 0 0 0 rg BT 417.94 359.00 Td (Older ) Tj ET Q q 0 0 0 rg BT 445.60 359.00 Td (4th ) Tj ET Q q 0 0 0 rg BT 462.26 359.00 Td (and ) Tj ET Q q 0 0 0 rg BT 480.75 359.00 Td (5th ) Tj ET Q q 0 0 0 rg BT 497.41 359.00 Td (generations ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 345.80 Td (assets ) Tj ET Q q 0 0 0 rg BT 78.57 345.80 Td (are ) Tj ET Q q 0 0 0 rg BT 95.40 345.80 Td (quickly ) Tj ET Q q 0 0 0 rg BT 131.79 345.80 Td (losing ) Tj ET Q q 0 0 0 rg BT 162.09 345.80 Td (pricing ) Tj ET Q q 0 0 0 rg BT 196.65 345.80 Td (power ) Tj ET Q q 0 0 0 rg BT 227.54 345.80 Td (and ) Tj ET Q q 0 0 0 rg BT 246.83 345.80 Td (rates ) Tj ET Q q 0 0 0 rg BT 271.00 345.80 Td (are ) Tj ET Q q 0 0 0 rg BT 287.83 345.80 Td (falling ) Tj ET Q q 0 0 0 rg BT 319.94 345.80 Td (faster ) Tj ET Q q 0 0 0 rg BT 347.77 345.80 Td (than ) Tj ET Q q 0 0 0 rg BT 370.11 345.80 Td (high-specification ) Tj ET Q q 0 0 0 rg BT 452.93 345.80 Td (units. ) Tj ET Q q 0 0 0 rg BT 480.48 345.80 Td ( ) Tj ET Q q 0 0 0 rg BT 483.88 345.80 Td (Many ) Tj ET Q q 0 0 0 rg BT 512.95 345.80 Td (of ) Tj ET Q q 0 0 0 rg BT 525.51 345.80 Td (these ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 332.60 Td (units ) Tj ET Q q 0 0 0 rg BT 73.12 332.60 Td (are ) Tj ET Q q 0 0 0 rg BT 88.77 332.60 Td (facing ) Tj ET Q q 0 0 0 rg BT 118.48 332.60 Td (high ) Tj ET Q q 0 0 0 rg BT 140.27 332.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 171.81 332.60 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 225.96 332.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 285.61 332.60 Td (in ) Tj ET Q q 0 0 0 rg BT 296.39 332.60 Td (order ) Tj ET Q q 0 0 0 rg BT 321.82 332.60 Td (to ) Tj ET Q q 0 0 0 rg BT 332.61 332.60 Td (remain ) Tj ET Q q 0 0 0 rg BT 365.37 332.60 Td (part ) Tj ET Q q 0 0 0 rg BT 384.70 332.60 Td (of ) Tj ET Q q 0 0 0 rg BT 396.09 332.60 Td (the ) Tj ET Q q 0 0 0 rg BT 411.76 332.60 Td (active ) Tj ET Q q 0 0 0 rg BT 440.24 332.60 Td (fleet ) Tj ET Q q 0 0 0 rg BT 462.01 332.60 Td (and ) Tj ET Q q 0 0 0 rg BT 480.12 332.60 Td (owners ) Tj ET Q q 0 0 0 rg BT 514.11 332.60 Td (of ) Tj ET Q q 0 0 0 rg BT 525.50 332.60 Td (these ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 319.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 77.90 319.40 Td (face ) Tj ET Q q 0 0 0 rg BT 98.94 319.40 Td (decisions ) Tj ET Q q 0 0 0 rg BT 142.61 319.40 Td (to ) Tj ET Q q 0 0 0 rg BT 153.90 319.40 Td (upgrade, ) Tj ET Q q 0 0 0 rg BT 194.81 319.40 Td (swap ) Tj ET Q q 0 0 0 rg BT 220.16 319.40 Td (out ) Tj ET Q q 0 0 0 rg BT 236.95 319.40 Td (with ) Tj ET Q q 0 0 0 rg BT 259.24 319.40 Td (a ) Tj ET Q q 0 0 0 rg BT 266.85 319.40 Td (new ) Tj ET Q q 0 0 0 rg BT 287.91 319.40 Td (unit, ) Tj ET Q q 0 0 0 rg BT 310.51 319.40 Td (or ) Tj ET Q q 0 0 0 rg BT 322.41 319.40 Td (retire ) Tj ET Q q 0 0 0 rg BT 348.34 319.40 Td (the ) Tj ET Q q 0 0 0 rg BT 364.51 319.40 Td (asset. ) Tj ET Q q 0 0 0 rg BT 391.38 319.40 Td ( ) Tj ET Q q 0 0 0 rg BT 393.92 319.40 Td (W) Tj ET Q q 0 0 0 rg BT 403.42 319.40 Td (e ) Tj ET Q q 0 0 0 rg BT 411.03 319.40 Td (have ) Tj ET Q q 0 0 0 rg BT 434.53 319.40 Td (seen ) Tj ET Q q 0 0 0 rg BT 456.81 319.40 Td (two ) Tj ET Q q 0 0 0 rg BT 476.05 319.40 Td (examples ) Tj ET Q q 0 0 0 rg BT 520.32 319.40 Td (of ) Tj ET Q q 0 0 0 rg BT 532.22 319.40 Td (this ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 306.20 Td (recently ) Tj ET Q q 0 0 0 rg BT 87.86 306.20 Td (in ) Tj ET Q q 0 0 0 rg BT 99.35 306.20 Td (Norway ) Tj ET Q q 0 0 0 rg BT 137.73 306.20 Td (that ) Tj ET Q q 0 0 0 rg BT 157.16 306.20 Td (may ) Tj ET Q q 0 0 0 rg BT 179.03 306.20 Td (prove ) Tj ET Q q 0 0 0 rg BT 207.02 306.20 Td (to ) Tj ET Q q 0 0 0 rg BT 218.51 306.20 Td (be ) Tj ET Q q 0 0 0 rg BT 231.83 306.20 Td (a ) Tj ET Q q 0 0 0 rg BT 239.65 306.20 Td (leading ) Tj ET Q q 0 0 0 rg BT 274.97 306.20 Td (indicator ) Tj ET Q q 0 0 0 rg BT 317.00 306.20 Td (for ) Tj ET Q q 0 0 0 rg BT 332.77 306.20 Td (trends ) Tj ET Q q 0 0 0 rg BT 362.59 306.20 Td (in ) Tj ET Q q 0 0 0 rg BT 374.08 306.20 Td (the ) Tj ET Q q 0 0 0 rg BT 390.46 306.20 Td (global ) Tj ET Q q 0 0 0 rg BT 420.89 306.20 Td (market. ) Tj ET Q q 0 0 0 rg BT 457.12 306.20 Td ( ) Tj ET Q q 0 0 0 rg BT 459.84 306.20 Td (W) Tj ET Q q 0 0 0 rg BT 469.34 306.20 Td (orldwide, ) Tj ET Q q 0 0 0 rg BT 514.13 306.20 Td (out ) Tj ET Q q 0 0 0 rg BT 531.13 306.20 Td (of ) Tj ET Q q 0 0 0 rg BT 543.23 306.20 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 293.00 Td (total ) Tj ET Q q 0 0 0 rg BT 71.69 293.00 Td (active ) Tj ET Q q 0 0 0 rg BT 100.59 293.00 Td (floater ) Tj ET Q q 0 0 0 rg BT 131.93 293.00 Td (fleet ) Tj ET Q q 0 0 0 rg BT 154.11 293.00 Td (of ) Tj ET Q q 0 0 0 rg BT 165.91 293.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 232.08 293.00 Td (300 ) Tj ET Q q 0 0 0 rg BT 251.22 293.00 Td (units ) Tj ET Q q 0 0 0 rg BT 275.25 293.00 Td (there ) Tj ET Q q 0 0 0 rg BT 299.88 293.00 Td (are ) Tj ET Q q 0 0 0 rg BT 315.94 293.00 Td (128 ) Tj ET Q q 0 0 0 rg BT 335.08 293.00 Td (units ) Tj ET Q q 0 0 0 rg BT 359.11 293.00 Td (more ) Tj ET Q q 0 0 0 rg BT 384.35 293.00 Td (than ) Tj ET Q q 0 0 0 rg BT 405.93 293.00 Td (25 ) Tj ET Q q 0 0 0 rg BT 419.57 293.00 Td (years ) Tj ET Q q 0 0 0 rg BT 445.42 293.00 Td (old. ) Tj ET Q q 0 0 0 rg BT 464.86 293.00 Td ( ) Tj ET Q q 0 0 0 rg BT 467.50 293.00 Td (It ) Tj ET Q q 0 0 0 rg BT 476.86 293.00 Td (is ) Tj ET Q q 0 0 0 rg BT 486.83 293.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 531.62 293.00 Td (that ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 279.80 Td (70 ) Tj ET Q q 0 0 0 rg BT 63.42 279.80 Td (of ) Tj ET Q q 0 0 0 rg BT 75.49 279.80 Td (these ) Tj ET Q q 0 0 0 rg BT 101.01 279.80 Td (units ) Tj ET Q q 0 0 0 rg BT 125.32 279.80 Td (will ) Tj ET Q q 0 0 0 rg BT 145.35 279.80 Td (be ) Tj ET Q q 0 0 0 rg BT 158.64 279.80 Td (required ) Tj ET Q q 0 0 0 rg BT 198.20 279.80 Td (to ) Tj ET Q q 0 0 0 rg BT 209.68 279.80 Td (have ) Tj ET Q q 0 0 0 rg BT 233.36 279.80 Td (5 ) Tj ET Q q 0 0 0 rg BT 241.77 279.80 Td (year ) Tj ET Q q 0 0 0 rg BT 263.61 279.80 Td (classing ) Tj ET Q q 0 0 0 rg BT 301.97 279.80 Td (surveys ) Tj ET Q q 0 0 0 rg BT 338.49 279.80 Td (between ) Tj ET Q q 0 0 0 rg BT 378.05 279.80 Td (now ) Tj ET Q q 0 0 0 rg BT 399.91 279.80 Td (and ) Tj ET Q q 0 0 0 rg BT 418.71 279.80 Td (2017. ) Tj ET Q q 0 0 0 rg BT 446.37 279.80 Td ( ) Tj ET Q q 0 0 0 rg BT 449.08 279.80 Td (The ) Tj ET Q q 0 0 0 rg BT 469.09 279.80 Td (total ) Tj ET Q q 0 0 0 rg BT 491.56 279.80 Td (cost ) Tj ET Q q 0 0 0 rg BT 512.19 279.80 Td (for ) Tj ET Q q 0 0 0 rg BT 527.93 279.80 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 266.60 Td (a ) Tj ET Q q 0 0 0 rg BT 57.13 266.60 Td (classifications ) Tj ET Q q 0 0 0 rg BT 122.20 266.60 Td (can ) Tj ET Q q 0 0 0 rg BT 140.21 266.60 Td (easily ) Tj ET Q q 0 0 0 rg BT 168.62 266.60 Td (be ) Tj ET Q q 0 0 0 rg BT 181.75 266.60 Td (in ) Tj ET Q q 0 0 0 rg BT 193.06 266.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 224.52 266.60 Td (of ) Tj ET Q q 0 0 0 rg BT 236.43 266.60 Td (US$100 ) Tj ET Q q 0 0 0 rg BT 275.24 266.60 Td (million.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 247.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 87.08 247.40 Td (Partners ) Tj ET Q q 0 0 0 rg BT 126.49 247.40 Td (remains ) Tj ET Q q 0 0 0 rg BT 164.67 247.40 Td (in ) Tj ET Q q 0 0 0 rg BT 176.59 247.40 Td (the ) Tj ET Q q 0 0 0 rg BT 193.39 247.40 Td (best ) Tj ET Q q 0 0 0 rg BT 214.48 247.40 Td (possible ) Tj ET Q q 0 0 0 rg BT 253.90 247.40 Td (competitive ) Tj ET Q q 0 0 0 rg BT 309.19 247.40 Td (position ) Tj ET Q q 0 0 0 rg BT 348.00 247.40 Td (with ) Tj ET Q q 0 0 0 rg BT 370.92 247.40 Td (long ) Tj ET Q q 0 0 0 rg BT 393.84 247.40 Td (term ) Tj ET Q q 0 0 0 rg BT 417.36 247.40 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 463.18 247.40 Td (robust ) Tj ET Q q 0 0 0 rg BT 494.04 247.40 Td (backlog ) Tj ET Q q 0 0 0 rg BT 532.23 247.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 234.20 Td (little ) Tj ET Q q 0 0 0 rg BT 72.41 234.20 Td (exposure ) Tj ET Q q 0 0 0 rg BT 114.87 234.20 Td (to ) Tj ET Q q 0 0 0 rg BT 126.18 234.20 Td (the ) Tj ET Q q 0 0 0 rg BT 142.37 234.20 Td (near ) Tj ET Q q 0 0 0 rg BT 164.04 234.20 Td (term ) Tj ET Q q 0 0 0 rg BT 186.95 234.20 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 222.07 234.20 Td (environment.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 215.00 Td (The ) Tj ET Q q 0 0 0 rg BT 69.27 215.00 Td (longer ) Tj ET Q q 0 0 0 rg BT 100.05 215.00 Td (term ) Tj ET Q q 0 0 0 rg BT 122.88 215.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 159.16 215.00 Td (for ) Tj ET Q q 0 0 0 rg BT 174.66 215.00 Td (floaters ) Tj ET Q q 0 0 0 rg BT 210.32 215.00 Td (remains ) Tj ET Q q 0 0 0 rg BT 247.81 215.00 Td (solid. ) Tj ET Q q 0 0 0 rg BT 274.63 215.00 Td ( ) Tj ET Q q 0 0 0 rg BT 277.10 215.00 Td (The ) Tj ET Q q 0 0 0 rg BT 296.88 215.00 Td (number ) Tj ET Q q 0 0 0 rg BT 333.15 215.00 Td (of ) Tj ET Q q 0 0 0 rg BT 344.99 215.00 Td (newbuild ) Tj ET Q q 0 0 0 rg BT 388.60 215.00 Td (announcements ) Tj ET Q q 0 0 0 rg BT 459.69 215.00 Td (has ) Tj ET Q q 0 0 0 rg BT 477.03 215.00 Td (rapidly ) Tj ET Q q 0 0 0 rg BT 510.86 215.00 Td (declined ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 201.80 Td (and ) Tj ET Q q 0 0 0 rg BT 68.19 201.80 Td (existing ) Tj ET Q q 0 0 0 rg BT 105.84 201.80 Td (newbuild ) Tj ET Q q 0 0 0 rg BT 149.59 201.80 Td (projects ) Tj ET Q q 0 0 0 rg BT 187.22 201.80 Td (are ) Tj ET Q q 0 0 0 rg BT 203.46 201.80 Td (extending ) Tj ET Q q 0 0 0 rg BT 249.65 201.80 Td (delivery ) Tj ET Q q 0 0 0 rg BT 288.50 201.80 Td (dates. ) Tj ET Q q 0 0 0 rg BT 316.67 201.80 Td ( ) Tj ET Q q 0 0 0 rg BT 319.48 201.80 Td (Major ) Tj ET Q q 0 0 0 rg BT 349.17 201.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 363.60 201.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 413.45 201.80 Td (continue ) Tj ET Q q 0 0 0 rg BT 454.14 201.80 Td (to ) Tj ET Q q 0 0 0 rg BT 465.51 201.80 Td (focus ) Tj ET Q q 0 0 0 rg BT 492.14 201.80 Td (their ) Tj ET Q q 0 0 0 rg BT 515.11 201.80 Td (activity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 188.60 Td (on ) Tj ET Q q 0 0 0 rg BT 63.19 188.60 Td (6th ) Tj ET Q q 0 0 0 rg BT 79.94 188.60 Td (generation ) Tj ET Q q 0 0 0 rg BT 129.05 188.60 Td (units ) Tj ET Q q 0 0 0 rg BT 153.14 188.60 Td (with ) Tj ET Q q 0 0 0 rg BT 175.38 188.60 Td (high ) Tj ET Q q 0 0 0 rg BT 197.63 188.60 Td (variable ) Tj ET Q q 0 0 0 rg BT 235.74 188.60 Td (deckload ) Tj ET Q q 0 0 0 rg BT 278.14 188.60 Td (capacity) Tj ET Q q 0 0 0 rg BT 314.06 188.60 Td (, ) Tj ET Q q 0 0 0 rg BT 319.50 188.60 Td (dual ) Tj ET Q q 0 0 0 rg BT 341.13 188.60 Td (BOP) Tj ET Q q 0 0 0 rg BT 365.59 188.60 Td (s, ) Tj ET Q q 0 0 0 rg BT 375.31 188.60 Td (and ) Tj ET Q q 0 0 0 rg BT 393.88 188.60 Td (dual ) Tj ET Q q 0 0 0 rg BT 415.51 188.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 451.19 188.60 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 503.98 188.60 Td (in ) Tj ET Q q 0 0 0 rg BT 515.22 188.60 Td (a ) Tj ET Q q 0 0 0 rg BT 522.80 188.60 Td (bid ) Tj ET Q q 0 0 0 rg BT 539.54 188.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 175.40 Td (advance ) Tj ET Q q 0 0 0 rg BT 90.10 175.40 Td (the ) Tj ET Q q 0 0 0 rg BT 108.11 175.40 Td (safety ) Tj ET Q q 0 0 0 rg BT 138.94 175.40 Td (and ) Tj ET Q q 0 0 0 rg BT 159.40 175.40 Td (ef) Tj ET Q q 0 0 0 rg BT 167.74 175.40 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 207.74 175.40 Td (of ) Tj ET Q q 0 0 0 rg BT 221.47 175.40 Td (the ) Tj ET Q q 0 0 0 rg BT 239.48 175.40 Td (rigs ) Tj ET Q q 0 0 0 rg BT 260.55 175.40 Td (they ) Tj ET Q q 0 0 0 rg BT 284.06 175.40 Td (employ) Tj ET Q q 0 0 0 rg BT 316.34 175.40 Td (. ) Tj ET Q q 0 0 0 rg BT 323.66 175.40 Td ( ) Tj ET Q q 0 0 0 rg BT 328.23 175.40 Td (Several ) Tj ET Q q 0 0 0 rg BT 365.79 175.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 381.97 175.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 433.58 175.40 Td (are ) Tj ET Q q 0 0 0 rg BT 451.58 175.40 Td (also ) Tj ET Q q 0 0 0 rg BT 473.87 175.40 Td (now ) Tj ET Q q 0 0 0 rg BT 497.38 175.40 Td (introducing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 162.20 Td (requirements ) Tj ET Q q 0 0 0 rg BT 109.33 162.20 Td (for ) Tj ET Q q 0 0 0 rg BT 124.56 162.20 Td (managed ) Tj ET Q q 0 0 0 rg BT 166.67 162.20 Td (pressure ) Tj ET Q q 0 0 0 rg BT 205.73 162.20 Td (drilling ) Tj ET Q q 0 0 0 rg BT 240.52 162.20 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 292.11 162.20 Td ( ) Tj ET Q q 0 0 0 rg BT 294.34 162.20 Td (This ) Tj ET Q q 0 0 0 rg BT 316.31 162.20 Td (is ) Tj ET Q q 0 0 0 rg BT 326.05 162.20 Td (not ) Tj ET Q q 0 0 0 rg BT 342.51 162.20 Td (simply ) Tj ET Q q 0 0 0 rg BT 374.87 162.20 Td (a ) Tj ET Q q 0 0 0 rg BT 382.16 162.20 Td (matter ) Tj ET Q q 0 0 0 rg BT 412.66 162.20 Td (of ) Tj ET Q q 0 0 0 rg BT 424.23 162.20 Td (preference ) Tj ET Q q 0 0 0 rg BT 473.04 162.20 Td (that ) Tj ET Q q 0 0 0 rg BT 491.94 162.20 Td (can ) Tj ET Q q 0 0 0 rg BT 509.61 162.20 Td (dissipate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 149.00 Td (if ) Tj ET Q q 0 0 0 rg BT 58.53 149.00 Td (customer ) Tj ET Q q 0 0 0 rg BT 101.16 149.00 Td (preferences ) Tj ET Q q 0 0 0 rg BT 154.15 149.00 Td (change. ) Tj ET Q q 0 0 0 rg BT 190.35 149.00 Td ( ) Tj ET Q q 0 0 0 rg BT 192.49 149.00 Td (This ) Tj ET Q q 0 0 0 rg BT 214.36 149.00 Td (migration ) Tj ET Q q 0 0 0 rg BT 259.44 149.00 Td (to ) Tj ET Q q 0 0 0 rg BT 270.30 149.00 Td (a ) Tj ET Q q 0 0 0 rg BT 277.49 149.00 Td (higher ) Tj ET Q q 0 0 0 rg BT 307.90 149.00 Td (specification ) Tj ET Q q 0 0 0 rg BT 366.41 149.00 Td (fleet ) Tj ET Q q 0 0 0 rg BT 388.25 149.00 Td (is ) Tj ET Q q 0 0 0 rg BT 397.90 149.00 Td (in ) Tj ET Q q 0 0 0 rg BT 408.76 149.00 Td (part ) Tj ET Q q 0 0 0 rg BT 428.17 149.00 Td (dictated ) Tj ET Q q 0 0 0 rg BT 465.30 149.00 Td (by ) Tj ET Q q 0 0 0 rg BT 478.60 149.00 Td (the ) Tj ET Q q 0 0 0 rg BT 494.35 149.00 Td (increasingly ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 135.80 Td (challenging ) Tj ET Q q 0 0 0 rg BT 103.25 135.80 Td (project ) Tj ET Q q 0 0 0 rg BT 136.22 135.80 Td (requirements ) Tj ET Q q 0 0 0 rg BT 196.07 135.80 Td (of ) Tj ET Q q 0 0 0 rg BT 207.66 135.80 Td (recent ) Tj ET Q q 0 0 0 rg BT 236.96 135.80 Td (discoveries. ) Tj ET Q q 0 0 0 rg BT 291.63 135.80 Td ( ) Tj ET Q q 0 0 0 rg BT 294.06 135.80 Td (Oil ) Tj ET Q q 0 0 0 rg BT 310.54 135.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 360.01 135.80 Td (must ) Tj ET Q q 0 0 0 rg BT 383.84 135.80 Td (now ) Tj ET Q q 0 0 0 rg BT 405.21 135.80 Td (develop ) Tj ET Q q 0 0 0 rg BT 442.46 135.80 Td (the ) Tj ET Q q 0 0 0 rg BT 458.33 135.80 Td (challenging ) Tj ET Q q 0 0 0 rg BT 512.08 135.80 Td (reserves ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 122.60 Td (discovered ) Tj ET Q q 0 0 0 rg BT 99.90 122.60 Td (in ) Tj ET Q q 0 0 0 rg BT 111.20 122.60 Td (recent ) Tj ET Q q 0 0 0 rg BT 140.82 122.60 Td (years ) Tj ET Q q 0 0 0 rg BT 166.78 122.60 Td (in ) Tj ET Q q 0 0 0 rg BT 178.08 122.60 Td (order ) Tj ET Q q 0 0 0 rg BT 204.04 122.60 Td (to ) Tj ET Q q 0 0 0 rg BT 215.35 122.60 Td (replace ) Tj ET Q q 0 0 0 rg BT 249.85 122.60 Td (reserves ) Tj ET Q q 0 0 0 rg BT 288.63 122.60 Td (and ) Tj ET Q q 0 0 0 rg BT 307.26 122.60 Td (grow ) Tj ET Q q 0 0 0 rg BT 332.62 122.60 Td (production.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 103.40 Td (The ) Tj ET Q q 0 0 0 rg BT 68.75 103.40 Td (main ) Tj ET Q q 0 0 0 rg BT 92.89 103.40 Td (driver ) Tj ET Q q 0 0 0 rg BT 121.29 103.40 Td (on ) Tj ET Q q 0 0 0 rg BT 134.44 103.40 Td (the ) Tj ET Q q 0 0 0 rg BT 150.02 103.40 Td (demand ) Tj ET Q q 0 0 0 rg BT 186.99 103.40 Td (side ) Tj ET Q q 0 0 0 rg BT 206.85 103.40 Td (will ) Tj ET Q q 0 0 0 rg BT 226.11 103.40 Td (be ) Tj ET Q q 0 0 0 rg BT 238.63 103.40 Td (the ) Tj ET Q q 0 0 0 rg BT 254.22 103.40 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 304.62 103.40 Td (need ) Tj ET Q q 0 0 0 rg BT 327.53 103.40 Td (to ) Tj ET Q q 0 0 0 rg BT 338.23 103.40 Td (drill ) Tj ET Q q 0 0 0 rg BT 358.70 103.40 Td (development ) Tj ET Q q 0 0 0 rg BT 417.66 103.40 Td (wells ) Tj ET Q q 0 0 0 rg BT 443.03 103.40 Td (to ) Tj ET Q q 0 0 0 rg BT 453.73 103.40 Td (bring ) Tj ET Q q 0 0 0 rg BT 479.09 103.40 Td (ultra-deepwater ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 90.20 Td (production ) Tj ET Q q 0 0 0 rg BT 99.49 90.20 Td (from ) Tj ET Q q 0 0 0 rg BT 123.21 90.20 Td (the ) Tj ET Q q 0 0 0 rg BT 138.99 90.20 Td (present ) Tj ET Q q 0 0 0 rg BT 173.09 90.20 Td (level ) Tj ET Q q 0 0 0 rg BT 196.80 90.20 Td (of ) Tj ET Q q 0 0 0 rg BT 208.30 90.20 Td ( ) Tj ET Q q 0 0 0 rg BT 210.64 90.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 276.51 90.20 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 292.60 90.20 Td (million ) Tj ET Q q 0 0 0 rg BT 326.71 90.20 Td (barrels ) Tj ET Q q 0 0 0 rg BT 358.98 90.20 Td (per ) Tj ET Q q 0 0 0 rg BT 375.36 90.20 Td (day ) Tj ET Q q 0 0 0 rg BT 393.58 90.20 Td (to ) Tj ET Q q 0 0 0 rg BT 404.47 90.20 Td (5 ) Tj ET Q q 0 0 0 rg BT 412.31 90.20 Td (million ) Tj ET Q q 0 0 0 rg BT 446.42 90.20 Td (barrels ) Tj ET Q q 0 0 0 rg BT 478.69 90.20 Td (per ) Tj ET Q q 0 0 0 rg BT 495.07 90.20 Td (day ) Tj ET Q q 0 0 0 rg BT 513.29 90.20 Td (forecast ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 77.00 Td (in ) Tj ET Q q 0 0 0 rg BT 60.49 77.00 Td (2020. ) Tj ET Q q 0 0 0 rg BT 87.68 77.00 Td ( ) Tj ET Q q 0 0 0 rg BT 89.95 77.00 Td (The ) Tj ET Q q 0 0 0 rg BT 109.49 77.00 Td (delivery ) Tj ET Q q 0 0 0 rg BT 147.96 77.00 Td (of ) Tj ET Q q 0 0 0 rg BT 159.57 77.00 Td (73 ) Tj ET Q q 0 0 0 rg BT 173.00 77.00 Td (ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 244.46 77.00 Td (newbuildings ) Tj ET Q q 0 0 0 rg BT 306.17 77.00 Td (from ) Tj ET Q q 0 0 0 rg BT 329.99 77.00 Td (today ) Tj ET Q q 0 0 0 rg BT 356.87 77.00 Td (until ) Tj ET Q q 0 0 0 rg BT 379.47 77.00 Td (2018 ) Tj ET Q q 0 0 0 rg BT 403.91 77.00 Td (will ) Tj ET Q q 0 0 0 rg BT 423.46 77.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 461.93 77.00 Td (capacity) Tj ET Q q 0 0 0 rg BT 497.86 77.00 Td (. ) Tj ET Q q 0 0 0 rg BT 503.05 77.00 Td ( ) Tj ET Q q 0 0 0 rg BT 505.49 77.00 Td (However) Tj ET Q q 0 0 0 rg BT 545.36 77.00 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 63.80 Td (it ) Tj ET Q q 0 0 0 rg BT 57.77 63.80 Td (can ) Tj ET Q q 0 0 0 rg BT 75.19 63.80 Td (be ) Tj ET Q q 0 0 0 rg BT 87.73 63.80 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 138.14 63.80 Td (that ) Tj ET Q q 0 0 0 rg BT 156.80 63.80 Td (a ) Tj ET Q q 0 0 0 rg BT 163.84 63.80 Td (significant ) Tj ET Q q 0 0 0 rg BT 212.43 63.80 Td (part ) Tj ET Q q 0 0 0 rg BT 231.69 63.80 Td (of ) Tj ET Q q 0 0 0 rg BT 243.01 63.80 Td (the ) Tj ET Q q 0 0 0 rg BT 258.60 63.80 Td (128 ) Tj ET Q q 0 0 0 rg BT 277.26 63.80 Td (rigs ) Tj ET Q q 0 0 0 rg BT 295.92 63.80 Td (that ) Tj ET Q q 0 0 0 rg BT 314.57 63.80 Td (are ) Tj ET Q q 0 0 0 rg BT 330.16 63.80 Td (more ) Tj ET Q q 0 0 0 rg BT 354.92 63.80 Td (than ) Tj ET Q q 0 0 0 rg BT 376.01 63.80 Td (25 ) Tj ET Q q 0 0 0 rg BT 389.17 63.80 Td (years ) Tj ET Q q 0 0 0 rg BT 414.54 63.80 Td (old ) Tj ET Q q 0 0 0 rg BT 430.75 63.80 Td (will ) Tj ET Q q 0 0 0 rg BT 450.02 63.80 Td (be ) Tj ET Q q 0 0 0 rg BT 462.56 63.80 Td (retired ) Tj ET Q q 0 0 0 rg BT 493.42 63.80 Td (from ) Tj ET Q q 0 0 0 rg BT 516.96 63.80 Td (service ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 50.60 Td (as ) Tj ET Q q 0 0 0 rg BT 61.14 50.60 Td (they ) Tj ET Q q 0 0 0 rg BT 82.56 50.60 Td (come ) Tj ET Q q 0 0 0 rg BT 108.85 50.60 Td (up ) Tj ET Q q 0 0 0 rg BT 122.33 50.60 Td (for ) Tj ET Q q 0 0 0 rg BT 137.64 50.60 Td (classing ) Tj ET Q q 0 0 0 rg BT 175.55 50.60 Td (surveys ) Tj ET Q q 0 0 0 rg BT 211.64 50.60 Td (due ) Tj ET Q q 0 0 0 rg BT 230.00 50.60 Td (to ) Tj ET Q q 0 0 0 rg BT 241.03 50.60 Td (uneconomic ) Tj ET Q q 0 0 0 rg BT 297.27 50.60 Td (classification ) Tj ET Q q 0 0 0 rg BT 357.78 50.60 Td (budgets. ) Tj ET Q q 0 0 0 rg BT 397.23 50.60 Td ( ) Tj ET Q q 0 0 0 rg BT 399.16 50.60 Td (At ) Tj ET Q q 0 0 0 rg BT 412.63 50.60 Td (the ) Tj ET Q q 0 0 0 rg BT 428.55 50.60 Td (same ) Tj ET Q q 0 0 0 rg BT 453.63 50.60 Td (time, ) Tj ET Q q 0 0 0 rg BT 478.41 50.60 Td (ordering ) Tj ET Q q 0 0 0 rg BT 518.15 50.60 Td (of ) Tj ET Q q 0 0 0 rg BT 529.79 50.60 Td (new ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 789.80 Td (rigs ) Tj ET Q q 0 0 0 rg BT 69.61 789.80 Td (has ) Tj ET Q q 0 0 0 rg BT 87.88 789.80 Td (more ) Tj ET Q q 0 0 0 rg BT 114.09 789.80 Td (or ) Tj ET Q q 0 0 0 rg BT 126.86 789.80 Td (less ) Tj ET Q q 0 0 0 rg BT 146.96 789.80 Td (stopped ) Tj ET Q q 0 0 0 rg BT 184.79 789.80 Td (which ) Tj ET Q q 0 0 0 rg BT 215.28 789.80 Td (sets ) Tj ET Q q 0 0 0 rg BT 235.38 789.80 Td (the ) Tj ET Q q 0 0 0 rg BT 252.43 789.80 Td (framework ) Tj ET Q q 0 0 0 rg BT 304.29 789.80 Td (for ) Tj ET Q q 0 0 0 rg BT 320.72 789.80 Td (a ) Tj ET Q q 0 0 0 rg BT 329.21 789.80 Td (sharp ) Tj ET Q q 0 0 0 rg BT 356.65 789.80 Td (upturn ) Tj ET Q q 0 0 0 rg BT 388.97 789.80 Td (when ) Tj ET Q q 0 0 0 rg BT 416.41 789.80 Td (demand ) Tj ET Q q 0 0 0 rg BT 454.83 789.80 Td (and ) Tj ET Q q 0 0 0 rg BT 474.32 789.80 Td (supply ) Tj ET Q q 0 0 0 rg BT 507.27 789.80 Td (again ) Tj ET Q q 0 0 0 rg BT 534.69 789.80 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 776.60 Td (balanced.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.40 Td (Activity ) Tj ET Q q 0 0 0 rg BT 88.17 757.40 Td (in ) Tj ET Q q 0 0 0 rg BT 99.34 757.40 Td (Brazil ) Tj ET Q q 0 0 0 rg BT 128.84 757.40 Td (has ) Tj ET Q q 0 0 0 rg BT 146.12 757.40 Td (shown ) Tj ET Q q 0 0 0 rg BT 177.46 757.40 Td (the ) Tj ET Q q 0 0 0 rg BT 193.52 757.40 Td (most ) Tj ET Q q 0 0 0 rg BT 217.53 757.40 Td (notable ) Tj ET Q q 0 0 0 rg BT 252.53 757.40 Td (improvement ) Tj ET Q q 0 0 0 rg BT 313.80 757.40 Td (as ) Tj ET Q q 0 0 0 rg BT 325.58 757.40 Td (Petrobras ) Tj ET Q q 0 0 0 rg BT 369.75 757.40 Td (tendered ) Tj ET Q q 0 0 0 rg BT 410.23 757.40 Td (their ) Tj ET Q q 0 0 0 rg BT 433.01 757.40 Td (first ) Tj ET Q q 0 0 0 rg BT 453.35 757.40 Td (new ) Tj ET Q q 0 0 0 rg BT 474.29 757.40 Td (rig ) Tj ET Q q 0 0 0 rg BT 489.13 757.40 Td (in ) Tj ET Q q 0 0 0 rg BT 500.30 757.40 Td (three ) Tj ET Q q 0 0 0 rg BT 524.91 757.40 Td (years ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.20 Td (and ) Tj ET Q q 0 0 0 rg BT 67.81 744.20 Td (is ) Tj ET Q q 0 0 0 rg BT 77.58 744.20 Td (progressing ) Tj ET Q q 0 0 0 rg BT 131.34 744.20 Td (through ) Tj ET Q q 0 0 0 rg BT 167.99 744.20 Td (the ) Tj ET Q q 0 0 0 rg BT 183.86 744.20 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 234.53 744.20 Td (process ) Tj ET Q q 0 0 0 rg BT 269.95 744.20 Td (for ) Tj ET Q q 0 0 0 rg BT 285.20 744.20 Td (the ) Tj ET Q q 0 0 0 rg BT 301.07 744.20 Td (2015 ) Tj ET Q q 0 0 0 rg BT 325.51 744.20 Td (extensions. ) Tj ET Q q 0 0 0 rg BT 377.13 744.20 Td ( ) Tj ET Q q 0 0 0 rg BT 379.56 744.20 Td (Following ) Tj ET Q q 0 0 0 rg BT 427.22 744.20 Td (a ) Tj ET Q q 0 0 0 rg BT 434.53 744.20 Td (year ) Tj ET Q q 0 0 0 rg BT 455.89 744.20 Td (when ) Tj ET Q q 0 0 0 rg BT 482.15 744.20 Td (the ) Tj ET Q q 0 0 0 rg BT 498.02 744.20 Td (market ) Tj ET Q q 0 0 0 rg BT 530.99 744.20 Td (saw ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 731.00 Td (a ) Tj ET Q q 0 0 0 rg BT 56.90 731.00 Td (number ) Tj ET Q q 0 0 0 rg BT 93.02 731.00 Td (of ) Tj ET Q q 0 0 0 rg BT 104.70 731.00 Td (rigs ) Tj ET Q q 0 0 0 rg BT 123.72 731.00 Td (leaving ) Tj ET Q q 0 0 0 rg BT 158.61 731.00 Td (the ) Tj ET Q q 0 0 0 rg BT 174.57 731.00 Td (country ) Tj ET Q q 0 0 0 rg BT 210.69 731.00 Td (this ) Tj ET Q q 0 0 0 rg BT 229.10 731.00 Td (is ) Tj ET Q q 0 0 0 rg BT 238.95 731.00 Td (certainly ) Tj ET Q q 0 0 0 rg BT 279.95 731.00 Td (a ) Tj ET Q q 0 0 0 rg BT 287.35 731.00 Td (step ) Tj ET Q q 0 0 0 rg BT 307.58 731.00 Td (forward. ) Tj ET Q q 0 0 0 rg BT 347.67 731.00 Td ( ) Tj ET Q q 0 0 0 rg BT 349.63 731.00 Td (Although ) Tj ET Q q 0 0 0 rg BT 393.70 731.00 Td (a ) Tj ET Q q 0 0 0 rg BT 401.10 731.00 Td (seemingly ) Tj ET Q q 0 0 0 rg BT 448.83 731.00 Td (bearish ) Tj ET Q q 0 0 0 rg BT 483.12 731.00 Td (sign ) Tj ET Q q 0 0 0 rg BT 503.97 731.00 Td (to ) Tj ET Q q 0 0 0 rg BT 515.05 731.00 Td (see ) Tj ET Q q 0 0 0 rg BT 531.61 731.00 Td (rigs ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 717.80 Td (leaving ) Tj ET Q q 0 0 0 rg BT 83.56 717.80 Td (the ) Tj ET Q q 0 0 0 rg BT 98.69 717.80 Td (biggest ) Tj ET Q q 0 0 0 rg BT 132.15 717.80 Td (operator) Tj ET Q q 0 0 0 rg BT 168.36 717.80 Td (, ) Tj ET Q q 0 0 0 rg BT 172.80 717.80 Td (it ) Tj ET Q q 0 0 0 rg BT 180.60 717.80 Td (was ) Tj ET Q q 0 0 0 rg BT 199.39 717.80 Td (in ) Tj ET Q q 0 0 0 rg BT 209.64 717.80 Td (fact ) Tj ET Q q 0 0 0 rg BT 227.81 717.80 Td (a ) Tj ET Q q 0 0 0 rg BT 234.38 717.80 Td (very ) Tj ET Q q 0 0 0 rg BT 255.61 717.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 287.84 717.80 Td (market ) Tj ET Q q 0 0 0 rg BT 320.07 717.80 Td (development ) Tj ET Q q 0 0 0 rg BT 378.57 717.80 Td (and ) Tj ET Q q 0 0 0 rg BT 396.14 717.80 Td (a ) Tj ET Q q 0 0 0 rg BT 402.71 717.80 Td (perfect ) Tj ET Q q 0 0 0 rg BT 434.93 717.80 Td (example ) Tj ET Q q 0 0 0 rg BT 473.88 717.80 Td (of ) Tj ET Q q 0 0 0 rg BT 484.73 717.80 Td (the ) Tj ET Q q 0 0 0 rg BT 499.86 717.80 Td (bifurcation ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 704.60 Td (and ) Tj ET Q q 0 0 0 rg BT 68.77 704.60 Td (fleet ) Tj ET Q q 0 0 0 rg BT 91.69 704.60 Td (renewal ) Tj ET Q q 0 0 0 rg BT 129.88 704.60 Td (that ) Tj ET Q q 0 0 0 rg BT 149.76 704.60 Td (is ) Tj ET Q q 0 0 0 rg BT 160.48 704.60 Td (occurring ) Tj ET Q q 0 0 0 rg BT 206.01 704.60 Td (on ) Tj ET Q q 0 0 0 rg BT 220.40 704.60 Td (a ) Tj ET Q q 0 0 0 rg BT 228.66 704.60 Td (global ) Tj ET Q q 0 0 0 rg BT 259.54 704.60 Td (scale ) Tj ET Q q 0 0 0 rg BT 284.91 704.60 Td (today) Tj ET Q q 0 0 0 rg BT 308.63 704.60 Td (. ) Tj ET Q q 0 0 0 rg BT 314.77 704.60 Td ( ) Tj ET Q q 0 0 0 rg BT 318.15 704.60 Td (In ) Tj ET Q q 0 0 0 rg BT 330.70 704.60 Td (addition ) Tj ET Q q 0 0 0 rg BT 370.13 704.60 Td (to ) Tj ET Q q 0 0 0 rg BT 382.07 704.60 Td (Petrobras) Tj ET Q q 0 0 0 rg BT 426.46 704.60 Td ( ) Tj ET Q q 0 0 0 rg BT 429.85 704.60 Td (initial ) Tj ET Q q 0 0 0 rg BT 458.90 704.60 Td (tender ) Tj ET Q q 0 0 0 rg BT 489.76 704.60 Td (and ) Tj ET Q q 0 0 0 rg BT 509.03 704.60 Td (expected ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 691.40 Td (extension ) Tj ET Q q 0 0 0 rg BT 94.46 691.40 Td (of ) Tj ET Q q 0 0 0 rg BT 106.42 691.40 Td (six ) Tj ET Q q 0 0 0 rg BT 122.06 691.40 Td (rigs ) Tj ET Q q 0 0 0 rg BT 141.36 691.40 Td (that ) Tj ET Q q 0 0 0 rg BT 160.65 691.40 Td (have ) Tj ET Q q 0 0 0 rg BT 184.22 691.40 Td (contracts ) Tj ET Q q 0 0 0 rg BT 226.72 691.40 Td (expiring ) Tj ET Q q 0 0 0 rg BT 266.18 691.40 Td (in ) Tj ET Q q 0 0 0 rg BT 277.53 691.40 Td (2015, ) Tj ET Q q 0 0 0 rg BT 305.08 691.40 Td (it ) Tj ET Q q 0 0 0 rg BT 313.99 691.40 Td (is ) Tj ET Q q 0 0 0 rg BT 324.13 691.40 Td (expected ) Tj ET Q q 0 0 0 rg BT 366.02 691.40 Td (that ) Tj ET Q q 0 0 0 rg BT 385.31 691.40 Td (an ) Tj ET Q q 0 0 0 rg BT 398.49 691.40 Td (additional ) Tj ET Q q 0 0 0 rg BT 445.28 691.40 Td (three ) Tj ET Q q 0 0 0 rg BT 470.07 691.40 Td (to ) Tj ET Q q 0 0 0 rg BT 481.42 691.40 Td (four ) Tj ET Q q 0 0 0 rg BT 502.55 691.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 531.01 691.40 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 678.20 Td (be ) Tj ET Q q 0 0 0 rg BT 63.48 678.20 Td (needed ) Tj ET Q q 0 0 0 rg BT 98.22 678.20 Td (in ) Tj ET Q q 0 0 0 rg BT 110.38 678.20 Td (the ) Tj ET Q q 0 0 0 rg BT 127.41 678.20 Td (sort ) Tj ET Q q 0 0 0 rg BT 147.51 678.20 Td (term ) Tj ET Q q 0 0 0 rg BT 171.26 678.20 Td (to ) Tj ET Q q 0 0 0 rg BT 183.42 678.20 Td (meet ) Tj ET Q q 0 0 0 rg BT 208.39 678.20 Td (drilling ) Tj ET Q q 0 0 0 rg BT 244.38 678.20 Td (requirements ) Tj ET Q q 0 0 0 rg BT 305.40 678.20 Td (on ) Tj ET Q q 0 0 0 rg BT 319.99 678.20 Td (the ) Tj ET Q q 0 0 0 rg BT 337.03 678.20 Td (Libra ) Tj ET Q q 0 0 0 rg BT 364.45 678.20 Td (field, ) Tj ET Q q 0 0 0 rg BT 390.95 678.20 Td (with ) Tj ET Q q 0 0 0 rg BT 414.11 678.20 Td (up ) Tj ET Q q 0 0 0 rg BT 428.70 678.20 Td (to ) Tj ET Q q 0 0 0 rg BT 440.86 678.20 Td (ten ) Tj ET Q q 0 0 0 rg BT 457.89 678.20 Td (units ) Tj ET Q q 0 0 0 rg BT 482.88 678.20 Td (expected ) Tj ET Q q 0 0 0 rg BT 525.56 678.20 Td (to ) Tj ET Q q 0 0 0 rg BT 537.72 678.20 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 665.00 Td (required ) Tj ET Q q 0 0 0 rg BT 88.90 665.00 Td (in ) Tj ET Q q 0 0 0 rg BT 100.20 665.00 Td (total.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 645.80 Td (The ) Tj ET Q q 0 0 0 rg BT 69.23 645.80 Td (W) Tj ET Q q 0 0 0 rg BT 78.73 645.80 Td (est ) Tj ET Q q 0 0 0 rg BT 93.15 645.80 Td (African ) Tj ET Q q 0 0 0 rg BT 129.57 645.80 Td (market ) Tj ET Q q 0 0 0 rg BT 162.94 645.80 Td (continues ) Tj ET Q q 0 0 0 rg BT 207.93 645.80 Td (to ) Tj ET Q q 0 0 0 rg BT 219.31 645.80 Td (be ) Tj ET Q q 0 0 0 rg BT 232.52 645.80 Td (an ) Tj ET Q q 0 0 0 rg BT 245.74 645.80 Td (active ) Tj ET Q q 0 0 0 rg BT 274.82 645.80 Td (region ) Tj ET Q q 0 0 0 rg BT 305.75 645.80 Td (for ) Tj ET Q q 0 0 0 rg BT 321.41 645.80 Td (tendering ) Tj ET Q q 0 0 0 rg BT 365.78 645.80 Td (activity ) Tj ET Q q 0 0 0 rg BT 401.60 645.80 Td (as ) Tj ET Q q 0 0 0 rg BT 413.59 645.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 428.03 645.80 Td (companies) Tj ET Q q 0 0 0 rg BT 477.92 645.80 Td ( ) Tj ET Q q 0 0 0 rg BT 480.75 645.80 Td (move ) Tj ET Q q 0 0 0 rg BT 508.01 645.80 Td (into ) Tj ET Q q 0 0 0 rg BT 527.96 645.80 Td (their ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 632.60 Td (next ) Tj ET Q q 0 0 0 rg BT 70.61 632.60 Td (budgeting ) Tj ET Q q 0 0 0 rg BT 116.78 632.60 Td (cycle. ) Tj ET Q q 0 0 0 rg BT 144.90 632.60 Td ( ) Tj ET Q q 0 0 0 rg BT 147.08 632.60 Td (In ) Tj ET Q q 0 0 0 rg BT 158.41 632.60 Td (particular ) Tj ET Q q 0 0 0 rg BT 202.73 632.60 Td (we ) Tj ET Q q 0 0 0 rg BT 217.73 632.60 Td (see ) Tj ET Q q 0 0 0 rg BT 233.95 632.60 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 294.17 632.60 Td (in ) Tj ET Q q 0 0 0 rg BT 304.90 632.60 Td (Nigeria, ) Tj ET Q q 0 0 0 rg BT 342.32 632.60 Td (Angola, ) Tj ET Q q 0 0 0 rg BT 379.63 632.60 Td (and ) Tj ET Q q 0 0 0 rg BT 397.69 632.60 Td (Ghana ) Tj ET Q q 0 0 0 rg BT 428.57 632.60 Td (as ) Tj ET Q q 0 0 0 rg BT 439.90 632.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 489.12 632.60 Td (work ) Tj ET Q q 0 0 0 rg BT 513.90 632.60 Td (through ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 619.40 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 98.31 619.40 Td (approval ) Tj ET Q q 0 0 0 rg BT 140.40 619.40 Td (processes. ) Tj ET Q q 0 0 0 rg BT 188.90 619.40 Td ( ) Tj ET Q q 0 0 0 rg BT 191.71 619.40 Td (As ) Tj ET Q q 0 0 0 rg BT 207.54 619.40 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 270.40 619.40 Td (by ) Tj ET Q q 0 0 0 rg BT 285.01 619.40 Td (Seadrill's ) Tj ET Q q 0 0 0 rg BT 329.09 619.40 Td (contract ) Tj ET Q q 0 0 0 rg BT 368.11 619.40 Td (announcements ) Tj ET Q q 0 0 0 rg BT 440.14 619.40 Td (for ) Tj ET Q q 0 0 0 rg BT 456.57 619.40 Td (the ) Tj ET Q q 0 0 0 rg BT 473.35 619.40 Td (W) Tj ET Q q 0 0 0 rg BT 482.85 619.40 Td (est ) Tj ET Q q 0 0 0 rg BT 498.68 619.40 Td (Jupiter ) Tj ET Q q 0 0 0 rg BT 532.22 619.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 606.20 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 606.20 Td (est ) Tj ET Q q 0 0 0 rg BT 74.15 606.20 Td (Saturn, ) Tj ET Q q 0 0 0 rg BT 108.55 606.20 Td (tenders ) Tj ET Q q 0 0 0 rg BT 143.24 606.20 Td (will ) Tj ET Q q 0 0 0 rg BT 163.28 606.20 Td (get ) Tj ET Q q 0 0 0 rg BT 179.65 606.20 Td (completed; ) Tj ET Q q 0 0 0 rg BT 231.45 606.20 Td (however ) Tj ET Q q 0 0 0 rg BT 272.25 606.20 Td (patience ) Tj ET Q q 0 0 0 rg BT 311.82 606.20 Td (and ) Tj ET Q q 0 0 0 rg BT 330.63 606.20 Td (working ) Tj ET Q q 0 0 0 rg BT 370.22 606.20 Td (constructively ) Tj ET Q q 0 0 0 rg BT 435.47 606.20 Td (with ) Tj ET Q q 0 0 0 rg BT 457.95 606.20 Td (stakeholders ) Tj ET Q q 0 0 0 rg BT 515.86 606.20 Td (are ) Tj ET Q q 0 0 0 rg BT 532.22 606.20 Td (key ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 593.00 Td (for ) Tj ET Q q 0 0 0 rg BT 65.30 593.00 Td (success. ) Tj ET Q q 0 0 0 rg BT 104.01 593.00 Td ( ) Tj ET Q q 0 0 0 rg BT 106.32 593.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 161.22 593.00 Td (, ) Tj ET Q q 0 0 0 rg BT 166.94 593.00 Td (there ) Tj ET Q q 0 0 0 rg BT 191.89 593.00 Td (is ) Tj ET Q q 0 0 0 rg BT 202.20 593.00 Td (a ) Tj ET Q q 0 0 0 rg BT 210.06 593.00 Td (clear ) Tj ET Q q 0 0 0 rg BT 234.40 593.00 Td (trend ) Tj ET Q q 0 0 0 rg BT 259.97 593.00 Td (that ) Tj ET Q q 0 0 0 rg BT 279.43 593.00 Td (going ) Tj ET Q q 0 0 0 rg BT 307.46 593.00 Td (forward ) Tj ET Q q 0 0 0 rg BT 345.25 593.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 395.26 593.00 Td (will ) Tj ET Q q 0 0 0 rg BT 415.35 593.00 Td (need ) Tj ET Q q 0 0 0 rg BT 439.08 593.00 Td (to ) Tj ET Q q 0 0 0 rg BT 450.61 593.00 Td (develop ) Tj ET Q q 0 0 0 rg BT 488.40 593.00 Td (a ) Tj ET Q q 0 0 0 rg BT 496.26 593.00 Td (strong ) Tj ET Q q 0 0 0 rg BT 526.73 593.00 Td (local ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 579.80 Td (presence ) Tj ET Q q 0 0 0 rg BT 90.58 579.80 Td (to ) Tj ET Q q 0 0 0 rg BT 101.75 579.80 Td (be ) Tj ET Q q 0 0 0 rg BT 114.74 579.80 Td (competitive ) Tj ET Q q 0 0 0 rg BT 169.28 579.80 Td (in ) Tj ET Q q 0 0 0 rg BT 180.45 579.80 Td (these ) Tj ET Q q 0 0 0 rg BT 205.66 579.80 Td (markets. ) Tj ET Q q 0 0 0 rg BT 245.84 579.80 Td ( ) Tj ET Q q 0 0 0 rg BT 248.45 579.80 Td (Not ) Tj ET Q q 0 0 0 rg BT 267.56 579.80 Td (only ) Tj ET Q q 0 0 0 rg BT 289.73 579.80 Td (is ) Tj ET Q q 0 0 0 rg BT 299.67 579.80 Td (there ) Tj ET Q q 0 0 0 rg BT 324.27 579.80 Td (political ) Tj ET Q q 0 0 0 rg BT 362.92 579.80 Td (pressure ) Tj ET Q q 0 0 0 rg BT 402.19 579.80 Td (to ) Tj ET Q q 0 0 0 rg BT 413.35 579.80 Td (increase ) Tj ET Q q 0 0 0 rg BT 451.99 579.80 Td (local ) Tj ET Q q 0 0 0 rg BT 475.98 579.80 Td (content, ) Tj ET Q q 0 0 0 rg BT 513.72 579.80 Td (but ) Tj ET Q q 0 0 0 rg BT 530.38 579.80 Td (also ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 566.60 Td (a ) Tj ET Q q 0 0 0 rg BT 57.13 566.60 Td (clear ) Tj ET Q q 0 0 0 rg BT 81.25 566.60 Td (economic ) Tj ET Q q 0 0 0 rg BT 126.76 566.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 160.05 566.60 Td (in ) Tj ET Q q 0 0 0 rg BT 171.35 566.60 Td (replacing ) Tj ET Q q 0 0 0 rg BT 215.03 566.60 Td (international ) Tj ET Q q 0 0 0 rg BT 273.37 566.60 Td (workers ) Tj ET Q q 0 0 0 rg BT 311.55 566.60 Td (with ) Tj ET Q q 0 0 0 rg BT 333.86 566.60 Td (local ) Tj ET Q q 0 0 0 rg BT 357.98 566.60 Td (crew) Tj ET Q q 0 0 0 rg BT 378.64 566.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 547.40 Td (The ) Tj ET Q q 0 0 0 rg BT 69.72 547.40 Td (US ) Tj ET Q q 0 0 0 rg BT 86.90 547.40 Td (Gulf ) Tj ET Q q 0 0 0 rg BT 110.19 547.40 Td (of ) Tj ET Q q 0 0 0 rg BT 122.47 547.40 Td (Mexico ) Tj ET Q q 0 0 0 rg BT 159.19 547.40 Td (is ) Tj ET Q q 0 0 0 rg BT 169.65 547.40 Td (the ) Tj ET Q q 0 0 0 rg BT 186.21 547.40 Td (primary ) Tj ET Q q 0 0 0 rg BT 224.15 547.40 Td (market ) Tj ET Q q 0 0 0 rg BT 257.81 547.40 Td (that ) Tj ET Q q 0 0 0 rg BT 277.43 547.40 Td (may ) Tj ET Q q 0 0 0 rg BT 299.49 547.40 Td (see ) Tj ET Q q 0 0 0 rg BT 316.65 547.40 Td (a ) Tj ET Q q 0 0 0 rg BT 324.66 547.40 Td (pickup ) Tj ET Q q 0 0 0 rg BT 357.71 547.40 Td (in ) Tj ET Q q 0 0 0 rg BT 369.39 547.40 Td (short ) Tj ET Q q 0 0 0 rg BT 394.51 547.40 Td (term ) Tj ET Q q 0 0 0 rg BT 417.79 547.40 Td (exploration ) Tj ET Q q 0 0 0 rg BT 471.01 547.40 Td (activity ) Tj ET Q q 0 0 0 rg BT 507.12 547.40 Td (given ) Tj ET Q q 0 0 0 rg BT 534.68 547.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 534.20 Td (number ) Tj ET Q q 0 0 0 rg BT 85.38 534.20 Td (of ) Tj ET Q q 0 0 0 rg BT 96.83 534.20 Td (indigenous ) Tj ET Q q 0 0 0 rg BT 147.38 534.20 Td (independent ) Tj ET Q q 0 0 0 rg BT 203.42 534.20 Td (E&P) Tj ET Q q 0 0 0 rg BT 224.41 534.20 Td ( ) Tj ET Q q 0 0 0 rg BT 226.69 534.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 276.01 534.20 Td (in ) Tj ET Q q 0 0 0 rg BT 286.85 534.20 Td (the ) Tj ET Q q 0 0 0 rg BT 302.57 534.20 Td (region. ) Tj ET Q q 0 0 0 rg BT 335.70 534.20 Td ( ) Tj ET Q q 0 0 0 rg BT 337.82 534.20 Td (W) Tj ET Q q 0 0 0 rg BT 347.32 534.20 Td (e ) Tj ET Q q 0 0 0 rg BT 354.48 534.20 Td (have ) Tj ET Q q 0 0 0 rg BT 377.53 534.20 Td (already ) Tj ET Q q 0 0 0 rg BT 412.18 534.20 Td (seen ) Tj ET Q q 0 0 0 rg BT 434.00 534.20 Td (opportunistic ) Tj ET Q q 0 0 0 rg BT 494.34 534.20 Td (independent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 521.00 Td (oil ) Tj ET Q q 0 0 0 rg BT 63.53 521.00 Td (and ) Tj ET Q q 0 0 0 rg BT 81.82 521.00 Td (gas ) Tj ET Q q 0 0 0 rg BT 98.90 521.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 148.36 521.00 Td (use ) Tj ET Q q 0 0 0 rg BT 165.43 521.00 Td (the ) Tj ET Q q 0 0 0 rg BT 181.29 521.00 Td (present ) Tj ET Q q 0 0 0 rg BT 215.47 521.00 Td (market ) Tj ET Q q 0 0 0 rg BT 248.42 521.00 Td (weakness ) Tj ET Q q 0 0 0 rg BT 292.99 521.00 Td (to ) Tj ET Q q 0 0 0 rg BT 303.96 521.00 Td (tender ) Tj ET Q q 0 0 0 rg BT 333.86 521.00 Td (for ) Tj ET Q q 0 0 0 rg BT 349.10 521.00 Td (projects ) Tj ET Q q 0 0 0 rg BT 386.33 521.00 Td (where ) Tj ET Q q 0 0 0 rg BT 415.62 521.00 Td (profitability ) Tj ET Q q 0 0 0 rg BT 470.58 521.00 Td (has ) Tj ET Q q 0 0 0 rg BT 487.66 521.00 Td (improved ) Tj ET Q q 0 0 0 rg BT 532.23 521.00 Td (due ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 507.80 Td (to ) Tj ET Q q 0 0 0 rg BT 61.26 507.80 Td (lower ) Tj ET Q q 0 0 0 rg BT 89.51 507.80 Td (rig ) Tj ET Q q 0 0 0 rg BT 104.94 507.80 Td (rates. ) Tj ET Q q 0 0 0 rg BT 131.43 507.80 Td (W) Tj ET Q q 0 0 0 rg BT 140.93 507.80 Td (e ) Tj ET Q q 0 0 0 rg BT 149.02 507.80 Td (see ) Tj ET Q q 0 0 0 rg BT 166.27 507.80 Td (some ) Tj ET Q q 0 0 0 rg BT 192.70 507.80 Td (potential ) Tj ET Q q 0 0 0 rg BT 234.39 507.80 Td (to ) Tj ET Q q 0 0 0 rg BT 246.16 507.80 Td (fill ) Tj ET Q q 0 0 0 rg BT 262.19 507.80 Td (in ) Tj ET Q q 0 0 0 rg BT 273.96 507.80 Td (a ) Tj ET Q q 0 0 0 rg BT 282.05 507.80 Td (portion ) Tj ET Q q 0 0 0 rg BT 317.03 507.80 Td (of ) Tj ET Q q 0 0 0 rg BT 329.40 507.80 Td (the ) Tj ET Q q 0 0 0 rg BT 346.04 507.80 Td (exploration ) Tj ET Q q 0 0 0 rg BT 399.35 507.80 Td (spending ) Tj ET Q q 0 0 0 rg BT 442.27 507.80 Td (that ) Tj ET Q q 0 0 0 rg BT 461.97 507.80 Td (has ) Tj ET Q q 0 0 0 rg BT 479.84 507.80 Td (been ) Tj ET Q q 0 0 0 rg BT 503.81 507.80 Td (cut ) Tj ET Q q 0 0 0 rg BT 520.46 507.80 Td (by ) Tj ET Q q 0 0 0 rg BT 534.66 507.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 494.60 Td (major ) Tj ET Q q 0 0 0 rg BT 78.00 494.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 92.46 494.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 145.09 494.60 Td ( ) Tj ET Q q 0 0 0 rg BT 147.94 494.60 Td (Longer ) Tj ET Q q 0 0 0 rg BT 182.55 494.60 Td (term ) Tj ET Q q 0 0 0 rg BT 205.55 494.60 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 266.44 494.60 Td (will ) Tj ET Q q 0 0 0 rg BT 286.40 494.60 Td (materialize, ) Tj ET Q q 0 0 0 rg BT 340.85 494.60 Td (however ) Tj ET Q q 0 0 0 rg BT 381.56 494.60 Td (we ) Tj ET Q q 0 0 0 rg BT 397.24 494.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 428.78 494.60 Td (this ) Tj ET Q q 0 0 0 rg BT 447.52 494.60 Td (to ) Tj ET Q q 0 0 0 rg BT 458.92 494.60 Td (be ) Tj ET Q q 0 0 0 rg BT 472.15 494.60 Td (pushed ) Tj ET Q q 0 0 0 rg BT 506.15 494.60 Td (into ) Tj ET Q q 0 0 0 rg BT 526.11 494.60 Td (2015 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 481.40 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 481.40 Td (2016 ) Tj ET Q q 0 0 0 rg BT 92.88 481.40 Td (similar ) Tj ET Q q 0 0 0 rg BT 126.18 481.40 Td (to ) Tj ET Q q 0 0 0 rg BT 137.49 481.40 Td (other ) Tj ET Q q 0 0 0 rg BT 162.84 481.40 Td (regions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 462.20 Td (In ) Tj ET Q q 0 0 0 rg BT 61.23 462.20 Td (Mexico, ) Tj ET Q q 0 0 0 rg BT 100.14 462.20 Td (the ) Tj ET Q q 0 0 0 rg BT 116.14 462.20 Td (ener) Tj ET Q q 0 0 0 rg BT 134.87 462.20 Td (gy ) Tj ET Q q 0 0 0 rg BT 148.44 462.20 Td (reform ) Tj ET Q q 0 0 0 rg BT 180.93 462.20 Td (process ) Tj ET Q q 0 0 0 rg BT 216.48 462.20 Td (is ) Tj ET Q q 0 0 0 rg BT 226.38 462.20 Td (progressing ) Tj ET Q q 0 0 0 rg BT 280.27 462.20 Td (at ) Tj ET Q q 0 0 0 rg BT 290.77 462.20 Td (an ) Tj ET Q q 0 0 0 rg BT 303.72 462.20 Td (impressive ) Tj ET Q q 0 0 0 rg BT 353.94 462.20 Td (pace. ) Tj ET Q q 0 0 0 rg BT 379.40 462.20 Td ( ) Tj ET Q q 0 0 0 rg BT 381.96 462.20 Td (Following ) Tj ET Q q 0 0 0 rg BT 429.76 462.20 Td (the ) Tj ET Q q 0 0 0 rg BT 445.76 462.20 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 496.55 462.20 Td (of ) Tj ET Q q 0 0 0 rg BT 508.28 462.20 Td (major ) Tj ET Q q 0 0 0 rg BT 536.50 462.20 Td (oil ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 449.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 98.53 449.00 Td (into ) Tj ET Q q 0 0 0 rg BT 117.62 449.00 Td (the ) Tj ET Q q 0 0 0 rg BT 133.05 449.00 Td (region ) Tj ET Q q 0 0 0 rg BT 163.14 449.00 Td (and ) Tj ET Q q 0 0 0 rg BT 181.00 449.00 Td (the ) Tj ET Q q 0 0 0 rg BT 196.43 449.00 Td (beginning ) Tj ET Q q 0 0 0 rg BT 242.41 449.00 Td (of ) Tj ET Q q 0 0 0 rg BT 253.56 449.00 Td (formal ) Tj ET Q q 0 0 0 rg BT 284.86 449.00 Td (licensing ) Tj ET Q q 0 0 0 rg BT 326.56 449.00 Td (rounds, ) Tj ET Q q 0 0 0 rg BT 361.24 449.00 Td (demand ) Tj ET Q q 0 0 0 rg BT 398.05 449.00 Td (for ) Tj ET Q q 0 0 0 rg BT 412.86 449.00 Td (floaters ) Tj ET Q q 0 0 0 rg BT 447.83 449.00 Td (should ) Tj ET Q q 0 0 0 rg BT 479.15 449.00 Td (follow) Tj ET Q q 0 0 0 rg BT 507.16 449.00 Td (. ) Tj ET Q q 0 0 0 rg BT 511.90 449.00 Td ( ) Tj ET Q q 0 0 0 rg BT 513.88 449.00 Td (Seadrill ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 435.80 Td (continues ) Tj ET Q q 0 0 0 rg BT 94.56 435.80 Td (to ) Tj ET Q q 0 0 0 rg BT 106.03 435.80 Td (be ) Tj ET Q q 0 0 0 rg BT 119.31 435.80 Td (well ) Tj ET Q q 0 0 0 rg BT 141.16 435.80 Td (positioned ) Tj ET Q q 0 0 0 rg BT 189.90 435.80 Td (with ) Tj ET Q q 0 0 0 rg BT 212.36 435.80 Td (PEMEX ) Tj ET Q q 0 0 0 rg BT 252.54 435.80 Td (having ) Tj ET Q q 0 0 0 rg BT 285.39 435.80 Td (operated ) Tj ET Q q 0 0 0 rg BT 326.16 435.80 Td (the ) Tj ET Q q 0 0 0 rg BT 342.29 435.80 Td (W) Tj ET Q q 0 0 0 rg BT 351.80 435.80 Td (est ) Tj ET Q q 0 0 0 rg BT 366.92 435.80 Td (Pegasus ) Tj ET Q q 0 0 0 rg BT 405.27 435.80 Td (for ) Tj ET Q q 0 0 0 rg BT 421.00 435.80 Td (the ) Tj ET Q q 0 0 0 rg BT 437.35 435.80 Td (last ) Tj ET Q q 0 0 0 rg BT 455.53 435.80 Td (2.5 ) Tj ET Q q 0 0 0 rg BT 472.18 435.80 Td (years ) Tj ET Q q 0 0 0 rg BT 498.30 435.80 Td (with ) Tj ET Q q 0 0 0 rg BT 520.76 435.80 Td (a ) Tj ET Q q 0 0 0 rg BT 528.55 435.80 Td (high ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 422.60 Td (degree ) Tj ET Q q 0 0 0 rg BT 82.29 422.60 Td (of ) Tj ET Q q 0 0 0 rg BT 94.93 422.60 Td (success ) Tj ET Q q 0 0 0 rg BT 131.40 422.60 Td (and ) Tj ET Q q 0 0 0 rg BT 150.76 422.60 Td (more ) Tj ET Q q 0 0 0 rg BT 176.84 422.60 Td (recently ) Tj ET Q q 0 0 0 rg BT 215.74 422.60 Td (mobilizing ) Tj ET Q q 0 0 0 rg BT 266.88 422.60 Td (5 ) Tj ET Q q 0 0 0 rg BT 275.86 422.60 Td (jack-ups ) Tj ET Q q 0 0 0 rg BT 316.61 422.60 Td (to ) Tj ET Q q 0 0 0 rg BT 328.64 422.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.56 422.60 Td (region. ) Tj ET Q q 0 0 0 rg BT 379.89 422.60 Td ( ) Tj ET Q q 0 0 0 rg BT 383.37 422.60 Td (In ) Tj ET Q q 0 0 0 rg BT 396.01 422.60 Td (the ) Tj ET Q q 0 0 0 rg BT 412.93 422.60 Td (intermediate ) Tj ET Q q 0 0 0 rg BT 471.38 422.60 Td (term, ) Tj ET Q q 0 0 0 rg BT 497.77 422.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 522.63 422.60 Td (to ) Tj ET Q q 0 0 0 rg BT 534.66 422.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 409.40 Td (awarding ) Tj ET Q q 0 0 0 rg BT 92.91 409.40 Td (of ) Tj ET Q q 0 0 0 rg BT 104.56 409.40 Td (licenses ) Tj ET Q q 0 0 0 rg BT 141.86 409.40 Td (to ) Tj ET Q q 0 0 0 rg BT 152.90 409.40 Td (major ) Tj ET Q q 0 0 0 rg BT 181.04 409.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 195.14 409.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 244.66 409.40 Td (there ) Tj ET Q q 0 0 0 rg BT 269.13 409.40 Td (may ) Tj ET Q q 0 0 0 rg BT 290.55 409.40 Td (an ) Tj ET Q q 0 0 0 rg BT 303.41 409.40 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 357.23 409.40 Td (for ) Tj ET Q q 0 0 0 rg BT 372.54 409.40 Td (a ) Tj ET Q q 0 0 0 rg BT 379.90 409.40 Td (number ) Tj ET Q q 0 0 0 rg BT 415.98 409.40 Td (of ) Tj ET Q q 0 0 0 rg BT 427.63 409.40 Td (additional ) Tj ET Q q 0 0 0 rg BT 474.10 409.40 Td (floaters ) Tj ET Q q 0 0 0 rg BT 509.57 409.40 Td (based ) Tj ET Q q 0 0 0 rg BT 537.10 409.40 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 396.20 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 396.20 Td (current ) Tj ET Q q 0 0 0 rg BT 99.59 396.20 Td (budgeted ) Tj ET Q q 0 0 0 rg BT 142.66 396.20 Td (spending ) Tj ET Q q 0 0 0 rg BT 185.13 396.20 Td (from ) Tj ET Q q 0 0 0 rg BT 209.26 396.20 Td (PEMEX.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 351.80 Td (Outlook) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 332.60 Td (The second quarter of 2014 was a success for Seadrill Partners having executed an add-on US$1.1 billion term ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 319.40 Td (loan B and successful equity of) Tj ET Q q 0 0 0 rg BT 187.08 319.40 Td (fering. ) Tj ET Q q 0 0 0 rg BT 220.98 319.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 275.88 319.40 Td (, operations have improved materially since the challenges ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 306.20 Td (encountered during first quarter and we have achieved an overall economic uptime of 94%.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 287.00 Td (Distributions have grown 7% during the second quarter) Tj ET Q q 0 0 0 rg BT 293.14 287.00 Td (, and 40% since the Company's IPO in 2012. ) Tj ET Q q 0 0 0 rg BT 492.60 287.00 Td (This growth ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 273.80 Td (exceeds the Board's anticipated annual growth rate of 15% at the time of the Company's initial public of) Tj ET Q q 0 0 0 rg BT 506.88 273.80 Td (fering in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 260.60 Td (October 2012. Seadrill Partners achieved a coverage ratio of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 320.42 260.60 Td (1.09x) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 345.17 260.60 Td ( during the second quarter even after taking ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 247.40 Td (into consideration the increased share count following the equity of) Tj ET Q q 0 0 0 rg BT 345.91 247.40 Td (fering in June. ) Tj ET Q q 0 0 0 rg BT 414.44 247.40 Td (The Company continues to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 234.20 Td (tar) Tj ET Q q 0 0 0 rg BT 60.90 234.20 Td (get a coverage ratio of 1.1x after accounting for maintenance and replacement reserves.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 215.00 Td (This track record demonstrates Seadrill Partners' commitment to growth. ) Tj ET Q q 0 0 0 rg BT 374.78 215.00 Td (The Board and management team ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 201.80 Td (remain committed to growing distributions by acquiring operating company units or additional assets. ) Tj ET Q q 0 0 0 rg BT 502.97 201.80 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 188.60 Td (Board is pleased the Company has managed to diversify its fleet and reached the point where it is prudent to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 175.40 Td (acquire operating company units. By moving swiftly to acquire an additional 5 rigs since IPO Seadrill Partners ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 162.20 Td (has opened up a new avenue for distribution growth.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 143.00 Td (The add-on term loan B completed in June is another important step towards rationalizing Seadrill Parnters' debt ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 129.80 Td (structure which makes the Company well positioned for future growth. ) Tj ET Q q 0 0 0 rg BT 367.01 129.80 Td (The transaction, originally marketed as a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 116.60 Td (US$1 billion facility and upsized to US$1.1 billion, is an add-on to the existing US$1.8 billion facility executed ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 103.40 Td (in February of this year and priced at the existing loan) Tj ET Q q 0 0 0 rg BT 290.82 103.40 Td (s rate of Libor plus 3%. ) Tj ET Q q 0 0 0 rg BT 399.99 103.40 Td (This represents a continuation of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 90.20 Td (the strategy to refinance existing debt of acquired rigs at the partnership level with a more appropriate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 77.00 Td (amortization profile. ) Tj ET Q q 0 0 0 rg BT 145.21 77.00 Td (The addition of another two units to the Borrower Group increases contract duration and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 63.80 Td (further diversifies the cash flows supporting the Company's credit. By upsizing the loan, the market has ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 50.60 Td (acknowledged Seadrill Partners' long term contracted cash flow) Tj ET Q q 0 0 0 rg BT 329.03 50.60 Td (, visible growth profile and high quality fleet.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 789.80 Td (D) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 56.72 789.80 Td (uring the remainder of the year the Company will continue to explore financing alternatives to refinance the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 776.60 Td (remaining related party debt on the ) Tj ET Q q 0 0 0 rg BT 206.30 776.60 Td (W) Tj ET Q q 0 0 0 rg BT 215.80 776.60 Td (est ) Tj ET Q q 0 0 0 rg BT 230.57 776.60 Td (V) Tj ET Q q 0 0 0 rg BT 237.29 776.60 Td (encedor) Tj ET Q q 0 0 0 rg BT 271.66 776.60 Td (, ) Tj ET Q q 0 0 0 rg BT 276.97 776.60 Td (T) Tj ET Q q 0 0 0 rg BT 282.68 776.60 Td (-15 and ) Tj ET Q q 0 0 0 rg BT 318.52 776.60 Td (T) Tj ET Q q 0 0 0 rg BT 324.23 776.60 Td (-16 at the Seadrill Partners level and continue to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 763.40 Td (manage the capital structure to maximize distributable cash flow) Tj ET Q q 0 0 0 rg BT 332.85 763.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.20 Td (Operationally) Tj ET Q q 0 0 0 rg BT 109.26 744.20 Td (, the Board and management team are pleased with the improvements shown during the second ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 731.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 80.04 731.00 Td (. ) Tj ET Q q 0 0 0 rg BT 88.09 731.00 Td (The 94% utilization rate reflects the return to normal operations of the ) Tj ET Q q 0 0 0 rg BT 399.45 731.00 Td (W) Tj ET Q q 0 0 0 rg BT 408.95 731.00 Td (est ) Tj ET Q q 0 0 0 rg BT 423.31 731.00 Td (Aquarius and ) Tj ET Q q 0 0 0 rg BT 484.82 731.00 Td (W) Tj ET Q q 0 0 0 rg BT 494.32 731.00 Td (est ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 717.80 Td (Capricorn. ) Tj ET Q q 0 0 0 rg BT 101.54 717.80 Td (The ability of an MLP) Tj ET Q q 0 0 0 rg BT 199.50 717.80 Td ( to maintain distributions during periods of operational challenges is linked to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 704.60 Td (fleet size. ) Tj ET Q q 0 0 0 rg BT 96.94 704.60 Td (The ) Tj ET Q q 0 0 0 rg BT 116.60 704.60 Td (W) Tj ET Q q 0 0 0 rg BT 126.10 704.60 Td (est ) Tj ET Q q 0 0 0 rg BT 140.46 704.60 Td (Aquarius would have had a much more pronounced impact had Seadrill Partners owned ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 691.40 Td (fewer assets in its portfolio. Seadrill Partner's ability to quickly grow its fleet has put the Company in the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 678.20 Td (position to manage through periodic downtime while growing distributions. ) Tj ET Q q 0 0 0 rg BT 388.12 678.20 Td (Thus far in the third quarter ) Tj ET Q q 0 0 0 rg BT 512.55 678.20 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 665.00 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 665.00 Td (est Capricorn has experienced 21 days of downtime due to BOP) Tj ET Q q 0 0 0 rg BT 340.25 665.00 Td ( issues but has now returned to service. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 651.80 Td (Utilization for the rest of the fleet to date in the third quarter is approximately 95% and the Company currently ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 638.60 Td (expects to achieve its tar) Tj ET Q q 0 0 0 rg BT 157.42 638.60 Td (geted coverage ratio for the third quarter) Tj ET Q q 0 0 0 rg BT 335.17 638.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 619.40 Td (Distributable cash flow for the third quarter of 2014 will be positively impacted by the cash contribution from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 606.20 Td (the additional 28% interest in Seadrill Operating LP) Tj ET Q q 0 0 0 rg BT 277.09 606.20 Td (. ) Tj ET Q q 0 0 0 rg BT 285.14 606.20 Td (The acquisition increases exposure to assets that are well ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 593.00 Td (known to the Company and that have stable cash flows. ) Tj ET Q q 0 0 0 rg BT 297.05 593.00 Td (The transaction is expected to be cash flow and net asset ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 579.80 Td (value accretive and therefore to lead to increased distributions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 560.60 Td (The ) Tj ET Q q 0 0 0 rg BT 69.34 560.60 Td (Board ) Tj ET Q q 0 0 0 rg BT 98.95 560.60 Td (remains ) Tj ET Q q 0 0 0 rg BT 136.51 560.60 Td (committed ) Tj ET Q q 0 0 0 rg BT 186.29 560.60 Td (to ) Tj ET Q q 0 0 0 rg BT 197.58 560.60 Td (its ) Tj ET Q q 0 0 0 rg BT 210.70 560.60 Td (high ) Tj ET Q q 0 0 0 rg BT 232.99 560.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 266.89 560.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 317.89 560.60 Td (strategy ) Tj ET Q q 0 0 0 rg BT 355.45 560.60 Td (in ) Tj ET Q q 0 0 0 rg BT 366.74 560.60 Td (order ) Tj ET Q q 0 0 0 rg BT 392.68 560.60 Td (to ) Tj ET Q q 0 0 0 rg BT 403.97 560.60 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 452.53 560.60 Td (the ) Tj ET Q q 0 0 0 rg BT 468.70 560.60 Td (fleet ) Tj ET Q q 0 0 0 rg BT 490.97 560.60 Td (composition, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 547.40 Td (diversify ) Tj ET Q q 0 0 0 rg BT 90.37 547.40 Td (the ) Tj ET Q q 0 0 0 rg BT 105.58 547.40 Td (customer ) Tj ET Q q 0 0 0 rg BT 147.67 547.40 Td (base, ) Tj ET Q q 0 0 0 rg BT 171.74 547.40 Td (and ) Tj ET Q q 0 0 0 rg BT 189.39 547.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 227.19 547.40 Td (backlog. ) Tj ET Q q 0 0 0 rg BT 266.53 547.40 Td ( ) Tj ET Q q 0 0 0 rg BT 268.17 547.40 Td (The ) Tj ET Q q 0 0 0 rg BT 287.04 547.40 Td (Company's ) Tj ET Q q 0 0 0 rg BT 337.85 547.40 Td (modern ) Tj ET Q q 0 0 0 rg BT 373.22 547.40 Td (best ) Tj ET Q q 0 0 0 rg BT 392.71 547.40 Td (in ) Tj ET Q q 0 0 0 rg BT 403.04 547.40 Td (class ) Tj ET Q q 0 0 0 rg BT 426.19 547.40 Td (fleet ) Tj ET Q q 0 0 0 rg BT 447.50 547.40 Td (and ) Tj ET Q q 0 0 0 rg BT 465.15 547.40 Td (long ) Tj ET Q q 0 0 0 rg BT 486.48 547.40 Td (term ) Tj ET Q q 0 0 0 rg BT 508.41 547.40 Td (contracts ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 534.20 Td (protect ) Tj ET Q q 0 0 0 rg BT 82.69 534.20 Td (the ) Tj ET Q q 0 0 0 rg BT 98.78 534.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 144.20 534.20 Td (from ) Tj ET Q q 0 0 0 rg BT 168.23 534.20 Td (the ) Tj ET Q q 0 0 0 rg BT 184.32 534.20 Td (current ) Tj ET Q q 0 0 0 rg BT 218.12 534.20 Td (short-term ) Tj ET Q q 0 0 0 rg BT 266.59 534.20 Td (negative ) Tj ET Q q 0 0 0 rg BT 306.50 534.20 Td (market ) Tj ET Q q 0 0 0 rg BT 339.69 534.20 Td (sentiment. ) Tj ET Q q 0 0 0 rg BT 387.86 534.20 Td ( ) Tj ET Q q 0 0 0 rg BT 390.51 534.20 Td (It ) Tj ET Q q 0 0 0 rg BT 399.87 534.20 Td (is ) Tj ET Q q 0 0 0 rg BT 409.86 534.20 Td (a ) Tj ET Q q 0 0 0 rg BT 417.39 534.20 Td (realistic ) Tj ET Q q 0 0 0 rg BT 454.86 534.20 Td (scenario ) Tj ET Q q 0 0 0 rg BT 494.15 534.20 Td (that ) Tj ET Q q 0 0 0 rg BT 513.30 534.20 Td (demand ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 521.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 83.05 521.00 Td (for ) Tj ET Q q 0 0 0 rg BT 98.27 521.00 Td (development ) Tj ET Q q 0 0 0 rg BT 157.48 521.00 Td (drilling ) Tj ET Q q 0 0 0 rg BT 192.25 521.00 Td (will ) Tj ET Q q 0 0 0 rg BT 211.76 521.00 Td (have ) Tj ET Q q 0 0 0 rg BT 234.91 521.00 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 277.00 521.00 Td (supply ) Tj ET Q q 0 0 0 rg BT 308.73 521.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 342.28 521.00 Td (when ) Tj ET Q q 0 0 0 rg BT 368.50 521.00 Td (the ) Tj ET Q q 0 0 0 rg BT 384.33 521.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 435.76 521.00 Td (existing ) Tj ET Q q 0 0 0 rg BT 472.98 521.00 Td (contracts ) Tj ET Q q 0 0 0 rg BT 515.07 521.00 Td (roll ) Tj ET Q q 0 0 0 rg BT 532.74 521.00 Td (of) Tj ET Q q 0 0 0 rg BT 541.70 521.00 Td (f. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 507.80 Td (Significant ) Tj ET Q q 0 0 0 rg BT 100.54 507.80 Td (old ) Tj ET Q q 0 0 0 rg BT 117.38 507.80 Td (capacity ) Tj ET Q q 0 0 0 rg BT 156.79 507.80 Td (is ) Tj ET Q q 0 0 0 rg BT 166.90 507.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 208.76 507.80 Td (to ) Tj ET Q q 0 0 0 rg BT 220.09 507.80 Td (leave ) Tj ET Q q 0 0 0 rg BT 246.07 507.80 Td (the ) Tj ET Q q 0 0 0 rg BT 262.28 507.80 Td (market, ) Tj ET Q q 0 0 0 rg BT 298.35 507.80 Td (while ) Tj ET Q q 0 0 0 rg BT 325.56 507.80 Td (limited ) Tj ET Q q 0 0 0 rg BT 359.50 507.80 Td (newbuild ) Tj ET Q q 0 0 0 rg BT 403.21 507.80 Td (projects ) Tj ET Q q 0 0 0 rg BT 440.81 507.80 Td (are ) Tj ET Q q 0 0 0 rg BT 457.01 507.80 Td (likely ) Tj ET Q q 0 0 0 rg BT 484.83 507.80 Td (to ) Tj ET Q q 0 0 0 rg BT 496.16 507.80 Td (be ) Tj ET Q q 0 0 0 rg BT 509.32 507.80 Td (initiated. ) Tj ET Q q 0 0 0 rg BT 550.87 507.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 494.60 Td (This ) Tj ET Q q 0 0 0 rg BT 72.97 494.60 Td (may ) Tj ET Q q 0 0 0 rg BT 95.83 494.60 Td (put ) Tj ET Q q 0 0 0 rg BT 113.80 494.60 Td (the ) Tj ET Q q 0 0 0 rg BT 131.15 494.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 177.84 494.60 Td (in ) Tj ET Q q 0 0 0 rg BT 190.31 494.60 Td (a ) Tj ET Q q 0 0 0 rg BT 199.11 494.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 230.53 494.60 Td (negotiating ) Tj ET Q q 0 0 0 rg BT 283.93 494.60 Td (position ) Tj ET Q q 0 0 0 rg BT 323.30 494.60 Td (when ) Tj ET Q q 0 0 0 rg BT 351.04 494.60 Td (it ) Tj ET Q q 0 0 0 rg BT 361.07 494.60 Td (comes ) Tj ET Q q 0 0 0 rg BT 393.08 494.60 Td (time ) Tj ET Q q 0 0 0 rg BT 416.55 494.60 Td (to ) Tj ET Q q 0 0 0 rg BT 429.02 494.60 Td (re-contract ) Tj ET Q q 0 0 0 rg BT 480.57 494.60 Td (units. ) Tj ET Q q 0 0 0 rg BT 508.63 494.60 Td ( ) Tj ET Q q 0 0 0 rg BT 512.26 494.60 Td (W) Tj ET Q q 0 0 0 rg BT 522.20 494.60 Td (ith ) Tj ET Q q 0 0 0 rg BT 537.73 494.60 Td (an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 481.40 Td (orderbacklog ) Tj ET Q q 0 0 0 rg BT 110.66 481.40 Td (of ) Tj ET Q q 0 0 0 rg BT 122.96 481.40 Td (US$5.1 ) Tj ET Q q 0 0 0 rg BT 159.41 481.40 Td (billion, ) Tj ET Q q 0 0 0 rg BT 194.02 481.40 Td (a ) Tj ET Q q 0 0 0 rg BT 202.03 481.40 Td (new ) Tj ET Q q 0 0 0 rg BT 223.49 481.40 Td (fleet ) Tj ET Q q 0 0 0 rg BT 246.17 481.40 Td (and ) Tj ET Q q 0 0 0 rg BT 265.18 481.40 Td (solid ) Tj ET Q q 0 0 0 rg BT 289.71 481.40 Td (prospects ) Tj ET Q q 0 0 0 rg BT 334.39 481.40 Td (for ) Tj ET Q q 0 0 0 rg BT 350.35 481.40 Td (future ) Tj ET Q q 0 0 0 rg BT 379.75 481.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 414.05 481.40 Td (the ) Tj ET Q q 0 0 0 rg BT 430.62 481.40 Td (Board ) Tj ET Q q 0 0 0 rg BT 460.64 481.40 Td (looks ) Tj ET Q q 0 0 0 rg BT 487.61 481.40 Td (optimistically ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 468.20 Td (toward ) Tj ET Q q 0 0 0 rg BT 82.80 468.20 Td (the ) Tj ET Q q 0 0 0 rg BT 98.98 468.20 Td (future.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 422.60 Td (August ) Tj ET Q q 0 0 0 rg BT 84.03 422.60 Td (27, ) Tj ET Q q 0 0 0 rg BT 100.53 422.60 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 409.40 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 409.40 Td (Board ) Tj ET Q q 0 0 0 rg BT 98.98 409.40 Td (of ) Tj ET Q q 0 0 0 rg BT 110.90 409.40 Td (Directors) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 396.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.46 396.20 Td (Partners ) Tj ET Q q 0 0 0 rg BT 125.26 396.20 Td (LLC) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 383.00 Td (London, ) Tj ET Q q 0 0 0 rg BT 89.22 383.00 Td (UK.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 356.60 Td (Questions ) Tj ET Q q 0 0 0 rg BT 96.25 356.60 Td (should ) Tj ET Q q 0 0 0 rg BT 128.34 356.60 Td (be ) Tj ET Q q 0 0 0 rg BT 141.47 356.60 Td (directed ) Tj ET Q q 0 0 0 rg BT 179.64 356.60 Td (to:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 343.40 Td (Graham ) Tj ET Q q 0 0 0 rg BT 87.68 343.40 Td (Robjohns: ) Tj ET Q q 0 0 0 rg BT 135.66 343.40 Td (Chief ) Tj ET Q q 0 0 0 rg BT 162.85 343.40 Td (Executive ) Tj ET Q q 0 0 0 rg BT 209.57 343.40 Td (Of) Tj ET Q q 0 0 0 rg BT 220.98 343.40 Td (ficer) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 330.20 Td (Rune ) Tj ET Q q 0 0 0 rg BT 75.47 330.20 Td (Magnus ) Tj ET Q q 0 0 0 rg BT 113.66 330.20 Td (Lundetrae: ) Tj ET Q q 0 0 0 rg BT 164.05 330.20 Td (Chief ) Tj ET Q q 0 0 0 rg BT 191.24 330.20 Td (Financial ) Tj ET Q q 0 0 0 rg BT 234.93 330.20 Td (Of) Tj ET Q q 0 0 0 rg BT 246.33 330.20 Td (ficer) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 790.00 Td (FOR) Tj ET Q q 0 0 0 rg BT 72.33 790.00 Td (W) Tj ET Q q 0 0 0 rg BT 82.11 790.00 Td (ARD ) Tj ET Q q 0 0 0 rg BT 108.69 790.00 Td (LOOKING ) Tj ET Q q 0 0 0 rg BT 165.23 790.00 Td (ST) Tj ET Q q 0 0 0 rg BT 177.87 790.00 Td (A) Tj ET Q q 0 0 0 rg BT 185.00 790.00 Td (TEMENTS ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 769.30 Td (This ) Tj ET Q q 0 0 0 rg BT 71.67 769.30 Td (news ) Tj ET Q q 0 0 0 rg BT 96.89 769.30 Td (release ) Tj ET Q q 0 0 0 rg BT 130.03 769.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 169.30 769.30 Td (forward ) Tj ET Q q 0 0 0 rg BT 206.73 769.30 Td (looking ) Tj ET Q q 0 0 0 rg BT 242.96 769.30 Td (statements. ) Tj ET Q q 0 0 0 rg BT 294.75 769.30 Td (Such ) Tj ET Q q 0 0 0 rg BT 319.37 769.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 368.41 769.30 Td (are ) Tj ET Q q 0 0 0 rg BT 384.45 769.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 427.99 769.30 Td (not ) Tj ET Q q 0 0 0 rg BT 444.66 769.30 Td (historical ) Tj ET Q q 0 0 0 rg BT 488.21 769.30 Td (in ) Tj ET Q q 0 0 0 rg BT 499.38 769.30 Td (nature, ) Tj ET Q q 0 0 0 rg BT 532.22 769.30 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 756.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 102.49 756.10 Td (include ) Tj ET Q q 0 0 0 rg BT 137.16 756.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 185.89 756.10 Td (about ) Tj ET Q q 0 0 0 rg BT 212.63 756.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.36 756.10 Td (Company) Tj ET Q q 0 0 0 rg BT 274.19 756.10 Td (s ) Tj ET Q q 0 0 0 rg BT 280.77 756.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 309.03 756.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 355.62 756.10 Td (business ) Tj ET Q q 0 0 0 rg BT 395.19 756.10 Td (prospects, ) Tj ET Q q 0 0 0 rg BT 441.78 756.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 479.50 756.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.68 756.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 526.86 756.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.71 756.10 Td (its ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 742.90 Td (business ) Tj ET Q q 0 0 0 rg BT 89.72 742.90 Td (and ) Tj ET Q q 0 0 0 rg BT 108.55 742.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.93 742.90 Td (markets ) Tj ET Q q 0 0 0 rg BT 162.69 742.90 Td (in ) Tj ET Q q 0 0 0 rg BT 174.19 742.90 Td (which ) Tj ET Q q 0 0 0 rg BT 204.01 742.90 Td (it ) Tj ET Q q 0 0 0 rg BT 213.07 742.90 Td (operates. ) Tj ET Q q 0 0 0 rg BT 255.41 742.90 Td ( ) Tj ET Q q 0 0 0 rg BT 258.35 742.90 Td (In ) Tj ET Q q 0 0 0 rg BT 270.45 742.90 Td (particular) Tj ET Q q 0 0 0 rg BT 312.15 742.90 Td (, ) Tj ET Q q 0 0 0 rg BT 317.85 742.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 367.22 742.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 412.31 742.90 Td (the ) Tj ET Q q 0 0 0 rg BT 428.69 742.90 Td (Company) Tj ET Q q 0 0 0 rg BT 474.52 742.90 Td (s ) Tj ET Q q 0 0 0 rg BT 481.74 742.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 512.79 742.90 Td (to ) Tj ET Q q 0 0 0 rg BT 524.29 742.90 Td (make ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 729.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 73.00 729.70 Td (distributions, ) Tj ET Q q 0 0 0 rg BT 134.71 729.70 Td (the ) Tj ET Q q 0 0 0 rg BT 152.11 729.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 195.15 729.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 254.68 729.70 Td (of ) Tj ET Q q 0 0 0 rg BT 267.80 729.70 Td (the ) Tj ET Q q 0 0 0 rg BT 285.19 729.70 Td (drilling ) Tj ET Q q 0 0 0 rg BT 321.54 729.70 Td (rigs ) Tj ET Q q 0 0 0 rg BT 341.99 729.70 Td (in ) Tj ET Q q 0 0 0 rg BT 354.51 729.70 Td (the ) Tj ET Q q 0 0 0 rg BT 371.90 729.70 Td (Company) Tj ET Q q 0 0 0 rg BT 417.73 729.70 Td (s ) Tj ET Q q 0 0 0 rg BT 425.97 729.70 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 452.21 729.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 498.32 729.70 Td (duration ) Tj ET Q q 0 0 0 rg BT 538.94 729.70 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 716.50 Td (customer ) Tj ET Q q 0 0 0 rg BT 93.47 716.50 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 139.57 716.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 178.65 716.50 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 214.66 716.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 255.59 716.50 Td (and ) Tj ET Q q 0 0 0 rg BT 275.12 716.50 Td (the ) Tj ET Q q 0 0 0 rg BT 292.21 716.50 Td (Company) Tj ET Q q 0 0 0 rg BT 338.04 716.50 Td (s ) Tj ET Q q 0 0 0 rg BT 345.97 716.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 377.73 716.50 Td (to ) Tj ET Q q 0 0 0 rg BT 389.93 716.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 432.67 716.50 Td (drilling ) Tj ET Q q 0 0 0 rg BT 468.71 716.50 Td (rigs ) Tj ET Q q 0 0 0 rg BT 488.86 716.50 Td (from ) Tj ET Q q 0 0 0 rg BT 513.89 716.50 Td (Seadrill ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 703.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 90.22 703.30 Td (in ) Tj ET Q q 0 0 0 rg BT 104.67 703.30 Td (the ) Tj ET Q q 0 0 0 rg BT 124.00 703.30 Td (future ) Tj ET Q q 0 0 0 rg BT 156.15 703.30 Td (are ) Tj ET Q q 0 0 0 rg BT 175.47 703.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 229.01 703.30 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 307.00 703.30 Td (statements. ) Tj ET Q q 0 0 0 rg BT 361.65 703.30 Td (These ) Tj ET Q q 0 0 0 rg BT 393.80 703.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 446.13 703.30 Td (are ) Tj ET Q q 0 0 0 rg BT 465.45 703.30 Td (made ) Tj ET Q q 0 0 0 rg BT 495.16 703.30 Td (based ) Tj ET Q q 0 0 0 rg BT 526.10 703.30 Td (upon ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 690.10 Td (management) Tj ET Q q 0 0 0 rg BT 108.75 690.10 Td (s ) Tj ET Q q 0 0 0 rg BT 114.47 690.10 Td (current ) Tj ET Q q 0 0 0 rg BT 147.05 690.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 174.45 690.10 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 233.61 690.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 289.44 690.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.75 690.10 Td (beliefs ) Tj ET Q q 0 0 0 rg BT 337.50 690.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 387.80 690.10 Td (future ) Tj ET Q q 0 0 0 rg BT 415.50 690.10 Td (events ) Tj ET Q q 0 0 0 rg BT 445.03 690.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 490.46 690.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.33 690.10 Td (Company ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 676.90 Td (and ) Tj ET Q q 0 0 0 rg BT 69.09 676.90 Td (therefore ) Tj ET Q q 0 0 0 rg BT 112.48 676.90 Td (involve ) Tj ET Q q 0 0 0 rg BT 149.18 676.90 Td (a ) Tj ET Q q 0 0 0 rg BT 157.77 676.90 Td (number ) Tj ET Q q 0 0 0 rg BT 195.07 676.90 Td (of ) Tj ET Q q 0 0 0 rg BT 207.94 676.90 Td (risks, ) Tj ET Q q 0 0 0 rg BT 235.17 676.90 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 295.07 676.90 Td (and ) Tj ET Q q 0 0 0 rg BT 314.66 676.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 372.76 676.90 Td (that ) Tj ET Q q 0 0 0 rg BT 392.95 676.90 Td (could ) Tj ET Q q 0 0 0 rg BT 421.10 676.90 Td (cause ) Tj ET Q q 0 0 0 rg BT 449.23 676.90 Td (actual ) Tj ET Q q 0 0 0 rg BT 479.19 676.90 Td (results ) Tj ET Q q 0 0 0 rg BT 511.61 676.90 Td (to ) Tj ET Q q 0 0 0 rg BT 523.87 676.90 Td (dif) Tj ET Q q 0 0 0 rg BT 535.89 676.90 Td (fer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 663.70 Td (materially ) Tj ET Q q 0 0 0 rg BT 96.99 663.70 Td (from ) Tj ET Q q 0 0 0 rg BT 121.27 663.70 Td (those ) Tj ET Q q 0 0 0 rg BT 147.39 663.70 Td (expressed ) Tj ET Q q 0 0 0 rg BT 193.66 663.70 Td (or ) Tj ET Q q 0 0 0 rg BT 205.72 663.70 Td (implied ) Tj ET Q q 0 0 0 rg BT 242.22 663.70 Td (in ) Tj ET Q q 0 0 0 rg BT 253.68 663.70 Td (the ) Tj ET Q q 0 0 0 rg BT 270.01 663.70 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 345.00 663.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 397.08 663.70 Td (which ) Tj ET Q q 0 0 0 rg BT 426.86 663.70 Td (speak ) Tj ET Q q 0 0 0 rg BT 454.81 663.70 Td (only ) Tj ET Q q 0 0 0 rg BT 477.26 663.70 Td (as ) Tj ET Q q 0 0 0 rg BT 489.32 663.70 Td (of ) Tj ET Q q 0 0 0 rg BT 501.38 663.70 Td (the ) Tj ET Q q 0 0 0 rg BT 517.72 663.70 Td (date ) Tj ET Q q 0 0 0 rg BT 538.94 663.70 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 650.50 Td (this ) Tj ET Q q 0 0 0 rg BT 68.38 650.50 Td (news ) Tj ET Q q 0 0 0 rg BT 93.97 650.50 Td (release. ) Tj ET Q q 0 0 0 rg BT 130.23 650.50 Td (Important ) Tj ET Q q 0 0 0 rg BT 176.59 650.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 209.50 650.50 Td (that ) Tj ET Q q 0 0 0 rg BT 228.98 650.50 Td (could ) Tj ET Q q 0 0 0 rg BT 256.40 650.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 283.82 650.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 313.06 650.50 Td (results ) Tj ET Q q 0 0 0 rg BT 344.76 650.50 Td (to ) Tj ET Q q 0 0 0 rg BT 356.30 650.50 Td (dif) Tj ET Q q 0 0 0 rg BT 368.32 650.50 Td (fer ) Tj ET Q q 0 0 0 rg BT 383.52 650.50 Td (materially ) Tj ET Q q 0 0 0 rg BT 431.09 650.50 Td (from ) Tj ET Q q 0 0 0 rg BT 455.46 650.50 Td (those ) Tj ET Q q 0 0 0 rg BT 481.66 650.50 Td (in ) Tj ET Q q 0 0 0 rg BT 493.20 650.50 Td (the ) Tj ET Q q 0 0 0 rg BT 509.62 650.50 Td (forward-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 637.30 Td (looking ) Tj ET Q q 0 0 0 rg BT 85.53 637.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 134.37 637.30 Td (include, ) Tj ET Q q 0 0 0 rg BT 171.92 637.30 Td (but ) Tj ET Q q 0 0 0 rg BT 188.39 637.30 Td (are ) Tj ET Q q 0 0 0 rg BT 204.23 637.30 Td (not ) Tj ET Q q 0 0 0 rg BT 220.70 637.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 254.28 637.30 Td (to ) Tj ET Q q 0 0 0 rg BT 265.25 637.30 Td (the ) Tj ET Q q 0 0 0 rg BT 281.10 637.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 339.09 637.30 Td (of ) Tj ET Q q 0 0 0 rg BT 350.67 637.30 Td (the ) Tj ET Q q 0 0 0 rg BT 366.52 637.30 Td (drilling ) Tj ET Q q 0 0 0 rg BT 401.32 637.30 Td (rigs ) Tj ET Q q 0 0 0 rg BT 420.24 637.30 Td (in ) Tj ET Q q 0 0 0 rg BT 431.21 637.30 Td (the ) Tj ET Q q 0 0 0 rg BT 447.06 637.30 Td (Company) Tj ET Q q 0 0 0 rg BT 492.89 637.30 Td (s ) Tj ET Q q 0 0 0 rg BT 499.59 637.30 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 524.29 637.30 Td (delay ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 62.09 624.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 104.01 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.21 624.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 157.30 624.10 Td (with ) Tj ET Q q 0 0 0 rg BT 180.89 624.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 232.28 624.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 288.25 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.84 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.32 624.10 Td (international ) Tj ET Q q 0 0 0 rg BT 377.94 624.10 Td (price ) Tj ET Q q 0 0 0 rg BT 403.97 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.17 624.10 Td (oil, ) Tj ET Q q 0 0 0 rg BT 435.56 624.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 475.03 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.62 624.10 Td (governmental ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 610.90 Td (regulations ) Tj ET Q q 0 0 0 rg BT 100.64 610.90 Td (that ) Tj ET Q q 0 0 0 rg BT 119.40 610.90 Td (af) Tj ET Q q 0 0 0 rg BT 127.75 610.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 146.50 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 162.20 610.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 207.24 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 218.67 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 234.37 610.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 282.46 610.90 Td (of ) Tj ET Q q 0 0 0 rg BT 293.89 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 309.59 610.90 Td (Company) Tj ET Q q 0 0 0 rg BT 355.42 610.90 Td (s ) Tj ET Q q 0 0 0 rg BT 361.97 610.90 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 386.52 610.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 430.32 610.90 Td (competition ) Tj ET Q q 0 0 0 rg BT 485.13 610.90 Td (in ) Tj ET Q q 0 0 0 rg BT 495.95 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 511.65 610.90 Td (of) Tj ET Q q 0 0 0 rg BT 520.62 610.90 Td (fshore ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 597.70 Td (drilling ) Tj ET Q q 0 0 0 rg BT 85.67 597.70 Td (industry) Tj ET Q q 0 0 0 rg BT 121.02 597.70 Td (, ) Tj ET Q q 0 0 0 rg BT 127.55 597.70 Td (and ) Tj ET Q q 0 0 0 rg BT 147.22 597.70 Td (general ) Tj ET Q q 0 0 0 rg BT 183.37 597.70 Td (economic, ) Tj ET Q q 0 0 0 rg BT 232.67 597.70 Td (political ) Tj ET Q q 0 0 0 rg BT 272.50 597.70 Td (and ) Tj ET Q q 0 0 0 rg BT 292.17 597.70 Td (business ) Tj ET Q q 0 0 0 rg BT 333.24 597.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 382.86 597.70 Td (globally) Tj ET Q q 0 0 0 rg BT 418.19 597.70 Td (. ) Tj ET Q q 0 0 0 rg BT 424.73 597.70 Td ( ) Tj ET Q q 0 0 0 rg BT 428.52 597.70 Td (Consequently) Tj ET Q q 0 0 0 rg BT 488.30 597.70 Td (, ) Tj ET Q q 0 0 0 rg BT 494.83 597.70 Td (no ) Tj ET Q q 0 0 0 rg BT 509.62 597.70 Td (forward-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 584.50 Td (looking ) Tj ET Q q 0 0 0 rg BT 86.67 584.50 Td (statement ) Tj ET Q q 0 0 0 rg BT 132.38 584.50 Td (can ) Tj ET Q q 0 0 0 rg BT 151.21 584.50 Td (be ) Tj ET Q q 0 0 0 rg BT 165.15 584.50 Td (guaranteed. ) Tj ET Q q 0 0 0 rg BT 219.71 584.50 Td ( ) Tj ET Q q 0 0 0 rg BT 223.01 584.50 Td (When ) Tj ET Q q 0 0 0 rg BT 252.83 584.50 Td (considering ) Tj ET Q q 0 0 0 rg BT 307.71 584.50 Td (these ) Tj ET Q q 0 0 0 rg BT 333.88 584.50 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 409.53 584.50 Td (statements, ) Tj ET Q q 0 0 0 rg BT 462.27 584.50 Td (you ) Tj ET Q q 0 0 0 rg BT 482.33 584.50 Td (should ) Tj ET Q q 0 0 0 rg BT 515.23 584.50 Td (keep ) Tj ET Q q 0 0 0 rg BT 539.55 584.50 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 571.30 Td (mind ) Tj ET Q q 0 0 0 rg BT 75.07 571.30 Td (the ) Tj ET Q q 0 0 0 rg BT 91.46 571.30 Td (risks ) Tj ET Q q 0 0 0 rg BT 115.19 571.30 Td (described ) Tj ET Q q 0 0 0 rg BT 160.29 571.30 Td (from ) Tj ET Q q 0 0 0 rg BT 184.63 571.30 Td (time ) Tj ET Q q 0 0 0 rg BT 207.14 571.30 Td (to ) Tj ET Q q 0 0 0 rg BT 218.65 571.30 Td (time ) Tj ET Q q 0 0 0 rg BT 241.15 571.30 Td (in ) Tj ET Q q 0 0 0 rg BT 252.66 571.30 Td (the ) Tj ET Q q 0 0 0 rg BT 269.05 571.30 Td (Company) Tj ET Q q 0 0 0 rg BT 314.89 571.30 Td (s ) Tj ET Q q 0 0 0 rg BT 322.12 571.30 Td (filings ) Tj ET Q q 0 0 0 rg BT 353.19 571.30 Td (with ) Tj ET Q q 0 0 0 rg BT 375.70 571.30 Td (the ) Tj ET Q q 0 0 0 rg BT 392.09 571.30 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 417.97 571.30 Td ( ) Tj ET Q q 0 0 0 rg BT 420.71 571.30 Td (The ) Tj ET Q q 0 0 0 rg BT 440.76 571.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 486.49 571.30 Td (undertakes ) Tj ET Q q 0 0 0 rg BT 537.09 571.30 Td (no ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 558.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 96.41 558.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.28 558.10 Td (update ) Tj ET Q q 0 0 0 rg BT 138.91 558.10 Td (any ) Tj ET Q q 0 0 0 rg BT 157.09 558.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 194.22 558.10 Td (looking ) Tj ET Q q 0 0 0 rg BT 230.14 558.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 278.88 558.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.74 558.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 320.13 558.10 Td (events ) Tj ET Q q 0 0 0 rg BT 350.54 558.10 Td (or ) Tj ET Q q 0 0 0 rg BT 362.01 558.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 426.62 558.10 Td (after ) Tj ET Q q 0 0 0 rg BT 449.08 558.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.82 558.10 Td (date ) Tj ET Q q 0 0 0 rg BT 485.45 558.10 Td (on ) Tj ET Q q 0 0 0 rg BT 498.76 558.10 Td (which ) Tj ET Q q 0 0 0 rg BT 527.95 558.10 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 544.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 94.32 544.90 Td (is ) Tj ET Q q 0 0 0 rg BT 104.32 544.90 Td (made ) Tj ET Q q 0 0 0 rg BT 130.81 544.90 Td (or ) Tj ET Q q 0 0 0 rg BT 142.64 544.90 Td (to ) Tj ET Q q 0 0 0 rg BT 153.86 544.90 Td (reflect ) Tj ET Q q 0 0 0 rg BT 184.62 544.90 Td (the ) Tj ET Q q 0 0 0 rg BT 200.72 544.90 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 251.63 544.90 Td (of ) Tj ET Q q 0 0 0 rg BT 263.46 544.90 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 325.38 544.90 Td (events. ) Tj ET Q q 0 0 0 rg BT 358.90 544.90 Td (New ) Tj ET Q q 0 0 0 rg BT 382.33 544.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 414.93 544.90 Td (emer) Tj ET Q q 0 0 0 rg BT 436.71 544.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 449.76 544.90 Td (from ) Tj ET Q q 0 0 0 rg BT 473.81 544.90 Td (time ) Tj ET Q q 0 0 0 rg BT 496.03 544.90 Td (to ) Tj ET Q q 0 0 0 rg BT 507.25 544.90 Td (time, ) Tj ET Q q 0 0 0 rg BT 532.22 544.90 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 531.70 Td (it ) Tj ET Q q 0 0 0 rg BT 58.37 531.70 Td (is ) Tj ET Q q 0 0 0 rg BT 68.47 531.70 Td (not ) Tj ET Q q 0 0 0 rg BT 85.28 531.70 Td (possible ) Tj ET Q q 0 0 0 rg BT 124.10 531.70 Td (for ) Tj ET Q q 0 0 0 rg BT 139.68 531.70 Td (us ) Tj ET Q q 0 0 0 rg BT 152.22 531.70 Td (to ) Tj ET Q q 0 0 0 rg BT 163.54 531.70 Td (predict ) Tj ET Q q 0 0 0 rg BT 196.84 531.70 Td (all ) Tj ET Q q 0 0 0 rg BT 210.59 531.70 Td (of ) Tj ET Q q 0 0 0 rg BT 222.52 531.70 Td (these ) Tj ET Q q 0 0 0 rg BT 247.88 531.70 Td (factors. ) Tj ET Q q 0 0 0 rg BT 283.31 531.70 Td (Further) Tj ET Q q 0 0 0 rg BT 315.25 531.70 Td (, ) Tj ET Q q 0 0 0 rg BT 320.76 531.70 Td (the ) Tj ET Q q 0 0 0 rg BT 336.96 531.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 382.50 531.70 Td (cannot ) Tj ET Q q 0 0 0 rg BT 414.58 531.70 Td (assess ) Tj ET Q q 0 0 0 rg BT 444.22 531.70 Td (the ) Tj ET Q q 0 0 0 rg BT 460.42 531.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 493.11 531.70 Td (of ) Tj ET Q q 0 0 0 rg BT 505.04 531.70 Td (each ) Tj ET Q q 0 0 0 rg BT 527.94 531.70 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 518.50 Td (factor ) Tj ET Q q 0 0 0 rg BT 78.26 518.50 Td (on ) Tj ET Q q 0 0 0 rg BT 92.37 518.50 Td (its ) Tj ET Q q 0 0 0 rg BT 105.88 518.50 Td (business ) Tj ET Q q 0 0 0 rg BT 146.27 518.50 Td (or ) Tj ET Q q 0 0 0 rg BT 158.55 518.50 Td (the ) Tj ET Q q 0 0 0 rg BT 175.10 518.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 205.09 518.50 Td (to ) Tj ET Q q 0 0 0 rg BT 216.76 518.50 Td (which ) Tj ET Q q 0 0 0 rg BT 246.75 518.50 Td (any ) Tj ET Q q 0 0 0 rg BT 265.75 518.50 Td (factor) Tj ET Q q 0 0 0 rg BT 290.95 518.50 Td (, ) Tj ET Q q 0 0 0 rg BT 296.82 518.50 Td (or ) Tj ET Q q 0 0 0 rg BT 309.09 518.50 Td (combination ) Tj ET Q q 0 0 0 rg BT 367.20 518.50 Td (of ) Tj ET Q q 0 0 0 rg BT 379.47 518.50 Td (factors, ) Tj ET Q q 0 0 0 rg BT 415.26 518.50 Td (may ) Tj ET Q q 0 0 0 rg BT 437.31 518.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 464.85 518.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 494.23 518.50 Td (results ) Tj ET Q q 0 0 0 rg BT 526.06 518.50 Td (to ) Tj ET Q q 0 0 0 rg BT 537.73 518.50 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 505.30 Td (materially ) Tj ET Q q 0 0 0 rg BT 96.84 505.30 Td (dif) Tj ET Q q 0 0 0 rg BT 108.86 505.30 Td (ferent ) Tj ET Q q 0 0 0 rg BT 137.26 505.30 Td (from ) Tj ET Q q 0 0 0 rg BT 161.39 505.30 Td (those ) Tj ET Q q 0 0 0 rg BT 187.36 505.30 Td (contained ) Tj ET Q q 0 0 0 rg BT 232.87 505.30 Td (in ) Tj ET Q q 0 0 0 rg BT 244.18 505.30 Td (any ) Tj ET Q q 0 0 0 rg BT 262.81 505.30 Td (forward ) Tj ET Q q 0 0 0 rg BT 300.37 505.30 Td (looking ) Tj ET Q q 0 0 0 rg BT 336.74 505.30 Td (statement.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.80 790.50 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 780 m 327.3 780 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 780 m 380.3 780 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 780 m 434.3 780 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 780 m 494.3 780 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 780 m 547.3 780 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 756 m 327.3 756 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 756 m 380.3 756 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 756 m 434.3 756 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 756 m 494.3 756 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 756 m 547.3 756 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 707 m 327.3 707 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 707 m 380.3 707 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 707 m 434.3 707 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 707 m 494.3 707 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 707 m 547.3 707 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 648 m 273.3 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 634 m 273.3 634 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 648 m 327.3 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 634 m 327.3 634 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 648 m 380.3 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 634 m 380.3 634 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 648 m 434.3 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 634 m 434.3 634 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 648 m 441.3 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 634 m 441.3 634 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 648 m 494.3 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 634 m 494.3 634 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 648 m 547.3 648 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 634 m 547.3 634 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 556 m 273.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 542 m 273.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 556 m 327.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 542 m 327.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 556 m 380.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 542 m 380.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 556 m 434.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 542 m 434.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 556 m 441.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 542 m 441.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 556 m 494.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 542 m 494.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 556 m 547.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 542 m 547.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 537 m 273.3 537 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 523 m 273.3 523 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 537 m 327.3 537 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 523 m 327.3 523 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 537 m 380.3 537 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 523 m 380.3 523 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 537 m 434.3 537 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 523 m 434.3 523 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 537 m 441.3 537 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 523 m 441.3 523 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 537 m 494.3 537 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 523 m 494.3 523 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 537 m 547.3 537 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 523 m 547.3 523 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 445 m 273.3 445 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 431 m 273.3 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 445 m 327.3 445 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 431 m 327.3 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 445 m 380.3 445 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 431 m 380.3 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 445 m 434.3 445 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 431 m 434.3 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 445 m 441.3 445 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 431 m 441.3 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 445 m 494.3 445 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 431 m 494.3 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 445 m 547.3 445 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 431 m 547.3 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 427 m 273.3 427 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 413 m 273.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 427 m 327.3 427 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 413 m 327.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 427 m 380.3 427 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 413 m 380.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 427 m 434.3 427 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 413 m 434.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 427 m 441.3 427 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 413 m 441.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 427 m 494.3 427 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 413 m 494.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 427 m 547.3 427 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 413 m 547.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 394 m 273.3 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 380 m 273.3 380 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 394 m 327.3 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.3 380 m 327.3 380 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 394 m 380.3 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.3 380 m 380.3 380 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 394 m 434.3 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.3 380 m 434.3 380 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 394 m 441.3 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 380 m 441.3 380 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 394 m 494.3 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.3 380 m 494.3 380 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 394 m 547.3 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.3 380 m 547.3 380 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 770.68 Td (CONSOLIDATED AND COMBINED CARVE-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 760.68 Td (OUT STATEMENTS OF OPERATIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.45 765.73 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.00 760.68 Td (Six months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.80 726.71 Td (\(US$ millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.20 736.68 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.80 726.68 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.70 736.67 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.80 726.67 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.45 736.67 Td (June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.80 726.67 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.20 736.68 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 726.68 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.45 736.67 Td (June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 726.67 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 278.10 711.68 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.15 711.71 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.65 711.71 Td (Unaudited) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 445.60 711.68 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.15 711.71 Td (Unaudited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 697.68 Td (Operating revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 682.67 Td (Contract revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.80 682.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.95 682.68 Td (339.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.80 682.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.95 682.68 Td (260.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.80 682.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.95 682.68 Td (257.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 682.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.95 682.68 Td (600.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.80 682.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 682.68 Td (502.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 667.67 Td (Reimbursable revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.95 667.67 Td (6.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 667.67 Td (14.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.95 667.67 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.95 667.67 Td (21.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 667.67 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 652.67 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.45 652.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.45 652.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.95 652.67 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.45 652.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 652.67 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 638.68 Td (Total operating revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.95 638.68 Td (346.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.95 638.68 Td (275.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.95 638.68 Td (261.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.95 638.68 Td (621.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 638.68 Td (515.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 620.68 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 605.67 Td (Vessel and rig operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.95 605.67 Td (107.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 605.67 Td (84.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.95 605.67 Td (88.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.95 605.67 Td (192.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 605.67 Td (182.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 590.67 Td (Reimbursable expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.95 590.67 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 590.67 Td (14.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.95 590.67 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.95 590.67 Td (20.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 590.67 Td (7.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 575.67 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.95 575.67 Td (54.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 575.67 Td (39.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.95 575.67 Td (33.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.95 575.67 Td (94.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 575.67 Td (68.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 560.67 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.95 560.67 Td (8.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 560.67 Td (13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.95 560.67 Td (12.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.95 560.67 Td (22.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 560.67 Td (22.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 546.68 Td (Total operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.95 546.68 Td (177.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.95 546.68 Td (151.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.95 546.68 Td (137.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.95 546.68 Td (329.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 546.68 Td (280.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 527.68 Td (Operating income) Tj ET Q 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10.00 Tf ET q 0 0 0 rg BT 520.95 657.58 Td (568.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 627.58 Td (Non-current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 612.57 Td (Drilling units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.45 612.57 Td (4,452.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.45 612.57 Td (3,448.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 597.57 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 597.57 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 597.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 582.57 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 582.57 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 582.57 Td (9.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 567.57 Td (Other non-current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 567.57 Td (242.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 567.57 Td (46.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 552.58 Td (Total non-current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 552.58 Td (4,702.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 552.58 Td (3,504.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 537.58 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 537.58 Td (5,637.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 537.58 Td (4,072.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 507.58 Td (LIABILITIES AND MEMBERS CAPITAL) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 492.58 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 477.57 Td (Current portion of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 477.57 Td (29.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 477.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 462.57 Td (Current portion of long-term related party payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 462.57 Td (102.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 462.57 Td (108.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 447.57 Td (Related party revolving credit facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.45 447.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 447.57 Td (125.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 432.57 Td (Trade accounts payable and accruals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 432.57 Td (62.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 432.57 Td (80.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 417.57 Td (Other related party payables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 417.57 Td (158.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 417.57 Td (292.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 402.57 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 402.57 Td (70.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 402.57 Td (47.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 387.58 Td (Total current liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.95 387.58 Td (422.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 387.58 Td (654.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 357.58 Td (Non-current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 342.57 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.45 342.57 Td (2,859.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 342.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 327.57 Td (Long-term related party payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 327.57 Td (258.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.45 327.57 Td (1,826.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 312.57 Td (Related party loan notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.45 312.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 312.57 Td (299.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 297.57 Td (Other non-current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 297.57 Td (31.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 297.57 Td (37.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 283.58 Td (Total non-current liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 283.58 Td (3,148.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 283.58 Td (2,163.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 254.58 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 254.58 Td (3,571.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 254.58 Td (2,818) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 226.58 Td (Total equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 226.58 Td (2,066.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 226.58 Td (1,254.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 212.58 Td (Total liabilities and equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 212.58 Td (5,637.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 212.58 Td (4,072.6) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 770.80 Td (APPENDIX ) Tj ET Q q 0 0 0 rg BT 108.47 770.80 Td (A) Tj ET Q q 0 0 0 rg BT 115.81 770.80 Td ( ) Tj ET Q q 0 0 0 rg BT 118.56 770.80 Td (- ) Tj ET Q q 0 0 0 rg BT 124.97 770.80 Td (RECONCILIA) Tj ET Q q 0 0 0 rg BT 195.67 770.80 Td (TION ) Tj ET Q q 0 0 0 rg BT 226.54 770.80 Td (OF) Tj ET Q q 0 0 0 rg BT 241.40 770.80 Td ( ) Tj ET Q q 0 0 0 rg BT 244.15 770.80 Td (NON-GAAP) Tj ET Q q 0 0 0 rg BT 302.82 770.80 Td ( ) Tj ET Q q 0 0 0 rg BT 305.57 770.80 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.30 770.80 Td ( ) Tj ET Q q 0 0 0 rg BT 370.05 770.80 Td (MEASURE) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 751.60 Td (Distributable ) Tj ET Q q 0 0 0 rg BT 114.59 751.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 141.18 751.60 Td (Flow ) Tj ET Q q 0 0 0 rg BT 167.15 751.60 Td (\(DCF\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 732.40 Td (Distributable ) Tj ET Q q 0 0 0 rg BT 110.63 732.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.88 732.40 Td (flow ) Tj ET Q q 0 0 0 rg BT 157.74 732.40 Td (represents ) Tj ET Q q 0 0 0 rg BT 206.03 732.40 Td (net ) Tj ET Q q 0 0 0 rg BT 223.16 732.40 Td (income ) Tj ET Q q 0 0 0 rg BT 259.24 732.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 299.59 732.40 Td (for ) Tj ET Q q 0 0 0 rg BT 316.12 732.40 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 374.18 732.40 Td (and ) Tj ET Q q 0 0 0 rg BT 393.76 732.40 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 455.80 732.40 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 505.30 732.40 Td (gains ) Tj ET Q q 0 0 0 rg BT 532.22 732.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 719.20 Td (losses ) Tj ET Q q 0 0 0 rg BT 80.11 719.20 Td (from ) Tj ET Q q 0 0 0 rg BT 105.83 719.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 154.13 719.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.94 719.20 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 255.36 719.20 Td ( ) Tj ET Q q 0 0 0 rg BT 259.69 719.20 Td (unrealised ) Tj ET Q q 0 0 0 rg BT 309.22 719.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 345.32 719.20 Td (exchange ) Tj ET Q q 0 0 0 rg BT 391.18 719.20 Td (gains ) Tj ET Q q 0 0 0 rg BT 418.73 719.20 Td (and ) Tj ET Q q 0 0 0 rg BT 438.94 719.20 Td (losses, ) Tj ET Q q 0 0 0 rg BT 472.30 719.20 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 532.21 719.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 706.00 Td (replacement ) Tj ET Q q 0 0 0 rg BT 108.53 706.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 143.12 706.00 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 204.61 706.00 Td (and ) Tj ET Q q 0 0 0 rg BT 225.77 706.00 Td (other ) Tj ET Q q 0 0 0 rg BT 253.66 706.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.49 706.00 Td (and ) Tj ET Q q 0 0 0 rg BT 299.65 706.00 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 344.64 706.00 Td (items. ) Tj ET Q q 0 0 0 rg BT 376.51 706.00 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 438.60 706.00 Td (and ) Tj ET Q q 0 0 0 rg BT 459.76 706.00 Td (replacement ) Tj ET Q q 0 0 0 rg BT 518.79 706.00 Td (capital ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 692.80 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 111.11 692.80 Td (including ) Tj ET Q q 0 0 0 rg BT 155.32 692.80 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 209.90 692.80 Td (on ) Tj ET Q q 0 0 0 rg BT 223.56 692.80 Td (classification, ) Tj ET Q q 0 0 0 rg BT 287.00 692.80 Td (represent ) Tj ET Q q 0 0 0 rg BT 329.96 692.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 361.94 692.80 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 420.80 692.80 Td (required ) Tj ET Q q 0 0 0 rg BT 460.10 692.80 Td (to ) Tj ET Q q 0 0 0 rg BT 471.31 692.80 Td (maintain ) Tj ET Q q 0 0 0 rg BT 512.46 692.80 Td (over ) Tj ET Q q 0 0 0 rg BT 534.66 692.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 679.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 95.63 679.60 Td (the ) Tj ET Q q 0 0 0 rg BT 111.82 679.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 156.11 679.60 Td (capacity ) Tj ET Q q 0 0 0 rg BT 195.50 679.60 Td (of ) Tj ET Q q 0 0 0 rg BT 207.41 679.60 Td (or ) Tj ET Q q 0 0 0 rg BT 219.32 679.60 Td (the ) Tj ET Q q 0 0 0 rg BT 235.51 679.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 273.07 679.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 318.57 679.60 Td (by ) Tj ET Q q 0 0 0 rg BT 332.32 679.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 369.28 679.60 Td (Partners) Tj ET Q q 0 0 0 rg BT 408.18 679.60 Td ( ) Tj ET Q q 0 0 0 rg BT 410.93 679.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 442.99 679.60 Td (assets. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 660.40 Td (Distributable ) Tj ET Q q 0 0 0 rg BT 110.69 660.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.98 660.40 Td (flow ) Tj ET Q q 0 0 0 rg BT 157.90 660.40 Td (is ) Tj ET Q q 0 0 0 rg BT 168.99 660.40 Td (a ) Tj ET Q q 0 0 0 rg BT 177.62 660.40 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 233.30 660.40 Td (standard ) Tj ET Q q 0 0 0 rg BT 274.32 660.40 Td (used ) Tj ET Q q 0 0 0 rg BT 298.23 660.40 Td (by ) Tj ET Q q 0 0 0 rg BT 312.98 660.40 Td (investors ) Tj ET Q q 0 0 0 rg BT 356.46 660.40 Td (in ) Tj ET Q q 0 0 0 rg BT 368.76 660.40 Td (publicly ) Tj ET Q q 0 0 0 rg BT 408.57 660.40 Td (traded ) Tj ET Q q 0 0 0 rg BT 439.80 660.40 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 497.32 660.40 Td (and ) Tj ET Q q 0 0 0 rg BT 516.95 660.40 Td (limited ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 647.20 Td (liability ) Tj ET Q q 0 0 0 rg BT 86.64 647.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 136.60 647.20 Td (to ) Tj ET Q q 0 0 0 rg BT 148.08 647.20 Td (assist ) Tj ET Q q 0 0 0 rg BT 174.83 647.20 Td (in ) Tj ET Q q 0 0 0 rg BT 186.31 647.20 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 235.05 647.20 Td (such ) Tj ET Q q 0 0 0 rg BT 258.13 647.20 Td (entities) Tj ET Q q 0 0 0 rg BT 292.75 647.20 Td ( ) Tj ET Q q 0 0 0 rg BT 295.67 647.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 326.69 647.20 Td (to ) Tj ET Q q 0 0 0 rg BT 338.17 647.20 Td (make ) Tj ET Q q 0 0 0 rg BT 364.91 647.20 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 407.54 647.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 430.00 647.20 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 490.68 647.20 Td (Distributable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 634.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 72.16 634.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 95.44 634.00 Td (is ) Tj ET Q q 0 0 0 rg BT 105.89 634.00 Td (a ) Tj ET Q q 0 0 0 rg BT 113.88 634.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 163.59 634.00 Td ( ) Tj ET Q q 0 0 0 rg BT 166.70 634.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.29 634.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 248.05 634.00 Td (and ) Tj ET Q q 0 0 0 rg BT 267.05 634.00 Td (should ) Tj ET Q q 0 0 0 rg BT 299.50 634.00 Td (not ) Tj ET Q q 0 0 0 rg BT 316.67 634.00 Td (be ) Tj ET Q q 0 0 0 rg BT 330.17 634.00 Td (considered ) Tj ET Q q 0 0 0 rg BT 380.93 634.00 Td (as ) Tj ET Q q 0 0 0 rg BT 393.20 634.00 Td (an ) Tj ET Q q 0 0 0 rg BT 406.70 634.00 Td (alternative ) Tj ET Q q 0 0 0 rg BT 456.23 634.00 Td (to ) Tj ET Q q 0 0 0 rg BT 467.90 634.00 Td (net ) Tj ET Q q 0 0 0 rg BT 484.45 634.00 Td (income ) Tj ET Q q 0 0 0 rg BT 519.94 634.00 Td (or ) Tj ET Q q 0 0 0 rg BT 532.22 634.00 Td (any ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 620.80 Td (other ) Tj ET Q q 0 0 0 rg BT 74.61 620.80 Td (indicator ) Tj ET Q q 0 0 0 rg BT 116.21 620.80 Td (of ) Tj ET Q q 0 0 0 rg BT 127.87 620.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 164.59 620.80 Td (Partner) Tj ET Q q 0 0 0 rg BT 196.77 620.80 Td () Tj ET Q q 0 0 0 rg BT 199.82 620.80 Td (s ) Tj ET Q q 0 0 0 rg BT 206.61 620.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 264.69 620.80 Td (calculated ) Tj ET Q q 0 0 0 rg BT 311.77 620.80 Td (in ) Tj ET Q q 0 0 0 rg BT 322.83 620.80 Td (accordance ) Tj ET Q q 0 0 0 rg BT 374.79 620.80 Td (with ) Tj ET Q q 0 0 0 rg BT 396.85 620.80 Td (GAAP) Tj ET Q q 0 0 0 rg BT 425.58 620.80 Td (. ) Tj ET Q q 0 0 0 rg BT 430.66 620.80 Td (The ) Tj ET Q q 0 0 0 rg BT 450.26 620.80 Td (table ) Tj ET Q q 0 0 0 rg BT 474.14 620.80 Td (below ) Tj ET Q q 0 0 0 rg BT 503.53 620.80 Td (reconciles ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 607.60 Td (distributable ) Tj ET Q q 0 0 0 rg BT 107.24 607.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 129.53 607.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 152.45 607.60 Td (to ) Tj ET Q q 0 0 0 rg BT 163.75 607.60 Td (net ) Tj ET Q q 0 0 0 rg BT 179.94 607.60 Td (income, ) Tj ET Q q 0 0 0 rg BT 217.82 607.60 Td (the ) Tj ET Q q 0 0 0 rg BT 234.01 607.60 Td (most ) Tj ET Q q 0 0 0 rg BT 258.15 607.60 Td (directly ) Tj ET Q q 0 0 0 rg BT 294.50 607.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 348.55 607.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 378.09 607.60 Td ( ) Tj ET Q q 0 0 0 rg BT 380.84 607.60 Td (measure.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 588.40 Td (For ) Tj ET Q q 0 0 0 rg BT 66.96 588.40 Td (accounting ) Tj ET Q q 0 0 0 rg BT 117.40 588.40 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 161.44 588.40 Td (in ) Tj ET Q q 0 0 0 rg BT 172.18 588.40 Td (accordance ) Tj ET Q q 0 0 0 rg BT 223.82 588.40 Td (with ) Tj ET Q q 0 0 0 rg BT 245.56 588.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 267.30 588.40 Td (GAAP) Tj ET Q q 0 0 0 rg BT 296.03 588.40 Td (, ) Tj ET Q q 0 0 0 rg BT 300.96 588.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 337.36 588.40 Td (Partners ) Tj ET Q q 0 0 0 rg BT 375.59 588.40 Td (is ) Tj ET Q q 0 0 0 rg BT 385.11 588.40 Td (required ) Tj ET Q q 0 0 0 rg BT 423.94 588.40 Td (to ) Tj ET Q q 0 0 0 rg BT 434.67 588.40 Td (recognize ) Tj ET Q q 0 0 0 rg BT 479.61 588.40 Td (in ) Tj ET Q q 0 0 0 rg BT 490.34 588.40 Td (the ) Tj ET Q q 0 0 0 rg BT 505.96 588.40 Td (statement ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 575.20 Td (of ) Tj ET Q q 0 0 0 rg BT 61.52 575.20 Td (operations ) Tj ET Q q 0 0 0 rg BT 110.19 575.20 Td (market ) Tj ET Q q 0 0 0 rg BT 143.59 575.20 Td (valuations ) Tj ET Q q 0 0 0 rg BT 191.66 575.20 Td (of ) Tj ET Q q 0 0 0 rg BT 203.68 575.20 Td (certain ) Tj ET Q q 0 0 0 rg BT 236.45 575.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 277.79 575.20 Td (items. ) Tj ET Q q 0 0 0 rg BT 307.02 575.20 Td (These ) Tj ET Q q 0 0 0 rg BT 336.14 575.20 Td (include ) Tj ET Q q 0 0 0 rg BT 371.37 575.20 Td (the ) Tj ET Q q 0 0 0 rg BT 387.66 575.20 Td (change ) Tj ET Q q 0 0 0 rg BT 421.66 575.20 Td (in ) Tj ET Q q 0 0 0 rg BT 433.07 575.20 Td (the ) Tj ET Q q 0 0 0 rg BT 449.37 575.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.49 575.20 Td (value ) Tj ET Q q 0 0 0 rg BT 494.16 575.20 Td (of ) Tj ET Q q 0 0 0 rg BT 506.18 575.20 Td (certain ) Tj ET Q q 0 0 0 rg BT 538.96 575.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 562.00 Td (its ) Tj ET Q q 0 0 0 rg BT 62.62 562.00 Td (derivative ) Tj ET Q q 0 0 0 rg BT 109.33 562.00 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 166.13 562.00 Td (principally ) Tj ET Q q 0 0 0 rg BT 216.51 562.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 251.62 562.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 270.83 562.00 Td (swap ) Tj ET Q q 0 0 0 rg BT 296.16 562.00 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 349.70 562.00 Td (These ) Tj ET Q q 0 0 0 rg BT 378.69 562.00 Td (are ) Tj ET Q q 0 0 0 rg BT 394.85 562.00 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 443.38 562.00 Td (gains ) Tj ET Q q 0 0 0 rg BT 469.33 562.00 Td (or ) Tj ET Q q 0 0 0 rg BT 481.22 562.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 510.22 562.00 Td (included ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 548.80 Td (in ) Tj ET Q q 0 0 0 rg BT 60.67 548.80 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 548.80 Td (statement ) Tj ET Q q 0 0 0 rg BT 121.49 548.80 Td (of ) Tj ET Q q 0 0 0 rg BT 133.27 548.80 Td (operations ) Tj ET Q q 0 0 0 rg BT 181.70 548.80 Td (and ) Tj ET Q q 0 0 0 rg BT 200.20 548.80 Td (will ) Tj ET Q q 0 0 0 rg BT 219.93 548.80 Td (only ) Tj ET Q q 0 0 0 rg BT 242.10 548.80 Td (become ) Tj ET Q q 0 0 0 rg BT 278.91 548.80 Td (realized ) Tj ET Q q 0 0 0 rg BT 316.33 548.80 Td (if ) Tj ET Q q 0 0 0 rg BT 325.67 548.80 Td (a ) Tj ET Q q 0 0 0 rg BT 333.16 548.80 Td (derivative ) Tj ET Q q 0 0 0 rg BT 379.75 548.80 Td (is ) Tj ET Q q 0 0 0 rg BT 389.71 548.80 Td (terminated. ) Tj ET Q q 0 0 0 rg BT 441.92 548.80 Td (These ) Tj ET Q q 0 0 0 rg BT 470.79 548.80 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 513.12 548.80 Td (gains ) Tj ET Q q 0 0 0 rg BT 538.95 548.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 535.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 77.45 535.60 Td (are ) Tj ET Q q 0 0 0 rg BT 92.56 535.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 132.70 535.60 Td (in ) Tj ET Q q 0 0 0 rg BT 142.93 535.60 Td (the ) Tj ET Q q 0 0 0 rg BT 158.04 535.60 Td (statement ) Tj ET Q q 0 0 0 rg BT 201.87 535.60 Td (of ) Tj ET Q q 0 0 0 rg BT 212.71 535.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 260.20 535.60 Td (within ) Tj ET Q q 0 0 0 rg BT 289.98 535.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.14 535.60 Td (items, ) Tj ET Q q 0 0 0 rg BT 358.39 535.60 Td (and ) Tj ET Q q 0 0 0 rg BT 375.95 535.60 Td (do ) Tj ET Q q 0 0 0 rg BT 388.62 535.60 Td (not ) Tj ET Q q 0 0 0 rg BT 404.35 535.60 Td (af) Tj ET Q q 0 0 0 rg BT 412.70 535.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 430.85 535.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 452.07 535.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 473.91 535.60 Td (or ) Tj ET Q q 0 0 0 rg BT 484.75 535.60 Td (the ) Tj ET Q q 0 0 0 rg BT 499.86 535.60 Td (calculation ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 522.40 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 522.40 Td (distributable ) Tj ET Q q 0 0 0 rg BT 119.15 522.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 141.45 522.40 Td (flow ) Tj ET Q q 0 0 0 rg BT 164.36 522.40 Td (\(DCF\) ) Tj ET Q q 0 0 0 rg BT 205.60 522.40 Td (as ) Tj ET Q q 0 0 0 rg BT 217.51 522.40 Td (described ) Tj ET Q q 0 0 0 rg BT 262.41 522.40 Td (below) Tj ET Q q 0 0 0 rg BT 288.58 522.40 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 427.69999999999993 m 343.3 427.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 403.69999999999993 m 343.3 403.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 427.69999999999993 m 445.3 427.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 403.69999999999993 m 445.3 403.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 427.69999999999993 m 547.3 427.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 403.69999999999993 m 547.3 403.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 403.69999999999993 m 445.3 403.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 403.69999999999993 m 547.3 403.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 288.69999999999993 m 343.3 288.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 288.69999999999993 m 445.3 288.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 288.69999999999993 m 547.3 288.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 288.69999999999993 m 343.3 288.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 274.69999999999993 m 343.3 274.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 288.69999999999993 m 445.3 288.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 274.69999999999993 m 445.3 274.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 288.69999999999993 m 547.3 288.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 274.69999999999993 m 547.3 274.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 244.69999999999993 m 445.3 244.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 244.69999999999993 m 547.3 244.69999999999993 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 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s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 483.43 Td (DISTRIBUT) Tj ET Q q 0 0 0 rg BT 106.08 483.43 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 135.81 483.43 Td (CASH ) Tj ET Q q 0 0 0 rg BT 166.09 483.43 Td (FLOW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.95 471.38 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.75 459.38 Td (June 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.95 471.38 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 459.38 Td (March 31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.80 444.41 Td (\(in ) Tj ET Q q 0 0 0 rg BT 65.41 444.41 Td (US$ ) Tj ET Q q 0 0 0 rg BT 85.13 444.41 Td (millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.65 444.41 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.65 444.41 Td (Unaudited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 408.38 Td (Net income attributable to Seadrill Partners LLC members) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.95 418.43 Td (31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 418.43 Td (19.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 393.37 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.60 394.32 Td (\(1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 394.32 Td (\(0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 368.37 Td (Interest expense \(including interest rate swap settlement amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 379.27 Td (37.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 379.27 Td (28.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 353.37 Td (Loss on derivative financial instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 354.27 Td (27.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 354.27 Td (49.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 338.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 339.27 Td (54.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 339.27 Td (39.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 323.37 Td (Foreign currency exchange loss/\(gain\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 324.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 324.32 Td (\(1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 324.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 308.37 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 309.27 Td (9.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 309.27 Td (4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 293.37 Td (Non-controlling interest ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 150.67 297.90 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 294.27 Td (63.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 294.27 Td (24.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 279.38 Td (EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.95 279.43 Td (223.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 279.43 Td (163.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 264.37 Td (Add: Net mobilization earnings capitalized) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.45 265.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 265.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 249.37 Td (Less: Amortization of mobilization revenue and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 250.27 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 250.32 Td (\(4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 250.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 235.38 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.95 235.43 Td (223.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 235.43 Td (158.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 220.37 Td (Cash interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 221.27 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 221.27 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 205.37 Td (Cash interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 206.32 Td (\(34.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 206.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 206.32 Td (\(28.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 206.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 190.37 Td (Cash tax paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 191.32 Td (\(12.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 191.32 Td (\(10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 175.37 Td (Estimated maintenance and replacement capital expenditure ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 294.47 179.90 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 176.32 Td (\(40.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 176.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 176.32 Td (\(33.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 176.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 161.38 Td (Cash flow available for distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.95 161.43 Td (138.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 161.43 Td (87.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 146.37 Td (Cash flow attributable to non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 147.32 Td (\(86.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 147.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 147.32 Td (\(57.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 147.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 132.38 Td (Distributable cash flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.95 132.43 Td (51.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 132.43 Td (30.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 117.38 Td (Distribution declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.95 118.43 Td (47.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 118.43 Td (38.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 102.37 Td (Coverage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 103.27 Td (1.09x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.30 103.27 Td (0.77x) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 72.28 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.42 68.20 Td ( ) Tj ET Q q 0 0 0 rg BT 54.44 68.20 Td (The ) Tj ET Q q 0 0 0 rg BT 70.60 68.20 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 128.76 68.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 157.42 68.20 Td (comprises ) Tj ET Q q 0 0 0 rg BT 196.08 68.20 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 206.74 68.20 Td (the ) Tj ET Q q 0 0 0 rg BT 219.91 68.20 Td (70% ) Tj ET Q q 0 0 0 rg BT 238.57 68.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 268.73 68.20 Td (Limited ) Tj ET Q q 0 0 0 rg BT 299.40 68.20 Td (partner ) Tj ET Q q 0 0 0 rg BT 327.05 68.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 355.71 68.20 Td (in ) Tj ET Q q 0 0 0 rg BT 364.88 68.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 395.04 68.20 Td (Operating ) Tj ET Q q 0 0 0 rg BT 433.20 68.20 Td (LP) Tj ET Q q 0 0 0 rg BT 442.70 68.20 Td (, ) Tj ET Q q 0 0 0 rg BT 447.12 68.20 Td (which ) Tj ET Q q 0 0 0 rg BT 471.28 68.20 Td (owns ) Tj ET Q q 0 0 0 rg BT 492.46 68.20 Td (an ) Tj ET Q q 0 0 0 rg BT 503.12 68.20 Td (approximate ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 57.40 Td (56% ) Tj ET Q q 0 0 0 rg BT 68.34 57.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 97.18 57.40 Td (in ) Tj ET Q q 0 0 0 rg BT 106.52 57.40 Td (the ) Tj ET Q q 0 0 0 rg BT 119.87 57.40 Td (entity ) Tj ET Q q 0 0 0 rg BT 142.71 57.40 Td (that ) Tj ET Q q 0 0 0 rg BT 158.55 57.40 Td (owns ) Tj ET Q q 0 0 0 rg BT 179.90 57.40 Td (and ) Tj ET Q q 0 0 0 rg BT 195.24 57.40 Td (operates ) Tj ET Q q 0 0 0 rg BT 227.57 57.40 Td (the ) Tj ET Q q 0 0 0 rg BT 240.74 57.40 Td (W) Tj ET Q q 0 0 0 rg BT 248.51 57.40 Td (est ) Tj ET Q q 0 0 0 rg BT 260.85 57.40 Td (Capella ) Tj ET Q q 0 0 0 rg BT 290.69 57.40 Td (and ) Tj ET Q q 0 0 0 rg BT 306.03 57.40 Td (a ) Tj ET Q q 0 0 0 rg BT 312.37 57.40 Td (100% ) Tj ET Q q 0 0 0 rg BT 335.71 57.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 364.55 57.40 Td (in ) Tj ET Q q 0 0 0 rg BT 373.89 57.40 Td (the ) Tj ET Q q 0 0 0 rg BT 387.23 57.40 Td (entities ) Tj ET Q q 0 0 0 rg BT 415.57 57.40 Td (that ) Tj ET Q q 0 0 0 rg BT 431.42 57.40 Td (own ) Tj ET Q q 0 0 0 rg BT 449.26 57.40 Td (and ) Tj ET Q q 0 0 0 rg BT 464.60 57.40 Td (operate ) Tj ET Q q 0 0 0 rg BT 493.26 57.40 Td (W) Tj ET Q q 0 0 0 rg BT 501.03 57.40 Td (est ) Tj ET Q q 0 0 0 rg BT 512.86 57.40 Td (Aquarius, ) Tj ET Q q 0 0 0 rg BT 550.35 57.40 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 46.60 Td (W) Tj ET Q q 0 0 0 rg BT 57.27 46.60 Td (est ) Tj ET Q q 0 0 0 rg BT 69.96 46.60 Td (Leo ) Tj ET Q q 0 0 0 rg BT 86.64 46.60 Td (and ) Tj ET Q q 0 0 0 rg BT 102.33 46.60 Td (the ) Tj ET Q q 0 0 0 rg BT 115.82 46.60 Td (W) Tj ET Q q 0 0 0 rg BT 123.59 46.60 Td (est ) Tj ET Q q 0 0 0 rg BT 136.09 46.60 Td (V) Tj ET Q q 0 0 0 rg BT 141.59 46.60 Td (encedor ) Tj ET Q q 0 0 0 rg BT 172.76 46.60 Td (and ) Tj ET Q q 0 0 0 rg BT 188.45 46.60 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 202.13 46.60 Td (the ) Tj ET Q q 0 0 0 rg BT 215.82 46.60 Td (49% ) Tj ET Q q 0 0 0 rg BT 235.01 46.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 265.69 46.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 293.88 46.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 324.56 46.60 Td (company ) Tj ET Q q 0 0 0 rg BT 360.24 46.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 389.43 46.60 Td (in ) Tj ET Q q 0 0 0 rg BT 399.12 46.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 429.80 46.60 Td (Capricorn ) Tj ET Q q 0 0 0 rg BT 468.48 46.60 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 504.17 46.60 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 526.11 46.60 Td (which ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT 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Tj ET Q q 0 0 0 rg BT 470.83 791.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 499.73 791.20 Td (existed ) Tj ET Q q 0 0 0 rg BT 527.63 791.20 Td (either ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 780.40 Td (from ) Tj ET Q q 0 0 0 rg BT 69.48 780.40 Td (the ) Tj ET Q q 0 0 0 rg BT 82.96 780.40 Td (IPO ) Tj ET Q q 0 0 0 rg BT 99.95 780.40 Td (closing ) Tj ET Q q 0 0 0 rg BT 128.43 780.40 Td (date ) Tj ET Q q 0 0 0 rg BT 145.91 780.40 Td (for ) Tj ET Q q 0 0 0 rg BT 158.89 780.40 Td (the ) Tj ET Q q 0 0 0 rg BT 172.37 780.40 Td (date ) Tj ET Q q 0 0 0 rg BT 189.84 780.40 Td (of ) Tj ET Q q 0 0 0 rg BT 199.82 780.40 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 241.80 780.40 Td (of ) Tj ET Q q 0 0 0 rg BT 251.79 780.40 Td (entities ) Tj ET Q q 0 0 0 rg BT 280.26 780.40 Td (that ) Tj ET Q q 0 0 0 rg BT 296.25 780.40 Td (own ) Tj ET Q q 0 0 0 rg BT 314.23 780.40 Td (and ) Tj ET Q q 0 0 0 rg BT 329.71 780.40 Td (operate ) Tj ET Q q 0 0 0 rg BT 358.68 780.40 Td (the ) Tj ET Q q 0 0 0 rg BT 372.16 780.40 Td (drilling ) Tj ET Q q 0 0 0 rg BT 401.14 780.40 Td (unit. ) Tj ET Q q 0 0 0 rg BT 419.70 780.40 Td (There ) Tj ET Q q 0 0 0 rg BT 443.17 780.40 Td (is ) Tj ET Q q 0 0 0 rg BT 451.66 780.40 Td (no ) Tj ET Q q 0 0 0 rg BT 463.14 780.40 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 521.62 780.40 Td (interest ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 769.60 Td (existing ) Tj ET Q q 0 0 0 rg BT 80.25 769.60 Td (for ) Tj ET Q q 0 0 0 rg BT 92.99 769.60 Td (the ) Tj ET Q q 0 0 0 rg BT 106.08 769.60 Td (T) Tj ET Q q 0 0 0 rg BT 110.75 769.60 Td (-15 ) Tj ET Q q 0 0 0 rg BT 124.99 769.60 Td (rig ) Tj ET Q q 0 0 0 rg BT 137.24 769.60 Td (and ) Tj ET Q q 0 0 0 rg BT 152.32 769.60 Td (T) Tj ET Q q 0 0 0 rg BT 156.99 769.60 Td (-16 ) Tj ET Q q 0 0 0 rg BT 171.24 769.60 Td (rig.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 740.08 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.42 736.00 Td ( ) Tj ET Q q 0 0 0 rg BT 54.19 736.00 Td ( ) Tj ET Q q 0 0 0 rg BT 55.96 736.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.73 736.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 107.49 736.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 146.74 736.00 Td (requires ) Tj ET Q q 0 0 0 rg BT 177.49 736.00 Td (that ) Tj ET Q q 0 0 0 rg BT 192.76 736.00 Td (an ) Tj ET Q q 0 0 0 rg BT 203.02 736.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 234.78 736.00 Td (of ) Tj ET Q q 0 0 0 rg BT 244.05 736.00 Td (the ) Tj ET Q q 0 0 0 rg BT 256.81 736.00 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 304.06 736.00 Td (and ) Tj ET Q q 0 0 0 rg BT 318.82 736.00 Td (replacement ) Tj ET Q q 0 0 0 rg BT 364.56 736.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.32 736.00 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 438.07 736.00 Td (necessary ) Tj ET Q q 0 0 0 rg BT 474.82 736.00 Td (to ) Tj ET Q q 0 0 0 rg BT 483.59 736.00 Td (maintain ) Tj ET Q q 0 0 0 rg BT 516.86 736.00 Td (our ) Tj ET Q q 0 0 0 rg BT 530.62 736.00 Td (asset ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 725.20 Td (base ) Tj ET Q q 0 0 0 rg BT 67.69 725.20 Td (be ) Tj ET Q q 0 0 0 rg BT 78.39 725.20 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 117.58 725.20 Td (from ) Tj ET Q q 0 0 0 rg BT 137.28 725.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.47 725.20 Td (surplus ) Tj ET Q q 0 0 0 rg BT 201.67 725.20 Td (each ) Tj ET Q q 0 0 0 rg BT 220.36 725.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 245.48 725.20 Td (, ) Tj ET Q q 0 0 0 rg BT 249.93 725.20 Td (as ) Tj ET Q q 0 0 0 rg BT 259.63 725.20 Td (apposed ) Tj ET Q q 0 0 0 rg BT 291.33 725.20 Td (to ) Tj ET Q q 0 0 0 rg BT 300.53 725.20 Td (amounts ) Tj ET Q q 0 0 0 rg BT 333.23 725.20 Td (actually ) Tj ET Q q 0 0 0 rg BT 363.92 725.20 Td (spent. ) Tj ET Q q 0 0 0 rg BT 387.37 725.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 417.57 725.20 Td (Partners ) Tj ET Q q 0 0 0 rg BT 449.26 725.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 485.45 725.20 Td (companies, ) Tj ET Q q 0 0 0 rg BT 528.39 725.20 Td ( ) Tj ET Q q 0 0 0 rg BT 530.59 725.20 Td (must ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 714.40 Td (make ) Tj ET Q q 0 0 0 rg BT 71.99 714.40 Td (substantial ) Tj ET Q q 0 0 0 rg BT 113.49 714.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 140.48 714.40 Td (and ) Tj ET Q q 0 0 0 rg BT 156.47 714.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 193.46 714.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 242.45 714.40 Td (to ) Tj ET Q q 0 0 0 rg BT 252.45 714.40 Td (maintain ) Tj ET Q q 0 0 0 rg BT 286.94 714.40 Td (the ) Tj ET Q q 0 0 0 rg BT 300.94 714.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 337.93 714.40 Td (capacity ) Tj ET Q q 0 0 0 rg BT 370.91 714.40 Td (of ) Tj ET Q q 0 0 0 rg BT 381.41 714.40 Td (its ) Tj ET Q q 0 0 0 rg BT 392.91 714.40 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 414.15 714.40 Td (which ) Tj ET Q q 0 0 0 rg BT 439.15 714.40 Td (will ) Tj ET Q q 0 0 0 rg BT 456.15 714.40 Td (reduce ) Tj ET Q q 0 0 0 rg BT 483.13 714.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 502.12 714.40 Td (available ) Tj ET Q q 0 0 0 rg BT 537.60 714.40 Td (for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 703.60 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 95.07 703.60 Td (In ) Tj ET Q q 0 0 0 rg BT 104.39 703.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 137.96 703.60 Td (each ) Tj ET Q q 0 0 0 rg BT 156.27 703.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 183.58 703.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.40 703.60 Td (we ) Tj ET Q q 0 0 0 rg BT 197.72 703.60 Td (are ) Tj ET Q q 0 0 0 rg BT 210.53 703.60 Td (required ) Tj ET Q q 0 0 0 rg BT 242.33 703.60 Td (to ) Tj ET Q q 0 0 0 rg BT 251.16 703.60 Td (deduct ) Tj ET Q q 0 0 0 rg BT 276.97 703.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 313.28 703.60 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 360.58 703.60 Td (and ) Tj ET Q q 0 0 0 rg BT 375.39 703.60 Td (replacement ) Tj ET Q q 0 0 0 rg BT 421.19 703.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 447.00 703.60 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 494.80 703.60 Td (from ) Tj ET Q q 0 0 0 rg BT 514.12 703.60 Td (operating ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 692.80 Td (surplus, ) Tj ET Q q 0 0 0 rg BT 79.22 692.80 Td (which ) Tj ET Q q 0 0 0 rg BT 102.68 692.80 Td (may ) Tj ET Q q 0 0 0 rg BT 119.64 692.80 Td (result ) Tj ET Q q 0 0 0 rg BT 141.09 692.80 Td (in ) Tj ET Q q 0 0 0 rg BT 149.56 692.80 Td (less ) Tj ET Q q 0 0 0 rg BT 164.52 692.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 181.98 692.80 Td (available ) Tj ET Q q 0 0 0 rg BT 215.92 692.80 Td (to ) Tj ET Q q 0 0 0 rg BT 224.39 692.80 Td (unit ) Tj ET Q q 0 0 0 rg BT 239.85 692.80 Td (holders ) Tj ET Q q 0 0 0 rg BT 267.81 692.80 Td (than ) Tj ET Q q 0 0 0 rg BT 284.77 692.80 Td (if ) Tj ET Q q 0 0 0 rg BT 291.73 692.80 Td (actual ) Tj ET Q q 0 0 0 rg BT 314.68 692.80 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 361.62 692.80 Td (and ) Tj ET Q q 0 0 0 rg BT 376.08 692.80 Td (replacement ) Tj ET Q q 0 0 0 rg BT 421.52 692.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 446.97 692.80 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 494.42 692.80 Td (were ) Tj ET Q q 0 0 0 rg BT 513.37 692.80 Td (deducted.) 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