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Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 348.85 Td (Operating ) Tj ET Q q 0 0 0 rg BT 97.00 348.85 Td (income ) Tj ET Q q 0 0 0 rg BT 132.89 348.85 Td (for ) Tj ET Q q 0 0 0 rg BT 149.23 348.85 Td (the ) Tj ET Q q 0 0 0 rg BT 166.19 348.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 200.85 348.85 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 221.47 348.85 Td ($205.5 ) Tj ET Q q 0 0 0 rg BT 255.24 348.85 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 287.02 348.85 Td ( ) Tj ET Q q 0 0 0 rg BT 290.54 348.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 337.42 348.85 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 349.49 348.85 Td ($190.7 ) Tj ET Q q 0 0 0 rg BT 383.25 348.85 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 415.04 348.85 Td ( ) Tj ET Q q 0 0 0 rg BT 418.55 348.85 Td (in ) Tj ET Q q 0 0 0 rg BT 430.62 348.85 Td (the ) Tj ET Q q 0 0 0 rg BT 447.58 348.85 Td (preceding ) Tj ET Q q 0 0 0 rg BT 494.46 348.85 Td (quarter) Tj ET Q q 0 0 0 rg BT 525.00 348.85 Td (. ) Tj ET Q q 0 0 0 rg BT 531.01 348.85 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 335.65 Td (increase ) Tj ET Q q 0 0 0 rg BT 87.36 335.65 Td (is ) Tj ET Q q 0 0 0 rg BT 96.52 335.65 Td (lar) Tj ET Q q 0 0 0 rg BT 107.93 335.65 Td (gely ) Tj ET Q q 0 0 0 rg BT 128.69 335.65 Td (as ) Tj ET Q q 0 0 0 rg BT 139.69 335.65 Td (a ) Tj ET Q q 0 0 0 rg BT 146.40 335.65 Td (result ) Tj ET Q q 0 0 0 rg BT 172.67 335.65 Td (of ) Tj ET Q q 0 0 0 rg BT 183.66 335.65 Td (revenue ) Tj ET Q q 0 0 0 rg BT 220.30 335.65 Td (improvements ) Tj ET Q q 0 0 0 rg BT 285.06 335.65 Td (described ) Tj ET Q q 0 0 0 rg BT 329.04 335.65 Td (above ) Tj ET Q q 0 0 0 rg BT 357.13 335.65 Td (with ) Tj ET Q q 0 0 0 rg BT 378.51 335.65 Td (a ) Tj ET Q q 0 0 0 rg BT 385.23 335.65 Td (mar) Tj ET Q q 0 0 0 rg BT 402.13 335.65 Td (ginal ) Tj ET Q q 0 0 0 rg BT 425.95 335.65 Td (increase ) Tj ET Q q 0 0 0 rg BT 463.81 335.65 Td (in ) Tj ET Q q 0 0 0 rg BT 474.20 335.65 Td (overall ) Tj ET Q q 0 0 0 rg BT 506.57 335.65 Td (operating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 322.45 Td (expense.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 303.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.11 303.25 Td (income ) Tj ET Q q 0 0 0 rg BT 103.22 303.25 Td (for ) Tj ET Q q 0 0 0 rg BT 118.78 303.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.95 303.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 168.83 303.25 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 188.67 303.25 Td ($192.5 ) Tj ET Q q 0 0 0 rg BT 221.65 303.25 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 253.43 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.16 303.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 302.26 303.25 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 313.55 303.25 Td ($70.9 ) Tj ET Q q 0 0 0 rg BT 341.03 303.25 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 372.81 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 375.54 303.25 Td (in ) Tj ET Q q 0 0 0 rg BT 386.83 303.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.00 303.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 443.61 303.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 474.15 303.25 Td (. ) Tj ET Q q 0 0 0 rg BT 479.43 303.25 Td (This ) Tj ET Q q 0 0 0 rg BT 501.72 303.25 Td (is ) Tj ET Q q 0 0 0 rg BT 511.79 303.25 Td (after ) Tj ET Q q 0 0 0 rg BT 534.67 303.25 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 290.05 Td (recognition ) Tj ET Q q 0 0 0 rg BT 102.21 290.05 Td (of ) Tj ET Q q 0 0 0 rg BT 113.99 290.05 Td (a ) Tj ET Q q 0 0 0 rg BT 121.49 290.05 Td (gain ) Tj ET Q q 0 0 0 rg BT 143.04 290.05 Td (on ) Tj ET Q q 0 0 0 rg BT 156.66 290.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 203.25 290.05 Td (instruments ) Tj ET Q q 0 0 0 rg BT 257.20 290.05 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 268.98 290.05 Td ($18.3 ) Tj ET Q q 0 0 0 rg BT 296.34 290.05 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 328.13 290.05 Td ( ) Tj ET Q q 0 0 0 rg BT 330.74 290.05 Td (in ) Tj ET Q q 0 0 0 rg BT 341.91 290.05 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 357.97 290.05 Td (second ) Tj ET Q q 0 0 0 rg BT 391.13 290.05 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 421.83 290.05 Td (, ) Tj ET Q q 0 0 0 rg BT 427.20 290.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 473.18 290.05 Td (to ) Tj ET Q q 0 0 0 rg BT 484.35 290.05 Td (a ) Tj ET Q q 0 0 0 rg BT 491.85 290.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 511.59 290.05 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 523.36 290.05 Td ($51.9 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 276.85 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.28 276.85 Td ( ) Tj ET Q q 0 0 0 rg BT 83.55 276.85 Td (for ) Tj ET Q q 0 0 0 rg BT 98.65 276.85 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 114.35 276.85 Td (first) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 132.07 276.85 Td ( ) Tj ET Q q 0 0 0 rg BT 134.34 276.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 167.76 276.85 Td (as ) Tj ET Q q 0 0 0 rg BT 179.19 276.85 Td (a ) Tj ET Q q 0 0 0 rg BT 186.34 276.85 Td (result ) Tj ET Q q 0 0 0 rg BT 213.05 276.85 Td (of ) Tj ET Q q 0 0 0 rg BT 224.48 276.85 Td (an ) Tj ET Q q 0 0 0 rg BT 237.14 276.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 275.44 276.85 Td (in ) Tj ET Q q 0 0 0 rg BT 286.26 276.85 Td (long ) Tj ET Q q 0 0 0 rg BT 308.09 276.85 Td (term ) Tj ET Q q 0 0 0 rg BT 330.51 276.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 365.16 276.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 388.19 276.85 Td (in ) Tj ET Q q 0 0 0 rg BT 399.02 276.85 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 414.73 276.85 Td (second ) Tj ET Q q 0 0 0 rg BT 447.54 276.85 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 478.08 276.85 Td (. ) Tj ET Q q 0 0 0 rg BT 482.94 276.85 Td (The ) Tj ET Q q 0 0 0 rg BT 502.31 276.85 Td (unrealized ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 263.65 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 92.36 263.65 Td (element ) Tj ET Q q 0 0 0 rg BT 130.32 263.65 Td (of ) Tj ET Q q 0 0 0 rg BT 142.64 263.65 Td (these ) Tj ET Q q 0 0 0 rg BT 168.39 263.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 208.82 263.65 Td (is ) Tj ET Q q 0 0 0 rg BT 219.30 263.65 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 227.34 263.65 Td ($30.3 ) Tj ET Q q 0 0 0 rg BT 255.24 263.65 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 287.02 263.65 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 290.17 263.65 Td (gain) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 309.11 263.65 Td ( ) Tj ET Q q 0 0 0 rg BT 312.26 263.65 Td (in ) Tj ET Q q 0 0 0 rg BT 323.96 263.65 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 340.55 263.65 Td (second ) Tj ET Q q 0 0 0 rg BT 374.25 263.65 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 405.39 263.65 Td ( ) Tj ET Q q 0 0 0 rg BT 408.54 263.65 Td (and ) Tj ET Q q 0 0 0 rg BT 427.58 263.65 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 435.61 263.65 Td ($38.9 ) Tj ET Q q 0 0 0 rg BT 463.51 263.65 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 495.29 263.65 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 498.44 263.65 Td (loss) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 515.56 263.65 Td ( ) Tj ET Q q 0 0 0 rg BT 518.71 263.65 Td (for ) Tj ET Q q 0 0 0 rg BT 534.69 263.65 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 250.45 Td (first ) Tj ET Q q 0 0 0 rg BT 70.11 250.45 Td (quarter) Tj ET Q q 0 0 0 rg BT 100.65 250.45 Td (. ) Tj ET Q q 0 0 0 rg BT 106.29 250.45 Td ( ) Tj ET Q q 0 0 0 rg BT 108.55 250.45 Td (Additionally) Tj ET Q q 0 0 0 rg BT 163.44 250.45 Td (, ) Tj ET Q q 0 0 0 rg BT 169.08 250.45 Td (a ) Tj ET Q q 0 0 0 rg BT 176.86 250.45 Td (gain ) Tj ET Q q 0 0 0 rg BT 198.69 250.45 Td (on ) Tj ET Q q 0 0 0 rg BT 212.58 250.45 Td (bar) Tj ET Q q 0 0 0 rg BT 226.43 250.45 Td (gain ) Tj ET Q q 0 0 0 rg BT 248.26 250.45 Td (purchase ) Tj ET Q q 0 0 0 rg BT 290.24 250.45 Td (on ) Tj ET Q q 0 0 0 rg BT 304.14 250.45 Td (the ) Tj ET Q q 0 0 0 rg BT 320.47 250.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 371.63 250.45 Td (of ) Tj ET Q q 0 0 0 rg BT 383.69 250.45 Td (the ) Tj ET Q q 0 0 0 rg BT 399.81 250.45 Td (W) Tj ET Q q 0 0 0 rg BT 409.31 250.45 Td (est ) Tj ET Q q 0 0 0 rg BT 424.42 250.45 Td (Polaris ) Tj ET Q q 0 0 0 rg BT 457.87 250.45 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 469.92 250.45 Td ($39.6 ) Tj ET Q q 0 0 0 rg BT 497.57 250.45 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 529.35 250.45 Td ( ) Tj ET Q q 0 0 0 rg BT 532.24 250.45 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 237.25 Td (income ) Tj ET Q q 0 0 0 rg BT 84.63 237.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.82 237.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.73 237.25 Td ($32.9 ) Tj ET Q q 0 0 0 rg BT 140.23 237.25 Td (million ) Tj ET Q q 0 0 0 rg BT 174.76 237.25 Td (were ) Tj ET Q q 0 0 0 rg BT 198.88 237.25 Td (recognized.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 218.00 Td (As ) Tj ET Q q 0 0 0 rg BT 64.68 218.00 Td (a ) Tj ET Q q 0 0 0 rg BT 72.51 218.00 Td (result, ) Tj ET Q q 0 0 0 rg BT 102.65 218.00 Td (net ) Tj ET Q q 0 0 0 rg BT 119.04 218.00 Td (income ) Tj ET Q q 0 0 0 rg BT 154.37 218.00 Td (attributable ) Tj ET Q q 0 0 0 rg BT 207.41 218.00 Td (to ) Tj ET Q q 0 0 0 rg BT 218.92 218.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 256.08 218.00 Td (Partners ) Tj ET Q q 0 0 0 rg BT 295.08 218.00 Td (LLC ) Tj ET Q q 0 0 0 rg BT 318.81 218.00 Td (Members ) Tj ET Q q 0 0 0 rg BT 363.31 218.00 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 383.36 218.00 Td ($101.3 ) Tj ET Q q 0 0 0 rg BT 416.57 218.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 448.35 218.00 Td ( ) Tj ET Q q 0 0 0 rg BT 451.30 218.00 Td (for ) Tj ET Q q 0 0 0 rg BT 467.08 218.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 483.47 218.00 Td (second ) Tj ET Q q 0 0 0 rg BT 516.96 218.00 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 548.11 218.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 204.80 Td (compared ) Tj ET Q q 0 0 0 rg BT 95.62 204.80 Td (to ) Tj ET Q q 0 0 0 rg BT 106.92 204.80 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 112.42 204.80 Td (38.2 ) Tj ET Q q 0 0 0 rg BT 134.42 204.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 166.20 204.80 Td ( ) Tj ET Q q 0 0 0 rg BT 168.95 204.80 Td (for ) Tj ET Q q 0 0 0 rg BT 184.53 204.80 Td (the ) Tj ET Q q 0 0 0 rg BT 200.72 204.80 Td (previous ) Tj ET Q q 0 0 0 rg BT 241.35 204.80 Td (quarter) Tj ET Q q 0 0 0 rg BT 271.89 204.80 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 185.60 Td (Distributable ) Tj ET Q q 0 0 0 rg BT 109.82 185.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 132.25 185.60 Td (flow) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 152.42 190.58 Td (2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 155.99 185.60 Td ( ) Tj ET Q q 0 0 0 rg BT 158.88 185.60 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 178.87 185.60 Td ($84.7 ) Tj ET Q q 0 0 0 rg BT 206.51 185.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 238.29 185.60 Td ( ) Tj ET Q q 0 0 0 rg BT 241.18 185.60 Td (for ) Tj ET Q q 0 0 0 rg BT 256.89 185.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 293.99 185.60 Td (Partners) Tj ET Q q 0 0 0 rg BT 332.88 185.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 335.77 185.60 Td (second ) Tj ET Q q 0 0 0 rg BT 369.20 185.60 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 400.35 185.60 Td ( ) Tj ET Q q 0 0 0 rg BT 403.24 185.60 Td (as ) Tj ET Q q 0 0 0 rg BT 415.29 185.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 461.54 185.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 472.98 185.60 Td ($82.0 ) Tj ET Q q 0 0 0 rg BT 500.62 185.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 532.40 185.60 Td ( ) Tj ET Q q 0 0 0 rg BT 535.29 185.60 Td (for ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 172.40 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 172.40 Td (previous ) Tj ET Q q 0 0 0 rg BT 106.32 172.40 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 137.47 177.38 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.25 172.40 Td (giving ) Tj ET Q q 0 0 0 rg BT 170.12 172.40 Td (a ) Tj ET Q q 0 0 0 rg BT 177.75 172.40 Td (coverage ) Tj ET Q q 0 0 0 rg BT 220.19 172.40 Td (ratio ) Tj ET Q q 0 0 0 rg BT 243.10 172.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 255.01 172.40 Td (1.53x) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 279.76 172.40 Td ( ) Tj ET Q q 0 0 0 rg BT 282.51 172.40 Td (for ) Tj ET Q q 0 0 0 rg BT 298.09 172.40 Td (the ) Tj ET Q q 0 0 0 rg BT 314.28 172.40 Td (second ) Tj ET Q q 0 0 0 rg BT 347.57 172.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 378.11 172.40 Td (.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 144.43 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.75 139.90 Td (All ) Tj ET Q q 0 0 0 rg BT 64.63 139.90 Td (references ) Tj ET Q q 0 0 0 rg BT 99.15 139.90 Td (to ) Tj ET Q q 0 0 0 rg BT 107.03 139.90 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 137.12 139.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 168.55 139.90 Td (and ) Tj ET Q q 0 0 0 rg BT 181.76 139.90 Td (the ) Tj ET Q q 0 0 0 rg BT 196.74 139.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.06 139.90 Td (refer ) Tj ET Q q 0 0 0 rg BT 249.81 139.90 Td (to ) Tj ET Q q 0 0 0 rg BT 257.70 139.90 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 284.24 139.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 312.11 139.90 Td (LLC ) Tj ET Q q 0 0 0 rg BT 328.88 139.90 Td (and ) Tj ET Q q 0 0 0 rg BT 342.09 139.90 Td (its ) Tj ET Q q 0 0 0 rg BT 351.31 139.90 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 392.74 139.90 Td (including ) Tj ET Q q 0 0 0 rg BT 424.62 139.90 Td (the ) Tj ET Q q 0 0 0 rg BT 436.05 139.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 467.92 139.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 503.79 139.90 Td (that ) Tj ET Q q 0 0 0 rg BT 517.45 139.90 Td (indirectly ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 49 159.39999999999998 m 193 159.39999999999998 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 130.30 Td (own ) Tj ET Q q 0 0 0 rg BT 65.01 130.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 93.41 130.30 Td (in ) Tj ET Q q 0 0 0 rg BT 101.37 130.30 Td (the ) Tj ET Q q 0 0 0 rg BT 112.88 130.30 Td (drilling ) Tj ET Q q 0 0 0 rg BT 138.17 130.30 Td (units ) Tj ET Q q 0 0 0 rg BT 155.46 130.30 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 182.08 130.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 210.03 130.30 Td (LLC ) Tj ET Q q 0 0 0 rg BT 226.87 130.30 Td (owns: ) Tj ET Q q 0 0 0 rg BT 247.72 130.30 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 257.01 130.30 Td (a ) Tj ET Q q 0 0 0 rg BT 262.29 130.30 Td (58% ) Tj ET Q q 0 0 0 rg BT 278.69 130.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 303.09 130.30 Td (partner ) Tj ET Q q 0 0 0 rg BT 327.48 130.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 352.76 130.30 Td (in ) Tj ET Q q 0 0 0 rg BT 360.72 130.30 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 387.34 130.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 421.06 130.30 Td (LP) Tj ET Q q 0 0 0 rg BT 429.51 130.30 Td (, ) Tj ET Q q 0 0 0 rg BT 433.25 130.30 Td (as ) Tj ET Q q 0 0 0 rg BT 441.65 130.30 Td (well ) Tj ET Q q 0 0 0 rg BT 457.15 130.30 Td (as ) Tj ET Q q 0 0 0 rg BT 465.55 130.30 Td (the ) Tj ET Q q 0 0 0 rg BT 477.06 130.30 Td (non-economic ) Tj ET Q q 0 0 0 rg BT 524.56 130.30 Td (general ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 120.70 Td (partner ) Tj ET Q q 0 0 0 rg BT 74.11 120.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 99.61 120.70 Td (in ) Tj ET Q q 0 0 0 rg BT 107.79 120.70 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 134.63 120.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 168.57 120.70 Td (LP) Tj ET Q q 0 0 0 rg BT 177.61 120.70 Td ( ) Tj ET Q q 0 0 0 rg BT 179.56 120.70 Td (through ) Tj ET Q q 0 0 0 rg BT 206.40 120.70 Td (its ) Tj ET Q q 0 0 0 rg BT 215.92 120.70 Td (100% ) Tj ET Q q 0 0 0 rg BT 236.54 120.70 Td (ownership ) Tj ET Q q 0 0 0 rg BT 271.82 120.70 Td (of ) Tj ET Q q 0 0 0 rg BT 280.44 120.70 Td (its ) Tj ET Q q 0 0 0 rg BT 289.95 120.70 Td (general ) Tj ET Q q 0 0 0 rg BT 315.45 120.70 Td (partner) Tj ET Q q 0 0 0 rg BT 337.78 120.70 Td (, ) Tj ET Q q 0 0 0 rg BT 341.73 120.70 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 368.57 120.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 402.52 120.70 Td (GP) Tj ET Q q 0 0 0 rg BT 412.45 120.70 Td ( ) Tj ET Q q 0 0 0 rg BT 414.40 120.70 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 433.46 120.70 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 445.19 120.70 Td (a ) Tj ET Q q 0 0 0 rg BT 450.70 120.70 Td (51% ) Tj ET Q q 0 0 0 rg BT 467.32 120.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 491.94 120.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 518.78 120.70 Td (company ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 75.38 111.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.94 111.10 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 111.15 111.10 Td (Capricorn ) Tj ET Q q 0 0 0 rg BT 145.48 111.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 177.15 111.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 194.59 111.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.47 111.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 222.80 111.10 Td (a ) Tj ET Q q 0 0 0 rg BT 228.69 111.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 249.69 111.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 274.69 111.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 301.91 111.10 Td (company ) Tj ET Q q 0 0 0 rg BT 333.56 111.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 359.45 111.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.00 111.10 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 395.22 111.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 423.77 111.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 458.09 111.10 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 477.53 111.10 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 504.75 111.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 539.07 111.10 Td (LP) Tj ET Q q 0 0 0 rg BT 548.11 111.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 101.50 Td (owns: ) Tj ET Q q 0 0 0 rg BT 70.74 101.50 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 80.42 101.50 Td (a ) Tj ET Q q 0 0 0 rg BT 86.09 101.50 Td (100% ) Tj ET Q q 0 0 0 rg BT 106.88 101.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 132.56 101.50 Td (in ) Tj ET Q q 0 0 0 rg BT 140.90 101.50 Td (the ) Tj ET Q q 0 0 0 rg BT 152.80 101.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 178.04 101.50 Td (that ) Tj ET Q q 0 0 0 rg BT 192.16 101.50 Td (own ) Tj ET Q q 0 0 0 rg BT 208.06 101.50 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.96 101.50 Td (W) Tj ET Q q 0 0 0 rg BT 225.89 101.50 Td (est ) Tj ET Q q 0 0 0 rg BT 236.75 101.50 Td (Aquarius) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.08 101.50 Td (, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 270.21 101.50 Td (W) Tj ET Q q 0 0 0 rg BT 276.14 101.50 Td (est ) Tj ET Q q 0 0 0 rg BT 287.15 101.50 Td (Leo) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.15 101.50 Td ( ) Tj ET Q q 0 0 0 rg BT 301.28 101.50 Td (and ) Tj ET Q q 0 0 0 rg BT 314.96 101.50 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.85 101.50 Td (W) Tj ET Q q 0 0 0 rg BT 332.78 101.50 Td (est ) Tj ET Q q 0 0 0 rg BT 343.80 101.50 Td (V) Tj ET Q q 0 0 0 rg BT 347.80 101.50 Td (encedor ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.69 101.50 Td (and ) Tj ET Q q 0 0 0 rg BT 389.37 101.50 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 401.27 101.50 Td (an ) Tj ET Q q 0 0 0 rg BT 410.94 101.50 Td (approximate ) Tj ET Q q 0 0 0 rg BT 453.05 101.50 Td (56% ) Tj ET Q q 0 0 0 rg BT 469.84 101.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 495.52 101.50 Td (in ) Tj ET Q q 0 0 0 rg BT 503.86 101.50 Td (the ) Tj ET Q q 0 0 0 rg BT 515.76 101.50 Td (entity ) Tj ET Q q 0 0 0 rg BT 536.11 101.50 Td (that ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 91.90 Td (owns ) Tj ET Q q 0 0 0 rg BT 68.31 91.90 Td (and ) Tj ET Q q 0 0 0 rg BT 81.78 91.90 Td (operates ) Tj ET Q q 0 0 0 rg BT 110.34 91.90 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 122.04 91.90 Td (W) Tj ET Q q 0 0 0 rg BT 127.96 91.90 Td (est ) Tj ET Q q 0 0 0 rg BT 138.77 91.90 Td (Capella) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.10 91.90 Td (. ) Tj ET Q q 0 0 0 rg BT 168.02 91.90 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 194.82 91.90 Td (Capricorn ) Tj ET Q q 0 0 0 rg BT 228.72 91.90 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 259.98 91.90 Td (LLC ) Tj ET Q q 0 0 0 rg BT 277.00 91.90 Td (owns ) Tj ET Q q 0 0 0 rg BT 295.81 91.90 Td (100% ) Tj ET Q q 0 0 0 rg BT 316.39 91.90 Td (of ) Tj ET Q q 0 0 0 rg BT 324.97 91.90 Td (the ) Tj ET Q q 0 0 0 rg BT 336.66 91.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 361.68 91.90 Td (that ) Tj ET Q q 0 0 0 rg BT 375.60 91.90 Td (own ) Tj ET Q q 0 0 0 rg BT 391.29 91.90 Td (and ) Tj ET Q q 0 0 0 rg BT 404.76 91.90 Td (operate ) Tj ET Q q 0 0 0 rg BT 430.22 91.90 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.91 91.90 Td (W) Tj ET Q q 0 0 0 rg BT 447.84 91.90 Td (est ) Tj ET Q q 0 0 0 rg BT 458.64 91.90 Td (Capricorn,W) Tj ET Q q 0 0 0 rg BT 499.91 91.90 Td (est ) Tj ET Q q 0 0 0 rg BT 510.71 91.90 Td (Sirius, ) Tj ET Q q 0 0 0 rg BT 533.30 91.90 Td (W) Tj ET Q q 0 0 0 rg BT 539.23 91.90 Td (est ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 82.30 Td (Auriga ) Tj ET Q q 0 0 0 rg BT 73.72 82.30 Td (and ) Tj ET Q q 0 0 0 rg BT 87.72 82.30 Td (the ) Tj ET Q q 0 0 0 rg BT 99.50 82.30 Td (W) Tj ET Q q 0 0 0 rg BT 105.43 82.30 Td (est ) Tj ET Q q 0 0 0 rg BT 116.31 82.30 Td (V) Tj ET Q q 0 0 0 rg BT 120.31 82.30 Td (ela. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 134.09 82.30 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 160.97 82.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 189.18 82.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 223.17 82.30 Td (LLC ) Tj ET Q q 0 0 0 rg BT 240.28 82.30 Td (owns ) Tj ET Q q 0 0 0 rg BT 259.17 82.30 Td (100% ) Tj ET Q q 0 0 0 rg BT 279.84 82.30 Td (of ) Tj ET Q q 0 0 0 rg BT 288.50 82.30 Td (the ) Tj ET Q q 0 0 0 rg BT 300.27 82.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 325.38 82.30 Td (that ) Tj ET Q q 0 0 0 rg BT 339.38 82.30 Td (own ) Tj ET Q q 0 0 0 rg BT 355.15 82.30 Td (and ) Tj ET Q q 0 0 0 rg BT 368.70 82.30 Td (operate ) Tj ET Q q 0 0 0 rg BT 394.24 82.30 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.02 82.30 Td (T) Tj ET Q q 0 0 0 rg BT 409.87 82.30 Td (-15 ) Tj ET Q q 0 0 0 rg BT 422.54 82.30 Td (and ) Tj ET Q q 0 0 0 rg BT 436.54 82.30 Td (T) Tj ET Q q 0 0 0 rg BT 440.39 82.30 Td (-16 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.05 82.30 Td (tender ) Tj ET Q q 0 0 0 rg BT 475.04 82.30 Td (bar) Tj ET Q q 0 0 0 rg BT 485.11 82.30 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 74.83 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.75 70.30 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.25 70.30 Td (Please see ) Tj ET Q q 0 0 0 rg BT 93.74 70.30 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 130.98 70.30 Td (A) Tj ET Q q 0 0 0 rg BT 136.99 70.30 Td ( for a reconciliation of Distributable Cash Flow to net income, the most directly comparable US Generally ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 59.50 Td (Accepted ) Tj ET Q q 0 0 0 rg BT 85.23 59.50 Td (Accounting Principles \("US GAAP"\) financial measure.) 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 49.50 789.80 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 105.22 789.80 Td (for ) Tj ET Q q 0 0 0 rg BT 120.60 789.80 Td (the ) Tj ET Q q 0 0 0 rg BT 136.60 789.80 Td (period ) Tj ET Q q 0 0 0 rg BT 167.26 789.80 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 186.92 789.80 Td ($0.5675) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 222.67 789.80 Td ( ) Tj ET Q q 0 0 0 rg BT 225.22 789.80 Td (per ) Tj ET Q q 0 0 0 rg BT 241.82 789.80 Td (unit, ) Tj ET Q q 0 0 0 rg BT 264.24 789.80 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 312.61 789.80 Td (to ) Tj ET Q q 0 0 0 rg BT 323.72 789.80 Td (an ) Tj ET Q q 0 0 0 rg BT 336.66 789.80 Td (annual ) Tj ET Q q 0 0 0 rg BT 368.54 789.80 Td (distribution ) Tj ET Q q 0 0 0 rg BT 421.82 789.80 Td (of ) Tj ET Q q 0 0 0 rg BT 433.53 789.80 Td ($2.27, ) Tj ET Q q 0 0 0 rg BT 463.59 789.80 Td (representing ) Tj ET Q q 0 0 0 rg BT 520.51 789.80 Td (a ) Tj ET Q q 0 0 0 rg BT 527.95 789.80 Td (46% ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 776.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 88.28 776.60 Td (from ) Tj ET Q q 0 0 0 rg BT 112.41 776.60 Td (the ) Tj ET Q q 0 0 0 rg BT 128.60 776.60 Td (Company) Tj ET Q q 0 0 0 rg BT 174.43 776.60 Td (s ) Tj ET Q q 0 0 0 rg BT 181.46 776.60 Td (minimum ) Tj ET Q q 0 0 0 rg BT 226.99 776.60 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 269.45 776.60 Td (distribution ) Tj ET Q q 0 0 0 rg BT 322.92 776.60 Td (set ) Tj ET Q q 0 0 0 rg BT 337.89 776.60 Td (at ) Tj ET Q q 0 0 0 rg BT 348.58 776.60 Td (its ) Tj ET Q q 0 0 0 rg BT 361.72 776.60 Td (IPO. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 738.20 Td (Operations) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 719.00 Td (Overall ) Tj ET Q q 0 0 0 rg BT 85.23 719.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 130.74 719.00 Td (utilization) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 175.34 723.98 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 178.92 719.00 Td ( ) Tj ET Q q 0 0 0 rg BT 181.67 719.00 Td (for ) Tj ET Q q 0 0 0 rg BT 197.25 719.00 Td (the ) Tj ET Q q 0 0 0 rg BT 213.43 719.00 Td (fleet ) Tj ET Q q 0 0 0 rg BT 235.72 719.00 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 255.58 719.00 Td (97) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.58 719.00 Td (% ) Tj ET Q q 0 0 0 rg BT 278.49 719.00 Td (for ) Tj ET Q q 0 0 0 rg BT 294.07 719.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 310.26 719.00 Td (second ) Tj ET Q q 0 0 0 rg BT 343.55 719.00 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 374.09 719.00 Td (.) 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 68.00 699.80 Td (semi-tender ) Tj ET Q q 0 0 0 rg BT 121.32 699.80 Td (rig ) Tj ET Q q 0 0 0 rg BT 134.84 699.80 Td (W) Tj ET Q q 0 0 0 rg BT 144.34 699.80 Td (est ) Tj ET Q q 0 0 0 rg BT 157.86 699.80 Td (V) Tj ET Q q 0 0 0 rg BT 164.59 699.80 Td (encedor ) Tj ET Q q 0 0 0 rg BT 200.80 699.80 Td (completed ) Tj ET Q q 0 0 0 rg BT 248.01 699.80 Td (its ) Tj ET Q q 0 0 0 rg BT 259.81 699.80 Td (current ) Tj ET Q q 0 0 0 rg BT 292.35 699.80 Td (contract ) Tj ET Q q 0 0 0 rg BT 329.18 699.80 Td (during ) Tj ET Q q 0 0 0 rg BT 359.30 699.80 Td (the ) Tj ET Q q 0 0 0 rg BT 374.14 699.80 Td (third ) Tj ET Q q 0 0 0 rg BT 396.31 699.80 Td (week ) Tj ET Q q 0 0 0 rg BT 420.92 699.80 Td (of ) Tj ET Q q 0 0 0 rg BT 431.48 699.80 Td (June ) Tj ET Q q 0 0 0 rg BT 453.05 699.80 Td (and ) Tj ET Q q 0 0 0 rg BT 470.33 699.80 Td (its ) Tj ET Q q 0 0 0 rg BT 482.12 699.80 Td (demobilization ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 686.60 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 686.60 Td (relocation ) Tj ET Q q 0 0 0 rg BT 114.86 686.60 Td (to ) Tj ET Q q 0 0 0 rg BT 126.17 686.60 Td (Southeast ) Tj ET Q q 0 0 0 rg BT 171.09 686.60 Td (Asia ) Tj ET Q q 0 0 0 rg BT 194.00 686.60 Td (at ) Tj ET Q q 0 0 0 rg BT 204.69 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 220.88 686.60 Td (end ) Tj ET Q q 0 0 0 rg BT 239.51 686.60 Td (of ) Tj ET Q q 0 0 0 rg BT 251.42 686.60 Td (July) Tj ET Q q 0 0 0 rg BT 269.04 686.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 667.40 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 667.40 Td (semi-submersible ) Tj ET Q q 0 0 0 rg BT 147.27 667.40 Td (rig ) Tj ET Q q 0 0 0 rg BT 160.92 667.40 Td (W) Tj ET Q q 0 0 0 rg BT 170.42 667.40 Td (est ) Tj ET Q q 0 0 0 rg BT 184.18 667.40 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 211.39 667.40 Td (completed ) Tj ET Q q 0 0 0 rg BT 258.74 667.40 Td (its ) Tj ET Q q 0 0 0 rg BT 270.67 667.40 Td (de-manning ) Tj ET Q q 0 0 0 rg BT 324.75 667.40 Td (and ) Tj ET Q q 0 0 0 rg BT 342.17 667.40 Td (thruster ) Tj ET Q q 0 0 0 rg BT 377.31 667.40 Td (removal ) Tj ET Q q 0 0 0 rg BT 414.89 667.40 Td (in ) Tj ET Q q 0 0 0 rg BT 424.98 667.40 Td (preparation ) Tj ET Q q 0 0 0 rg BT 476.60 667.40 Td (for ) Tj ET Q q 0 0 0 rg BT 490.97 667.40 Td (cold ) Tj ET Q q 0 0 0 rg BT 511.44 667.40 Td (stacking ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 654.20 Td (during ) Tj ET Q q 0 0 0 rg BT 81.13 654.20 Td (the ) Tj ET Q q 0 0 0 rg BT 97.47 654.20 Td (third ) Tj ET Q q 0 0 0 rg BT 121.15 654.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 151.69 654.20 Td (. ) Tj ET Q q 0 0 0 rg BT 157.35 654.20 Td ( ) Tj ET Q q 0 0 0 rg BT 160.26 654.20 Td (Operating ) Tj ET Q q 0 0 0 rg BT 207.15 654.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 249.77 654.20 Td (began ) Tj ET Q q 0 0 0 rg BT 278.94 654.20 Td (to ) Tj ET Q q 0 0 0 rg BT 290.40 654.20 Td (decline ) Tj ET Q q 0 0 0 rg BT 325.07 654.20 Td (during ) Tj ET Q q 0 0 0 rg BT 356.69 654.20 Td (the ) Tj ET Q q 0 0 0 rg BT 373.04 654.20 Td (second ) Tj ET Q q 0 0 0 rg BT 406.49 654.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 437.20 654.20 Td (, ) Tj ET Q q 0 0 0 rg BT 442.86 654.20 Td (however ) Tj ET Q q 0 0 0 rg BT 483.64 654.20 Td (the ) Tj ET Q q 0 0 0 rg BT 499.98 654.20 Td (full ) Tj ET Q q 0 0 0 rg BT 518.16 654.20 Td (impact ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 641.00 Td (is ) Tj ET Q q 0 0 0 rg BT 58.74 641.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 99.73 641.00 Td (to ) Tj ET Q q 0 0 0 rg BT 110.19 641.00 Td (be ) Tj ET Q q 0 0 0 rg BT 122.48 641.00 Td (realized ) Tj ET Q q 0 0 0 rg BT 159.19 641.00 Td (during ) Tj ET Q q 0 0 0 rg BT 189.81 641.00 Td (the ) Tj ET Q q 0 0 0 rg BT 205.15 641.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 233.94 641.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 264.48 641.00 Td (. ) Tj ET Q q 0 0 0 rg BT 269.13 641.00 Td ( ) Tj ET Q q 0 0 0 rg BT 271.04 641.00 Td (Once ) Tj ET Q q 0 0 0 rg BT 296.15 641.00 Td (fully ) Tj ET Q q 0 0 0 rg BT 318.83 641.00 Td (de-manned ) Tj ET Q q 0 0 0 rg BT 369.60 641.00 Td (and ) Tj ET Q q 0 0 0 rg BT 387.39 641.00 Td (idle, ) Tj ET Q q 0 0 0 rg BT 408.54 641.00 Td (the ) Tj ET Q q 0 0 0 rg BT 423.88 641.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 468.56 641.00 Td (expects ) Tj ET Q q 0 0 0 rg BT 503.45 641.00 Td (the ) Tj ET Q q 0 0 0 rg BT 518.79 641.00 Td (annual ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 627.80 Td (cost ) Tj ET Q q 0 0 0 rg BT 69.97 627.80 Td (to ) Tj ET Q q 0 0 0 rg BT 81.28 627.80 Td (cold ) Tj ET Q q 0 0 0 rg BT 102.96 627.80 Td (stack ) Tj ET Q q 0 0 0 rg BT 128.32 627.80 Td (the ) Tj ET Q q 0 0 0 rg BT 144.50 627.80 Td (unit ) Tj ET Q q 0 0 0 rg BT 164.37 627.80 Td (to ) Tj ET Q q 0 0 0 rg BT 175.67 627.80 Td (be ) Tj ET Q q 0 0 0 rg BT 188.80 627.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 255.09 627.80 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 277.09 627.80 Td (million.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 608.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.45 608.60 Td (otal ) Tj ET Q q 0 0 0 rg BT 74.91 608.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 119.41 608.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 162.08 608.60 Td (for ) Tj ET Q q 0 0 0 rg BT 177.86 608.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 194.26 608.60 Td (second ) Tj ET Q q 0 0 0 rg BT 227.77 608.60 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 258.92 608.60 Td ( ) Tj ET Q q 0 0 0 rg BT 261.88 608.60 Td (were ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 286.21 608.60 Td ($21) Tj ET Q q 0 0 0 rg BT 302.30 608.60 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 319.01 608.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 350.79 608.60 Td (, ) Tj ET Q q 0 0 0 rg BT 356.50 608.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 402.83 608.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 414.35 608.60 Td ($210.0 ) Tj ET Q q 0 0 0 rg BT 447.56 608.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 479.34 608.60 Td ( ) Tj ET Q q 0 0 0 rg BT 482.30 608.60 Td (in ) Tj ET Q q 0 0 0 rg BT 493.82 608.60 Td (the ) Tj ET Q q 0 0 0 rg BT 510.22 608.60 Td (previous ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 595.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 80.04 595.40 Td (. ) Tj ET Q q 0 0 0 rg BT 86.17 595.40 Td (Part ) Tj ET Q q 0 0 0 rg BT 107.27 595.40 Td (of ) Tj ET Q q 0 0 0 rg BT 119.81 595.40 Td (the ) Tj ET Q q 0 0 0 rg BT 136.62 595.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 176.03 595.40 Td (is ) Tj ET Q q 0 0 0 rg BT 186.75 595.40 Td (as ) Tj ET Q q 0 0 0 rg BT 199.29 595.40 Td (a ) Tj ET Q q 0 0 0 rg BT 207.55 595.40 Td (result ) Tj ET Q q 0 0 0 rg BT 235.37 595.40 Td (of ) Tj ET Q q 0 0 0 rg BT 247.91 595.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 292.83 595.40 Td (expenses ) Tj ET Q q 0 0 0 rg BT 335.91 595.40 Td (related ) Tj ET Q q 0 0 0 rg BT 369.21 595.40 Td (to ) Tj ET Q q 0 0 0 rg BT 381.15 595.40 Td (the ) Tj ET Q q 0 0 0 rg BT 397.72 595.40 Td (W) Tj ET Q q 0 0 0 rg BT 407.22 595.40 Td (est ) Tj ET Q q 0 0 0 rg BT 422.82 595.40 Td (Polaris, ) Tj ET Q q 0 0 0 rg BT 459.51 595.40 Td (which ) Tj ET Q q 0 0 0 rg BT 489.77 595.40 Td (was ) Tj ET Q q 0 0 0 rg BT 510.25 595.40 Td (acquired ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 582.20 Td (during ) Tj ET Q q 0 0 0 rg BT 81.31 582.20 Td (the ) Tj ET Q q 0 0 0 rg BT 97.85 582.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 128.39 582.20 Td (. ) Tj ET Q q 0 0 0 rg BT 134.23 582.20 Td ( ) Tj ET Q q 0 0 0 rg BT 137.32 582.20 Td (Significant ) Tj ET Q q 0 0 0 rg BT 188.69 582.20 Td (progress ) Tj ET Q q 0 0 0 rg BT 229.05 582.20 Td (has ) Tj ET Q q 0 0 0 rg BT 246.81 582.20 Td (been ) Tj ET Q q 0 0 0 rg BT 270.67 582.20 Td (made ) Tj ET Q q 0 0 0 rg BT 297.58 582.20 Td (to ) Tj ET Q q 0 0 0 rg BT 309.23 582.20 Td (drive ) Tj ET Q q 0 0 0 rg BT 334.93 582.20 Td (ef) Tj ET Q q 0 0 0 rg BT 343.27 582.20 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 388.51 582.20 Td (in ) Tj ET Q q 0 0 0 rg BT 400.16 582.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 444.79 582.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 504.09 582.20 Td (across ) Tj ET Q q 0 0 0 rg BT 534.67 582.20 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 569.00 Td (fleet ) Tj ET Q q 0 0 0 rg BT 71.79 569.00 Td (and ) Tj ET Q q 0 0 0 rg BT 90.42 569.00 Td (in ) Tj ET Q q 0 0 0 rg BT 101.73 569.00 Td (corporate ) Tj ET Q q 0 0 0 rg BT 146.01 569.00 Td (overhead.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 530.60 Td (Acquisitions) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 511.40 Td (During ) Tj ET Q q 0 0 0 rg BT 82.16 511.40 Td (the ) Tj ET Q q 0 0 0 rg BT 97.09 511.40 Td (second ) Tj ET Q q 0 0 0 rg BT 129.13 511.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 159.84 511.40 Td (, ) Tj ET Q q 0 0 0 rg BT 164.08 511.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 199.79 511.40 Td (Operating ) Tj ET Q q 0 0 0 rg BT 245.27 511.40 Td (LP) Tj ET Q q 0 0 0 rg BT 256.89 511.40 Td (, ) Tj ET Q q 0 0 0 rg BT 261.13 511.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 296.84 511.40 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 336.36 511.40 Td (58% ) Tj ET Q q 0 0 0 rg BT 358.02 511.40 Td (owned ) Tj ET Q q 0 0 0 rg BT 388.84 511.40 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 433.35 511.40 Td (, ) Tj ET Q q 0 0 0 rg BT 437.59 511.40 Td (completed ) Tj ET Q q 0 0 0 rg BT 484.90 511.40 Td (the ) Tj ET Q q 0 0 0 rg BT 499.83 511.40 Td (acquisition ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 498.20 Td (of ) Tj ET Q q 0 0 0 rg BT 61.57 498.20 Td (the ) Tj ET Q q 0 0 0 rg BT 77.71 498.20 Td (W) Tj ET Q q 0 0 0 rg BT 87.21 498.20 Td (est ) Tj ET Q q 0 0 0 rg BT 102.35 498.20 Td (Polaris ) Tj ET Q q 0 0 0 rg BT 135.81 498.20 Td (from ) Tj ET Q q 0 0 0 rg BT 160.11 498.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 197.23 498.20 Td (Limited. ) Tj ET Q q 0 0 0 rg BT 237.72 498.20 Td ( ) Tj ET Q q 0 0 0 rg BT 240.42 498.20 Td (The ) Tj ET Q q 0 0 0 rg BT 260.22 498.20 Td (W) Tj ET Q q 0 0 0 rg BT 269.72 498.20 Td (est ) Tj ET Q q 0 0 0 rg BT 284.85 498.20 Td (Polaris ) Tj ET Q q 0 0 0 rg BT 318.32 498.20 Td (is ) Tj ET Q q 0 0 0 rg BT 328.57 498.20 Td (a ) Tj ET Q q 0 0 0 rg BT 336.36 498.20 Td (6th ) Tj ET Q q 0 0 0 rg BT 353.33 498.20 Td (generation, ) Tj ET Q q 0 0 0 rg BT 405.41 498.20 Td (dynamically ) Tj ET Q q 0 0 0 rg BT 462.70 498.20 Td (positioned ) Tj ET Q q 0 0 0 rg BT 511.44 498.20 Td (drillship ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 485.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 92.88 485.00 Td (from ) Tj ET Q q 0 0 0 rg BT 116.73 485.00 Td (the ) Tj ET Q q 0 0 0 rg BT 132.63 485.00 Td (Samsung ) Tj ET Q q 0 0 0 rg BT 175.43 485.00 Td (shipyard ) Tj ET Q q 0 0 0 rg BT 215.77 485.00 Td (in ) Tj ET Q q 0 0 0 rg BT 226.79 485.00 Td (2008. ) Tj ET Q q 0 0 0 rg BT 253.82 485.00 Td (The ) Tj ET Q q 0 0 0 rg BT 273.21 485.00 Td (W) Tj ET Q q 0 0 0 rg BT 282.71 485.00 Td (est ) Tj ET Q q 0 0 0 rg BT 297.39 485.00 Td (Polaris ) Tj ET Q q 0 0 0 rg BT 330.40 485.00 Td (is ) Tj ET Q q 0 0 0 rg BT 340.20 485.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 381.75 485.00 Td (to ) Tj ET Q q 0 0 0 rg BT 392.77 485.00 Td (carry ) Tj ET Q q 0 0 0 rg BT 417.82 485.00 Td (out ) Tj ET Q q 0 0 0 rg BT 434.34 485.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 482.62 485.00 Td (in ) Tj ET Q q 0 0 0 rg BT 493.09 485.00 Td (Angola ) Tj ET Q q 0 0 0 rg BT 527.94 485.00 Td (until ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 471.80 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 471.80 Td (end ) Tj ET Q q 0 0 0 rg BT 84.32 471.80 Td (of ) Tj ET Q q 0 0 0 rg BT 96.23 471.80 Td (its ) Tj ET Q q 0 0 0 rg BT 109.38 471.80 Td (contract ) Tj ET Q q 0 0 0 rg BT 147.55 471.80 Td (with ) Tj ET Q q 0 0 0 rg BT 169.86 471.80 Td (ExxonMobil ) Tj ET Q q 0 0 0 rg BT 228.22 471.80 Td (in ) Tj ET Q q 0 0 0 rg BT 239.52 471.80 Td (March ) Tj ET Q q 0 0 0 rg BT 270.98 471.80 Td (2018.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 452.60 Td (The ) Tj ET Q q 0 0 0 rg BT 69.04 452.60 Td (consideration ) Tj ET Q q 0 0 0 rg BT 130.73 452.60 Td (for ) Tj ET Q q 0 0 0 rg BT 146.00 452.60 Td (the ) Tj ET Q q 0 0 0 rg BT 161.70 452.60 Td (W) Tj ET Q q 0 0 0 rg BT 171.20 452.60 Td (est ) Tj ET Q q 0 0 0 rg BT 185.86 452.60 Td (Polaris ) Tj ET Q q 0 0 0 rg BT 218.85 452.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 269.56 452.60 Td (was ) Tj ET Q q 0 0 0 rg BT 289.10 452.60 Td (comprised ) Tj ET Q q 0 0 0 rg BT 337.36 452.60 Td (of ) Tj ET Q q 0 0 0 rg BT 348.96 452.60 Td ($204 ) Tj ET Q q 0 0 0 rg BT 373.39 452.60 Td (million ) Tj ET Q q 0 0 0 rg BT 407.61 452.60 Td (in ) Tj ET Q q 0 0 0 rg BT 418.61 452.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 440.59 452.60 Td (and ) Tj ET Q q 0 0 0 rg BT 458.91 452.60 Td ($336 ) Tj ET Q q 0 0 0 rg BT 483.34 452.60 Td (million ) Tj ET Q q 0 0 0 rg BT 517.56 452.60 Td (of ) Tj ET Q q 0 0 0 rg BT 529.16 452.60 Td (debt ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 439.40 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 102.29 439.40 Td (under ) Tj ET Q q 0 0 0 rg BT 128.80 439.40 Td (the ) Tj ET Q q 0 0 0 rg BT 143.70 439.40 Td (existing ) Tj ET Q q 0 0 0 rg BT 179.99 439.40 Td (facility ) Tj ET Q q 0 0 0 rg BT 212.60 439.40 Td (financing ) Tj ET Q q 0 0 0 rg BT 255.60 439.40 Td (the ) Tj ET Q q 0 0 0 rg BT 270.40 439.40 Td (W) Tj ET Q q 0 0 0 rg BT 279.90 439.40 Td (est ) Tj ET Q q 0 0 0 rg BT 293.58 439.40 Td (Polaris. ) Tj ET Q q 0 0 0 rg BT 328.35 439.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 364.02 439.40 Td (Partners ) Tj ET Q q 0 0 0 rg BT 401.53 439.40 Td (funded ) Tj ET Q q 0 0 0 rg BT 433.54 439.40 Td (the ) Tj ET Q q 0 0 0 rg BT 448.43 439.40 Td (balance ) Tj ET Q q 0 0 0 rg BT 483.48 439.40 Td (of ) Tj ET Q q 0 0 0 rg BT 494.10 439.40 Td (the ) Tj ET Q q 0 0 0 rg BT 509.00 439.40 Td (purchase ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 426.20 Td (price ) Tj ET Q q 0 0 0 rg BT 74.23 426.20 Td (with ) Tj ET Q q 0 0 0 rg BT 96.54 426.20 Td (a ) Tj ET Q q 0 0 0 rg BT 104.17 426.20 Td (seller's ) Tj ET Q q 0 0 0 rg BT 137.01 426.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 164.80 426.20 Td (of ) Tj ET Q q 0 0 0 rg BT 176.71 426.20 Td ($50 ) Tj ET Q q 0 0 0 rg BT 195.96 426.20 Td (million ) Tj ET Q q 0 0 0 rg BT 230.49 426.20 Td (due ) Tj ET Q q 0 0 0 rg BT 249.12 426.20 Td (in ) Tj ET Q q 0 0 0 rg BT 260.43 426.20 Td (2021 ) Tj ET Q q 0 0 0 rg BT 285.18 426.20 Td (that ) Tj ET Q q 0 0 0 rg BT 304.42 426.20 Td (carries ) Tj ET Q q 0 0 0 rg BT 336.48 426.20 Td (an ) Tj ET Q q 0 0 0 rg BT 349.62 426.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.74 426.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 403.98 426.20 Td (of ) Tj ET Q q 0 0 0 rg BT 415.89 426.20 Td (6.5% ) Tj ET Q q 0 0 0 rg BT 441.55 426.20 Td (per ) Tj ET Q q 0 0 0 rg BT 458.35 426.20 Td (annum.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 407.00 Td (The ) Tj ET Q q 0 0 0 rg BT 70.00 407.00 Td (W) Tj ET Q q 0 0 0 rg BT 79.50 407.00 Td (est ) Tj ET Q q 0 0 0 rg BT 95.39 407.00 Td (Polaris ) Tj ET Q q 0 0 0 rg BT 129.61 407.00 Td (is ) Tj ET Q q 0 0 0 rg BT 140.61 407.00 Td (currently ) Tj ET Q q 0 0 0 rg BT 183.98 407.00 Td (contracted ) Tj ET Q q 0 0 0 rg BT 233.45 407.00 Td (with ) Tj ET Q q 0 0 0 rg BT 256.68 407.00 Td (ExxonMobil ) Tj ET Q q 0 0 0 rg BT 315.95 407.00 Td (on ) Tj ET Q q 0 0 0 rg BT 330.62 407.00 Td (a ) Tj ET Q q 0 0 0 rg BT 339.17 407.00 Td (daily ) Tj ET Q q 0 0 0 rg BT 364.83 407.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 384.98 407.00 Td (of ) Tj ET Q q 0 0 0 rg BT 397.81 407.00 Td ($653,000. ) Tj ET Q q 0 0 0 rg BT 445.47 407.00 Td (Under ) Tj ET Q q 0 0 0 rg BT 476.63 407.00 Td (the ) Tj ET Q q 0 0 0 rg BT 493.73 407.00 Td (terms ) Tj ET Q q 0 0 0 rg BT 521.84 407.00 Td (of ) Tj ET Q q 0 0 0 rg BT 534.67 407.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 393.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 101.35 393.80 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 153.48 393.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 191.27 393.80 Td (Partners ) Tj ET Q q 0 0 0 rg BT 230.90 393.80 Td (has ) Tj ET Q q 0 0 0 rg BT 249.14 393.80 Td (agreed ) Tj ET Q q 0 0 0 rg BT 282.03 393.80 Td (to ) Tj ET Q q 0 0 0 rg BT 294.16 393.80 Td (pay ) Tj ET Q q 0 0 0 rg BT 313.62 393.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 351.42 393.80 Td (Limited ) Tj ET Q q 0 0 0 rg BT 389.82 393.80 Td (any ) Tj ET Q q 0 0 0 rg BT 409.28 393.80 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 445.23 393.80 Td (it ) Tj ET Q q 0 0 0 rg BT 454.92 393.80 Td (receives ) Tj ET Q q 0 0 0 rg BT 494.53 393.80 Td (in ) Tj ET Q q 0 0 0 rg BT 506.66 393.80 Td (excess ) Tj ET Q q 0 0 0 rg BT 538.95 393.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 380.60 Td ($450,000 ) Tj ET Q q 0 0 0 rg BT 94.73 380.60 Td (per ) Tj ET Q q 0 0 0 rg BT 112.75 380.60 Td (day) Tj ET Q q 0 0 0 rg BT 127.92 380.60 Td (, ) Tj ET Q q 0 0 0 rg BT 134.65 380.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 175.28 380.60 Td (for ) Tj ET Q q 0 0 0 rg BT 192.08 380.60 Td (daily ) Tj ET Q q 0 0 0 rg BT 218.06 380.60 Td (utilization, ) Tj ET Q q 0 0 0 rg BT 269.39 380.60 Td (for ) Tj ET Q q 0 0 0 rg BT 286.19 380.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.61 380.60 Td (remainder ) Tj ET Q q 0 0 0 rg BT 352.17 380.60 Td (of ) Tj ET Q q 0 0 0 rg BT 365.31 380.60 Td (the ) Tj ET Q q 0 0 0 rg BT 382.73 380.60 Td (ExxonMobil ) Tj ET Q q 0 0 0 rg BT 442.32 380.60 Td (contract. ) Tj ET Q q 0 0 0 rg BT 484.47 380.60 Td (By ) Tj ET Q q 0 0 0 rg BT 501.28 380.60 Td (ef) Tj ET Q q 0 0 0 rg BT 509.63 380.60 Td (fectively ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 367.40 Td (lowering ) Tj ET Q q 0 0 0 rg BT 91.13 367.40 Td (the ) Tj ET Q q 0 0 0 rg BT 107.11 367.40 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 142.00 367.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 178.75 367.40 Td (Partners ) Tj ET Q q 0 0 0 rg BT 217.33 367.40 Td (receives ) Tj ET Q q 0 0 0 rg BT 255.89 367.40 Td (to ) Tj ET Q q 0 0 0 rg BT 266.98 367.40 Td ($450,000 ) Tj ET Q q 0 0 0 rg BT 310.76 367.40 Td (per ) Tj ET Q q 0 0 0 rg BT 327.34 367.40 Td (day) Tj ET Q q 0 0 0 rg BT 342.51 367.40 Td (, ) Tj ET Q q 0 0 0 rg BT 347.79 367.40 Td (the ) Tj ET Q q 0 0 0 rg BT 363.76 367.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 409.07 367.40 Td (has ) Tj ET Q q 0 0 0 rg BT 426.27 367.40 Td (reduced ) Tj ET Q q 0 0 0 rg BT 463.61 367.40 Td (the ) Tj ET Q q 0 0 0 rg BT 479.58 367.40 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 530.38 367.40 Td (cost ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 354.20 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 354.20 Td (its ) Tj ET Q q 0 0 0 rg BT 81.28 354.20 Td (re-contracting ) Tj ET Q q 0 0 0 rg BT 145.71 354.20 Td (risk.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 335.00 Td (As ) Tj ET Q q 0 0 0 rg BT 63.63 335.00 Td (part ) Tj ET Q q 0 0 0 rg BT 82.64 335.00 Td (of ) Tj ET Q q 0 0 0 rg BT 93.71 335.00 Td (the ) Tj ET Q q 0 0 0 rg BT 109.05 335.00 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 159.22 335.00 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 209.68 335.00 Td (the ) Tj ET Q q 0 0 0 rg BT 225.03 335.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 275.97 335.00 Td (obligation ) Tj ET Q q 0 0 0 rg BT 322.48 335.00 Td (to ) Tj ET Q q 0 0 0 rg BT 332.94 335.00 Td (repay ) Tj ET Q q 0 0 0 rg BT 359.28 335.00 Td (the ) Tj ET Q q 0 0 0 rg BT 374.62 335.00 Td ($50 ) Tj ET Q q 0 0 0 rg BT 393.03 335.00 Td (million ) Tj ET Q q 0 0 0 rg BT 426.71 335.00 Td (seller's ) Tj ET Q q 0 0 0 rg BT 458.70 335.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 485.65 335.00 Td (due ) Tj ET Q q 0 0 0 rg BT 503.43 335.00 Td (to ) Tj ET Q q 0 0 0 rg BT 513.90 335.00 Td (Seadrill ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 321.80 Td (Limited ) Tj ET Q q 0 0 0 rg BT 87.03 321.80 Td (will ) Tj ET Q q 0 0 0 rg BT 106.84 321.80 Td (be ) Tj ET Q q 0 0 0 rg BT 119.93 321.80 Td (reduced ) Tj ET Q q 0 0 0 rg BT 157.44 321.80 Td (if ) Tj ET Q q 0 0 0 rg BT 166.86 321.80 Td (the ) Tj ET Q q 0 0 0 rg BT 183.00 321.80 Td (average ) Tj ET Q q 0 0 0 rg BT 219.89 321.80 Td (contracted ) Tj ET Q q 0 0 0 rg BT 268.40 321.80 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 303.47 321.80 Td (under ) Tj ET Q q 0 0 0 rg BT 331.21 321.80 Td (any ) Tj ET Q q 0 0 0 rg BT 349.80 321.80 Td (replacement ) Tj ET Q q 0 0 0 rg BT 406.24 321.80 Td (contract ) Tj ET Q q 0 0 0 rg BT 444.37 321.80 Td (is ) Tj ET Q q 0 0 0 rg BT 454.41 321.80 Td (below ) Tj ET Q q 0 0 0 rg BT 483.99 321.80 Td ($450,000 ) Tj ET Q q 0 0 0 rg BT 527.94 321.80 Td (until ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 308.60 Td (the ) Tj ET Q q 0 0 0 rg BT 66.81 308.60 Td (seller's ) Tj ET Q q 0 0 0 rg BT 100.76 308.60 Td (credit's ) Tj ET Q q 0 0 0 rg BT 135.93 308.60 Td (maturity ) Tj ET Q q 0 0 0 rg BT 177.07 308.60 Td (in ) Tj ET Q q 0 0 0 rg BT 189.49 308.60 Td (2021. ) Tj ET Q q 0 0 0 rg BT 220.58 308.60 Td (The ) Tj ET Q q 0 0 0 rg BT 241.55 308.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 278.42 308.60 Td (of ) Tj ET Q q 0 0 0 rg BT 291.45 308.60 Td (seller's ) Tj ET Q q 0 0 0 rg BT 325.40 308.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 354.31 308.60 Td (due ) Tj ET Q q 0 0 0 rg BT 374.06 308.60 Td (will ) Tj ET Q q 0 0 0 rg BT 395.04 308.60 Td (be ) Tj ET Q q 0 0 0 rg BT 409.29 308.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 447.97 308.60 Td (until ) Tj ET Q q 0 0 0 rg BT 472.01 308.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 510.09 308.60 Td (Partners' ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 295.40 Td (ef) Tj ET Q q 0 0 0 rg BT 57.85 295.40 Td (fective ) Tj ET Q q 0 0 0 rg BT 91.80 295.40 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 128.20 295.40 Td (is ) Tj ET Q q 0 0 0 rg BT 139.57 295.40 Td ($450,000 ) Tj ET Q q 0 0 0 rg BT 184.85 295.40 Td (or ) Tj ET Q q 0 0 0 rg BT 198.05 295.40 Td (until ) Tj ET Q q 0 0 0 rg BT 222.25 295.40 Td (the ) Tj ET Q q 0 0 0 rg BT 239.72 295.40 Td (seller's ) Tj ET Q q 0 0 0 rg BT 273.83 295.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 302.91 295.40 Td (is ) Tj ET Q q 0 0 0 rg BT 314.27 295.40 Td (reduced ) Tj ET Q q 0 0 0 rg BT 353.12 295.40 Td (to ) Tj ET Q q 0 0 0 rg BT 365.71 295.40 Td (zero. ) Tj ET Q q 0 0 0 rg BT 394.17 295.40 Td (Should ) Tj ET Q q 0 0 0 rg BT 429.37 295.40 Td (the ) Tj ET Q q 0 0 0 rg BT 446.84 295.40 Td (average ) Tj ET Q q 0 0 0 rg BT 485.07 295.40 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 521.47 295.40 Td (of ) Tj ET Q q 0 0 0 rg BT 534.66 295.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 282.20 Td (replacement ) Tj ET Q q 0 0 0 rg BT 105.40 282.20 Td (contract ) Tj ET Q q 0 0 0 rg BT 142.97 282.20 Td (be ) Tj ET Q q 0 0 0 rg BT 155.50 282.20 Td (above ) Tj ET Q q 0 0 0 rg BT 183.92 282.20 Td ($450,000, ) Tj ET Q q 0 0 0 rg BT 230.07 282.20 Td (the ) Tj ET Q q 0 0 0 rg BT 245.67 282.20 Td (entire ) Tj ET Q q 0 0 0 rg BT 272.86 282.20 Td ($50 ) Tj ET Q q 0 0 0 rg BT 291.51 282.20 Td (million ) Tj ET Q q 0 0 0 rg BT 325.44 282.20 Td (seller's ) Tj ET Q q 0 0 0 rg BT 357.68 282.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 384.87 282.20 Td (must ) Tj ET Q q 0 0 0 rg BT 408.42 282.20 Td (be ) Tj ET Q q 0 0 0 rg BT 420.95 282.20 Td (paid ) Tj ET Q q 0 0 0 rg BT 442.04 282.20 Td (to ) Tj ET Q q 0 0 0 rg BT 452.75 282.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 489.12 282.20 Td (Limited ) Tj ET Q q 0 0 0 rg BT 526.10 282.20 Td (upon ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 269.00 Td (maturity ) Tj ET Q q 0 0 0 rg BT 89.52 269.00 Td (of ) Tj ET Q q 0 0 0 rg BT 101.43 269.00 Td (the ) Tj ET Q q 0 0 0 rg BT 117.62 269.00 Td (seller's ) Tj ET Q q 0 0 0 rg BT 150.46 269.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 178.25 269.00 Td (in ) Tj ET Q q 0 0 0 rg BT 189.55 269.00 Td (2021.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 249.80 Td (Additionally ) Tj ET Q q 0 0 0 rg BT 107.86 249.80 Td (as ) Tj ET Q q 0 0 0 rg BT 119.78 249.80 Td (part ) Tj ET Q q 0 0 0 rg BT 139.64 249.80 Td (of ) Tj ET Q q 0 0 0 rg BT 151.56 249.80 Td (the ) Tj ET Q q 0 0 0 rg BT 167.75 249.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 218.78 249.80 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 270.09 249.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 307.05 249.80 Td (Partners ) Tj ET Q q 0 0 0 rg BT 345.86 249.80 Td (has ) Tj ET Q q 0 0 0 rg BT 363.27 249.80 Td (agreed ) Tj ET Q q 0 0 0 rg BT 395.34 249.80 Td (to ) Tj ET Q q 0 0 0 rg BT 406.65 249.80 Td (pay ) Tj ET Q q 0 0 0 rg BT 425.29 249.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 462.26 249.80 Td (50% ) Tj ET Q q 0 0 0 rg BT 485.18 249.80 Td (of ) Tj ET Q q 0 0 0 rg BT 497.09 249.80 Td (any ) Tj ET Q q 0 0 0 rg BT 515.73 249.80 Td (dayrate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 236.60 Td (above ) Tj ET Q q 0 0 0 rg BT 78.51 236.60 Td ($450,000 ) Tj ET Q q 0 0 0 rg BT 122.51 236.60 Td (per ) Tj ET Q q 0 0 0 rg BT 139.31 236.60 Td (day) Tj ET Q q 0 0 0 rg BT 154.48 236.60 Td (, ) Tj ET Q q 0 0 0 rg BT 159.98 236.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 199.39 236.60 Td (for ) Tj ET Q q 0 0 0 rg BT 214.96 236.60 Td (daily ) Tj ET Q q 0 0 0 rg BT 239.71 236.60 Td (utilization, ) Tj ET Q q 0 0 0 rg BT 289.81 236.60 Td (after ) Tj ET Q q 0 0 0 rg BT 312.71 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 328.89 236.60 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 379.30 236.60 Td (of ) Tj ET Q q 0 0 0 rg BT 391.21 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 407.40 236.60 Td (existing ) Tj ET Q q 0 0 0 rg BT 444.98 236.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 483.16 236.60 Td (until ) Tj ET Q q 0 0 0 rg BT 506.08 236.60 Td (2025.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 74.43 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.42 70.35 Td ( Economic utilization is calculated as total contract revenue excluding bonuses for the period as a proportion of the full operating dayrate ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 49 90.39999999999998 m 193 90.39999999999998 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 59.55 Td (multiplied by the number of days in the period.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 198.20 Td (Financing ) Tj ET Q q 0 0 0 rg BT 99.32 198.20 Td (and ) Tj ET Q q 0 0 0 rg BT 119.80 198.20 Td (Liquidity) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 179.00 Td (As ) Tj ET Q q 0 0 0 rg BT 64.65 179.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.73 179.00 Td (June30, ) Tj ET Q q 0 0 0 rg BT 116.32 179.00 Td (2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 138.32 179.00 Td (, ) Tj ET Q q 0 0 0 rg BT 143.99 179.00 Td (the ) Tj ET Q q 0 0 0 rg BT 160.35 179.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 206.05 179.00 Td (had ) Tj ET Q q 0 0 0 rg BT 224.85 179.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 247.32 179.00 Td (and ) Tj ET Q q 0 0 0 rg BT 266.12 179.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 288.59 179.00 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 344.36 179.00 Td (on ) Tj ET Q q 0 0 0 rg BT 358.28 179.00 Td (a ) Tj ET Q q 0 0 0 rg BT 366.08 179.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 424.60 179.00 Td (basis, ) Tj ET Q q 0 0 0 rg BT 452.27 179.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 464.36 179.00 Td ($197.7 ) Tj ET Q q 0 0 0 rg BT 497.53 179.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 529.31 179.00 Td ( ) Tj ET Q q 0 0 0 rg BT 532.23 179.00 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 165.80 Td (two ) Tj ET Q q 0 0 0 rg BT 69.58 165.80 Td (revolving ) Tj ET Q q 0 0 0 rg BT 115.32 165.80 Td (credit ) Tj ET Q q 0 0 0 rg BT 143.94 165.80 Td (facilities ) Tj ET Q q 0 0 0 rg BT 185.39 165.80 Td (with ) Tj ET Q q 0 0 0 rg BT 208.53 165.80 Td ($150 ) Tj ET Q q 0 0 0 rg BT 234.11 165.80 Td (million ) Tj ET Q q 0 0 0 rg BT 269.47 165.80 Td (in ) Tj ET Q q 0 0 0 rg BT 281.60 165.80 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 323.67 165.80 Td (capacity) Tj ET Q q 0 0 0 rg BT 359.60 165.80 Td (. ) Tj ET Q q 0 0 0 rg BT 365.93 165.80 Td (One ) Tj ET Q q 0 0 0 rg BT 387.84 165.80 Td ($100 ) Tj ET Q q 0 0 0 rg BT 413.42 165.80 Td (million ) Tj ET Q q 0 0 0 rg BT 448.78 165.80 Td (facility ) Tj ET Q q 0 0 0 rg BT 483.51 165.80 Td (is ) Tj ET Q q 0 0 0 rg BT 494.43 165.80 Td (provided ) Tj ET Q q 0 0 0 rg BT 537.11 165.80 Td (by ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 152.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 87.54 152.60 Td (as ) Tj ET Q q 0 0 0 rg BT 100.54 152.60 Td (the ) Tj ET Q q 0 0 0 rg BT 117.81 152.60 Td (lender ) Tj ET Q q 0 0 0 rg BT 149.12 152.60 Td (and ) Tj ET Q q 0 0 0 rg BT 168.84 152.60 Td (the ) Tj ET Q q 0 0 0 rg BT 186.11 152.60 Td (second ) Tj ET Q q 0 0 0 rg BT 220.48 152.60 Td ($100 ) Tj ET Q q 0 0 0 rg BT 246.31 152.60 Td (million ) Tj ET Q q 0 0 0 rg BT 281.93 152.60 Td (facility ) Tj ET Q q 0 0 0 rg BT 316.91 152.60 Td (is ) Tj ET Q q 0 0 0 rg BT 328.08 152.60 Td (provided ) Tj ET Q q 0 0 0 rg BT 371.01 152.60 Td (by ) Tj ET Q q 0 0 0 rg BT 385.84 152.60 Td (a ) Tj ET Q q 0 0 0 rg BT 394.55 152.60 Td (syndicate ) Tj ET Q q 0 0 0 rg BT 439.93 152.60 Td (of ) Tj ET Q q 0 0 0 rg BT 452.92 152.60 Td (banks ) Tj ET Q q 0 0 0 rg BT 482.41 152.60 Td (and ) Tj ET Q q 0 0 0 rg BT 502.13 152.60 Td (secured ) Tj ET Q q 0 0 0 rg BT 539.55 152.60 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 139.40 Td (connection ) Tj ET Q q 0 0 0 rg BT 100.51 139.40 Td (with ) Tj ET Q q 0 0 0 rg BT 122.82 139.40 Td (the ) Tj ET Q q 0 0 0 rg BT 139.00 139.40 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 161.00 139.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 192.48 139.40 Td (term ) Tj ET Q q 0 0 0 rg BT 215.39 139.40 Td (loan ) Tj ET Q q 0 0 0 rg BT 237.07 139.40 Td (B ) Tj ET Q q 0 0 0 rg BT 247.16 139.40 Td (facility) Tj ET Q q 0 0 0 rg BT 277.60 139.40 Td (. ) Tj ET Q q 0 0 0 rg BT 283.10 139.40 Td ( ) Tj ET Q q 0 0 0 rg BT 285.65 139.40 Td (T) Tj ET Q q 0 0 0 rg BT 291.60 139.40 Td (otal ) Tj ET Q q 0 0 0 rg BT 310.85 139.40 Td (debt ) Tj ET Q q 0 0 0 rg BT 332.54 139.40 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 352.39 139.40 Td ($3,904.9 ) Tj ET Q q 0 0 0 rg BT 393.64 139.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 425.42 139.40 Td ( ) Tj ET Q q 0 0 0 rg BT 428.17 139.40 Td (as ) Tj ET Q q 0 0 0 rg BT 440.09 139.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 452.00 139.40 Td (June30, ) Tj ET Q q 0 0 0 rg BT 491.41 139.40 Td (2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 513.41 139.40 Td (. ) Tj ET Q q 0 0 0 rg BT 518.91 139.40 Td ( ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 789.80 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.93 789.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 87.43 789.80 Td (as ) Tj ET Q q 0 0 0 rg BT 98.14 789.80 Td (at ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 107.63 789.80 Td (June30, ) Tj ET Q q 0 0 0 rg BT 145.85 789.80 Td (2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 167.85 789.80 Td ( ) Tj ET Q q 0 0 0 rg BT 169.40 789.80 Td (was ) Tj ET Q q 0 0 0 rg BT 188.06 789.80 Td (therefore ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 229.30 789.80 Td ($3,707.2 ) Tj ET Q q 0 0 0 rg BT 269.35 789.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 301.14 789.80 Td ( ) Tj ET Q q 0 0 0 rg BT 302.69 789.80 Td (giving ) Tj ET Q q 0 0 0 rg BT 332.35 789.80 Td (a ) Tj ET Q q 0 0 0 rg BT 338.79 789.80 Td (ratio ) Tj ET Q q 0 0 0 rg BT 360.50 789.80 Td (of ) Tj ET Q q 0 0 0 rg BT 371.21 789.80 Td (net ) Tj ET Q q 0 0 0 rg BT 386.20 789.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 406.69 789.80 Td (to ) Tj ET Q q 0 0 0 rg BT 416.80 789.80 Td (annualized ) Tj ET Q q 0 0 0 rg BT 466.00 789.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 504.21 789.80 Td (EBITDA) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 544.53 794.78 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.11 789.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 550.61 789.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 776.60 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 776.60 Td (3.2:1.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.40 Td (As ) Tj ET Q q 0 0 0 rg BT 63.79 757.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 75.01 757.40 Td (June30, ) Tj ET Q q 0 0 0 rg BT 113.73 757.40 Td (2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 135.73 757.40 Td (, ) Tj ET Q q 0 0 0 rg BT 140.54 757.40 Td (in ) Tj ET Q q 0 0 0 rg BT 151.16 757.40 Td (addition ) Tj ET Q q 0 0 0 rg BT 189.27 757.40 Td (to ) Tj ET Q q 0 0 0 rg BT 199.89 757.40 Td (the ) Tj ET Q q 0 0 0 rg BT 215.24 757.40 Td (T) Tj ET Q q 0 0 0 rg BT 221.19 757.40 Td (erm ) Tj ET Q q 0 0 0 rg BT 240.36 757.40 Td (Loan ) Tj ET Q q 0 0 0 rg BT 265.02 757.40 Td (B, ) Tj ET Q q 0 0 0 rg BT 277.17 757.40 Td (the ) Tj ET Q q 0 0 0 rg BT 292.67 757.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 337.50 757.40 Td (had ) Tj ET Q q 0 0 0 rg BT 355.45 757.40 Td (three ) Tj ET Q q 0 0 0 rg BT 379.49 757.40 Td (secured ) Tj ET Q q 0 0 0 rg BT 415.14 757.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 442.24 757.40 Td (facilities ) Tj ET Q q 0 0 0 rg BT 482.18 757.40 Td (totaling ) Tj ET Q q 0 0 0 rg BT 517.84 757.40 Td ($884.4 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.20 Td (million ) Tj ET Q q 0 0 0 rg BT 84.90 744.20 Td (relating ) Tj ET Q q 0 0 0 rg BT 122.11 744.20 Td (to ) Tj ET Q q 0 0 0 rg BT 134.29 744.20 Td (the ) Tj ET Q q 0 0 0 rg BT 151.08 744.20 Td (T) Tj ET Q q 0 0 0 rg BT 156.79 744.20 Td (-15, ) Tj ET Q q 0 0 0 rg BT 177.56 744.20 Td (T) Tj ET Q q 0 0 0 rg BT 183.27 744.20 Td (-16, ) Tj ET Q q 0 0 0 rg BT 204.04 744.20 Td (W) Tj ET Q q 0 0 0 rg BT 213.55 744.20 Td (est ) Tj ET Q q 0 0 0 rg BT 229.12 744.20 Td (V) Tj ET Q q 0 0 0 rg BT 235.85 744.20 Td (ela ) Tj ET Q q 0 0 0 rg BT 252.29 744.20 Td (and ) Tj ET Q q 0 0 0 rg BT 271.53 744.20 Td (W) Tj ET Q q 0 0 0 rg BT 281.03 744.20 Td (est ) Tj ET Q q 0 0 0 rg BT 296.87 744.20 Td (Polaris. ) Tj ET Q q 0 0 0 rg BT 332.99 744.20 Td (Additionally ) Tj ET Q q 0 0 0 rg BT 392.22 744.20 Td (the ) Tj ET Q q 0 0 0 rg BT 409.28 744.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 455.67 744.20 Td (has ) Tj ET Q q 0 0 0 rg BT 473.95 744.20 Td (a ) Tj ET Q q 0 0 0 rg BT 482.45 744.20 Td ($109.5 ) Tj ET Q q 0 0 0 rg BT 516.32 744.20 Td (million ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 731.00 Td (vendor ) Tj ET Q q 0 0 0 rg BT 82.20 731.00 Td (loan ) Tj ET Q q 0 0 0 rg BT 103.29 731.00 Td (from ) Tj ET Q q 0 0 0 rg BT 126.83 731.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 163.20 731.00 Td (maturing ) Tj ET Q q 0 0 0 rg BT 205.07 731.00 Td (in ) Tj ET Q q 0 0 0 rg BT 215.78 731.00 Td (2016 ) Tj ET Q q 0 0 0 rg BT 239.94 731.00 Td (relating ) Tj ET Q q 0 0 0 rg BT 275.69 731.00 Td (to ) Tj ET Q q 0 0 0 rg BT 286.40 731.00 Td (the ) Tj ET Q q 0 0 0 rg BT 301.99 731.00 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 352.42 731.00 Td (of ) Tj ET Q q 0 0 0 rg BT 363.74 731.00 Td (the ) Tj ET Q q 0 0 0 rg BT 379.18 731.00 Td (T) Tj ET Q q 0 0 0 rg BT 384.88 731.00 Td (-15 ) Tj ET Q q 0 0 0 rg BT 401.70 731.00 Td (and ) Tj ET Q q 0 0 0 rg BT 419.74 731.00 Td (a ) Tj ET Q q 0 0 0 rg BT 426.78 731.00 Td ($65.8 ) Tj ET Q q 0 0 0 rg BT 453.68 731.00 Td (million ) Tj ET Q q 0 0 0 rg BT 487.62 731.00 Td (intercompany ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 717.80 Td (loan ) Tj ET Q q 0 0 0 rg BT 71.19 717.80 Td (from ) Tj ET Q q 0 0 0 rg BT 95.32 717.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 132.28 717.80 Td (relating ) Tj ET Q q 0 0 0 rg BT 168.63 717.80 Td (to ) Tj ET Q q 0 0 0 rg BT 179.94 717.80 Td (the ) Tj ET Q q 0 0 0 rg BT 195.93 717.80 Td (W) Tj ET Q q 0 0 0 rg BT 205.43 717.80 Td (est ) Tj ET Q q 0 0 0 rg BT 220.20 717.80 Td (V) Tj ET Q q 0 0 0 rg BT 226.92 717.80 Td (encedor ) Tj ET Q q 0 0 0 rg BT 264.48 717.80 Td (maturing ) Tj ET Q q 0 0 0 rg BT 306.95 717.80 Td (in ) Tj ET Q q 0 0 0 rg BT 318.25 717.80 Td (June ) Tj ET Q q 0 0 0 rg BT 341.17 717.80 Td (2018.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 698.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.39 698.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 125.10 698.60 Td (will ) Tj ET Q q 0 0 0 rg BT 144.89 698.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 185.44 698.60 Td (to ) Tj ET Q q 0 0 0 rg BT 196.67 698.60 Td (explore ) Tj ET Q q 0 0 0 rg BT 232.32 698.60 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 285.08 698.60 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 338.45 698.60 Td (for ) Tj ET Q q 0 0 0 rg BT 353.95 698.60 Td (the ) Tj ET Q q 0 0 0 rg BT 370.06 698.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 417.33 698.60 Td (related ) Tj ET Q q 0 0 0 rg BT 449.92 698.60 Td (party ) Tj ET Q q 0 0 0 rg BT 475.20 698.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 496.81 698.60 Td (on ) Tj ET Q q 0 0 0 rg BT 510.48 698.60 Td (the ) Tj ET Q q 0 0 0 rg BT 526.40 698.60 Td (W) Tj ET Q q 0 0 0 rg BT 535.90 698.60 Td (est ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 685.40 Td (V) Tj ET Q q 0 0 0 rg BT 56.22 685.40 Td (encedor) Tj ET Q q 0 0 0 rg BT 90.59 685.40 Td (, ) Tj ET Q q 0 0 0 rg BT 95.90 685.40 Td (T) Tj ET Q q 0 0 0 rg BT 101.60 685.40 Td (-15, ) Tj ET Q q 0 0 0 rg BT 121.57 685.40 Td (T) Tj ET Q q 0 0 0 rg BT 127.28 685.40 Td (-16, ) Tj ET Q q 0 0 0 rg BT 147.24 685.40 Td (W) Tj ET Q q 0 0 0 rg BT 156.74 685.40 Td (est ) Tj ET Q q 0 0 0 rg BT 171.52 685.40 Td (V) Tj ET Q q 0 0 0 rg BT 178.24 685.40 Td (ela ) Tj ET Q q 0 0 0 rg BT 193.81 685.40 Td (and ) Tj ET Q q 0 0 0 rg BT 212.24 685.40 Td (W) Tj ET Q q 0 0 0 rg BT 221.75 685.40 Td (est ) Tj ET Q q 0 0 0 rg BT 236.71 685.40 Td (Polaris.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 666.20 Td (As ) Tj ET Q q 0 0 0 rg BT 64.93 666.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 77.31 666.20 Td (June30, ) Tj ET Q q 0 0 0 rg BT 117.18 666.20 Td (2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.18 666.20 Td (, ) Tj ET Q q 0 0 0 rg BT 145.14 666.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 182.56 666.20 Td (Partners ) Tj ET Q q 0 0 0 rg BT 221.82 666.20 Td (had ) Tj ET Q q 0 0 0 rg BT 240.91 666.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 276.50 666.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 296.19 666.20 Td (swaps ) Tj ET Q q 0 0 0 rg BT 326.29 666.20 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 380.83 666.20 Td (on ) Tj ET Q q 0 0 0 rg BT 395.04 666.20 Td (principal ) Tj ET Q q 0 0 0 rg BT 437.34 666.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 459.49 666.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 471.86 666.20 Td ($3,538.3 ) Tj ET Q q 0 0 0 rg BT 513.57 666.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 545.35 666.20 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 653.00 Td (representing ) Tj ET Q q 0 0 0 rg BT 105.88 653.00 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 171.42 653.00 Td (91%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 191.59 653.00 Td ( ) Tj ET Q q 0 0 0 rg BT 193.60 653.00 Td (of ) Tj ET Q q 0 0 0 rg BT 204.77 653.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 225.72 653.00 Td (obligations ) Tj ET Q q 0 0 0 rg BT 276.62 653.00 Td (as ) Tj ET Q q 0 0 0 rg BT 287.80 653.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 298.97 653.00 Td (June30, ) Tj ET Q q 0 0 0 rg BT 337.65 653.00 Td (2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 359.65 653.00 Td (. ) Tj ET Q q 0 0 0 rg BT 364.26 653.00 Td (The ) Tj ET Q q 0 0 0 rg BT 383.38 653.00 Td (average ) Tj ET Q q 0 0 0 rg BT 419.58 653.00 Td (swapped ) Tj ET Q q 0 0 0 rg BT 460.08 653.00 Td (rate, ) Tj ET Q q 0 0 0 rg BT 481.33 653.00 Td (excluding ) Tj ET Q q 0 0 0 rg BT 526.72 653.00 Td (bank ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 639.80 Td (mar) Tj ET Q q 0 0 0 rg BT 66.40 639.80 Td (gins, ) Tj ET Q q 0 0 0 rg BT 90.44 639.80 Td (is ) Tj ET Q q 0 0 0 rg BT 100.73 639.80 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 167.21 639.80 Td (2.25%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.63 639.80 Td (. ) Tj ET Q q 0 0 0 rg BT 201.11 639.80 Td (The ) Tj ET Q q 0 0 0 rg BT 221.16 639.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 266.89 639.80 Td (has ) Tj ET Q q 0 0 0 rg BT 284.50 639.80 Td (a ) Tj ET Q q 0 0 0 rg BT 292.33 639.80 Td (policy ) Tj ET Q q 0 0 0 rg BT 322.78 639.80 Td (of ) Tj ET Q q 0 0 0 rg BT 334.89 639.80 Td (hedging ) Tj ET Q q 0 0 0 rg BT 373.28 639.80 Td (the ) Tj ET Q q 0 0 0 rg BT 389.67 639.80 Td (significant ) Tj ET Q q 0 0 0 rg BT 439.05 639.80 Td (majority ) Tj ET Q q 0 0 0 rg BT 479.27 639.80 Td (of ) Tj ET Q q 0 0 0 rg BT 491.39 639.80 Td (its ) Tj ET Q q 0 0 0 rg BT 504.73 639.80 Td (long-term ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 626.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 84.63 626.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 103.86 626.60 Td (exposure ) Tj ET Q q 0 0 0 rg BT 146.32 626.60 Td (in ) Tj ET Q q 0 0 0 rg BT 157.63 626.60 Td (order ) Tj ET Q q 0 0 0 rg BT 183.58 626.60 Td (to ) Tj ET Q q 0 0 0 rg BT 194.89 626.60 Td (reduce ) Tj ET Q q 0 0 0 rg BT 226.95 626.60 Td (the ) Tj ET Q q 0 0 0 rg BT 243.14 626.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 262.39 626.60 Td (of ) Tj ET Q q 0 0 0 rg BT 274.30 626.60 Td (a ) Tj ET Q q 0 0 0 rg BT 281.93 626.60 Td (rising ) Tj ET Q q 0 0 0 rg BT 309.74 626.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 344.87 626.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 364.10 626.60 Td (environment.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 88.93 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.75 84.40 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 55.25 84.40 Td (Annualized ) Tj ET Q q 0 0 0 rg BT 93.68 84.40 Td (Adjusted EBITDA: Earnings before interest, other financial items, taxes, non-controlling interest, depreciation and amortization. ) Tj ET Q q 0 0 0 rg BT 509.12 84.40 Td (Annualized ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 49 104.39999999999998 m 193 104.39999999999998 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 74.80 Td (means the figure for the quarter multiplied by four) Tj ET Q q 0 0 0 rg BT 210.34 74.80 Td (. ) Tj ET Q q 0 0 0 rg BT 216.20 74.80 Td (This figure has been adjusted to annualize the impact of the ) Tj ET Q q 0 0 0 rg BT 408.65 74.80 Td (W) Tj ET Q q 0 0 0 rg BT 415.56 74.80 Td (est Polaris which was acquired on June ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 65.20 Td (19, 2015. ) Tj ET Q q 0 0 0 rg BT 81.06 65.20 Td (Annualized ) Tj ET Q q 0 0 0 rg BT 119.49 65.20 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 179.27 65.20 Td ( is a non GAAP) Tj ET Q q 0 0 0 rg BT 229.64 65.20 Td ( financial measure used by investors to measure performance. Please see ) Tj ET Q q 0 0 0 rg BT 465.33 65.20 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 498.44 65.20 Td (A) Tj ET Q q 0 0 0 rg BT 503.77 65.20 Td ( for a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 55.60 Td (reconciliation to the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 220.27 55.60 Td ( financial measure. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 588.20 Td (Market ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 569.00 Td (Following ) Tj ET Q q 0 0 0 rg BT 98.05 569.00 Td (the ) Tj ET Q q 0 0 0 rg BT 114.81 569.00 Td (recovery ) Tj ET Q q 0 0 0 rg BT 156.60 569.00 Td (in ) Tj ET Q q 0 0 0 rg BT 168.48 569.00 Td (oil ) Tj ET Q q 0 0 0 rg BT 183.41 569.00 Td (prices ) Tj ET Q q 0 0 0 rg BT 213.00 569.00 Td (during ) Tj ET Q q 0 0 0 rg BT 245.04 569.00 Td (the ) Tj ET Q q 0 0 0 rg BT 261.80 569.00 Td (first ) Tj ET Q q 0 0 0 rg BT 282.84 569.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 313.55 569.00 Td (, ) Tj ET Q q 0 0 0 rg BT 319.62 569.00 Td (commodity ) Tj ET Q q 0 0 0 rg BT 373.04 569.00 Td (prices ) Tj ET Q q 0 0 0 rg BT 402.63 569.00 Td (have ) Tj ET Q q 0 0 0 rg BT 426.71 569.00 Td (again ) Tj ET Q q 0 0 0 rg BT 453.86 569.00 Td (moved ) Tj ET Q q 0 0 0 rg BT 487.12 569.00 Td (lower ) Tj ET Q q 0 0 0 rg BT 515.48 569.00 Td (and ) Tj ET Q q 0 0 0 rg BT 534.69 569.00 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 555.80 Td (now ) Tj ET Q q 0 0 0 rg BT 71.03 555.80 Td (approaching ) Tj ET Q q 0 0 0 rg BT 127.97 555.80 Td (the ) Tj ET Q q 0 0 0 rg BT 143.99 555.80 Td (lows ) Tj ET Q q 0 0 0 rg BT 167.36 555.80 Td (witnessed ) Tj ET Q q 0 0 0 rg BT 213.32 555.80 Td (at ) Tj ET Q q 0 0 0 rg BT 223.84 555.80 Td (the ) Tj ET Q q 0 0 0 rg BT 239.86 555.80 Td (beginning ) Tj ET Q q 0 0 0 rg BT 286.44 555.80 Td (of ) Tj ET Q q 0 0 0 rg BT 298.18 555.80 Td (2015. ) Tj ET Q q 0 0 0 rg BT 325.33 555.80 Td (The ) Tj ET Q q 0 0 0 rg BT 345.01 555.80 Td (low ) Tj ET Q q 0 0 0 rg BT 364.10 555.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 416.78 555.80 Td (price ) Tj ET Q q 0 0 0 rg BT 441.35 555.80 Td (environment, ) Tj ET Q q 0 0 0 rg BT 502.28 555.80 Td (reductions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 542.60 Td (in ) Tj ET Q q 0 0 0 rg BT 60.64 542.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 74.84 542.60 Td (company ) Tj ET Q q 0 0 0 rg BT 117.74 542.60 Td (spending ) Tj ET Q q 0 0 0 rg BT 160.04 542.60 Td (plans ) Tj ET Q q 0 0 0 rg BT 185.85 542.60 Td (and ) Tj ET Q q 0 0 0 rg BT 204.31 542.60 Td (an ) Tj ET Q q 0 0 0 rg BT 217.28 542.60 Td (increasing ) Tj ET Q q 0 0 0 rg BT 265.06 542.60 Td (supply ) Tj ET Q q 0 0 0 rg BT 296.98 542.60 Td (/ ) Tj ET Q q 0 0 0 rg BT 302.62 542.60 Td (demand ) Tj ET Q q 0 0 0 rg BT 340.03 542.60 Td (imbalance ) Tj ET Q q 0 0 0 rg BT 387.81 542.60 Td (for ) Tj ET Q q 0 0 0 rg BT 403.22 542.60 Td (drilling ) Tj ET Q q 0 0 0 rg BT 438.19 542.60 Td (units ) Tj ET Q q 0 0 0 rg BT 462.17 542.60 Td (all ) Tj ET Q q 0 0 0 rg BT 475.74 542.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 516.21 542.60 Td (to ) Tj ET Q q 0 0 0 rg BT 527.34 542.60 Td (have ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 529.40 Td (a ) Tj ET Q q 0 0 0 rg BT 56.97 529.40 Td (negative ) Tj ET Q q 0 0 0 rg BT 96.81 529.40 Td (impact ) Tj ET Q q 0 0 0 rg BT 129.33 529.40 Td (on ) Tj ET Q q 0 0 0 rg BT 142.91 529.40 Td (utilization ) Tj ET Q q 0 0 0 rg BT 190.09 529.40 Td (and ) Tj ET Q q 0 0 0 rg BT 208.56 529.40 Td (pricing ) Tj ET Q q 0 0 0 rg BT 242.30 529.40 Td (in ) Tj ET Q q 0 0 0 rg BT 253.44 529.40 Td (all ) Tj ET Q q 0 0 0 rg BT 267.02 529.40 Td (market ) Tj ET Q q 0 0 0 rg BT 300.14 529.40 Td (segments. ) Tj ET Q q 0 0 0 rg BT 346.41 529.40 Td ( ) Tj ET Q q 0 0 0 rg BT 348.43 529.40 Td (As ) Tj ET Q q 0 0 0 rg BT 363.24 529.40 Td (expected, ) Tj ET Q q 0 0 0 rg BT 407.65 529.40 Td (dayrates ) Tj ET Q q 0 0 0 rg BT 446.88 529.40 Td (for ) Tj ET Q q 0 0 0 rg BT 462.29 529.40 Td (new ) Tj ET Q q 0 0 0 rg BT 483.20 529.40 Td (fixture ) Tj ET Q q 0 0 0 rg BT 515.11 529.40 Td (activity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 516.20 Td (remains ) Tj ET Q q 0 0 0 rg BT 87.07 516.20 Td (at, ) Tj ET Q q 0 0 0 rg BT 100.51 516.20 Td (or ) Tj ET Q q 0 0 0 rg BT 112.42 516.20 Td (below) Tj ET Q q 0 0 0 rg BT 138.59 516.20 Td (, ) Tj ET Q q 0 0 0 rg BT 144.09 516.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 166.39 516.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 189.30 516.20 Td (breakeven ) Tj ET Q q 0 0 0 rg BT 237.24 516.20 Td (levels. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 85.97 497.00 Td (Partners ) Tj ET Q q 0 0 0 rg BT 124.27 497.00 Td (continues ) Tj ET Q q 0 0 0 rg BT 168.68 497.00 Td (to ) Tj ET Q q 0 0 0 rg BT 179.50 497.00 Td (believe ) Tj ET Q q 0 0 0 rg BT 213.51 497.00 Td (that ) Tj ET Q q 0 0 0 rg BT 232.26 497.00 Td (this ) Tj ET Q q 0 0 0 rg BT 250.41 497.00 Td (challenging ) Tj ET Q q 0 0 0 rg BT 303.98 497.00 Td (market ) Tj ET Q q 0 0 0 rg BT 336.78 497.00 Td (will ) Tj ET Q q 0 0 0 rg BT 356.15 497.00 Td (continue ) Tj ET Q q 0 0 0 rg BT 396.28 497.00 Td (through ) Tj ET Q q 0 0 0 rg BT 432.75 497.00 Td (2016 ) Tj ET Q q 0 0 0 rg BT 457.01 497.00 Td (and ) Tj ET Q q 0 0 0 rg BT 475.15 497.00 Td (that ) Tj ET Q q 0 0 0 rg BT 493.90 497.00 Td (visibility ) Tj ET Q q 0 0 0 rg BT 535.27 497.00 Td (for ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 483.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 74.01 483.80 Td (and ) Tj ET Q q 0 0 0 rg BT 92.41 483.80 Td (beyond ) Tj ET Q q 0 0 0 rg BT 127.30 483.80 Td (is ) Tj ET Q q 0 0 0 rg BT 137.15 483.80 Td (dependent ) Tj ET Q q 0 0 0 rg BT 184.87 483.80 Td (upon ) Tj ET Q q 0 0 0 rg BT 209.38 483.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 262.00 483.80 Td (price ) Tj ET Q q 0 0 0 rg BT 286.49 483.80 Td (stability) Tj ET Q q 0 0 0 rg BT 321.22 483.80 Td (, ) Tj ET Q q 0 0 0 rg BT 326.48 483.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 340.61 483.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 390.16 483.80 Td (realizing ) Tj ET Q q 0 0 0 rg BT 431.15 483.80 Td (the ) Tj ET Q q 0 0 0 rg BT 447.10 483.80 Td (benefits ) Tj ET Q q 0 0 0 rg BT 484.44 483.80 Td (of ) Tj ET Q q 0 0 0 rg BT 496.11 483.80 Td (their ) Tj ET Q q 0 0 0 rg BT 518.78 483.80 Td (capital ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 470.60 Td (spending ) Tj ET Q q 0 0 0 rg BT 91.97 470.60 Td (rationalization ) Tj ET Q q 0 0 0 rg BT 158.25 470.60 Td (programs ) Tj ET Q q 0 0 0 rg BT 202.54 470.60 Td (and ) Tj ET Q q 0 0 0 rg BT 221.18 470.60 Td (continued ) Tj ET Q q 0 0 0 rg BT 267.30 470.60 Td (fleet ) Tj ET Q q 0 0 0 rg BT 289.59 470.60 Td (attrition.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 451.40 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 83.55 451.40 Td (for ) Tj ET Q q 0 0 0 rg BT 98.65 451.40 Td (the ) Tj ET Q q 0 0 0 rg BT 114.36 451.40 Td (remainder ) Tj ET Q q 0 0 0 rg BT 161.23 451.40 Td (of ) Tj ET Q q 0 0 0 rg BT 172.66 451.40 Td (2015 ) Tj ET Q q 0 0 0 rg BT 196.94 451.40 Td (and ) Tj ET Q q 0 0 0 rg BT 215.10 451.40 Td (2016 ) Tj ET Q q 0 0 0 rg BT 239.37 451.40 Td (is ) Tj ET Q q 0 0 0 rg BT 248.98 451.40 Td (expected ) Tj ET Q q 0 0 0 rg BT 290.34 451.40 Td (to ) Tj ET Q q 0 0 0 rg BT 301.17 451.40 Td (continue ) Tj ET Q q 0 0 0 rg BT 341.33 451.40 Td (to ) Tj ET Q q 0 0 0 rg BT 352.16 451.40 Td (be ) Tj ET Q q 0 0 0 rg BT 364.81 451.40 Td (driven ) Tj ET Q q 0 0 0 rg BT 395.19 451.40 Td (by ) Tj ET Q q 0 0 0 rg BT 408.46 451.40 Td (a ) Tj ET Q q 0 0 0 rg BT 415.62 451.40 Td (high ) Tj ET Q q 0 0 0 rg BT 437.45 451.40 Td (degree ) Tj ET Q q 0 0 0 rg BT 469.04 451.40 Td (of ) Tj ET Q q 0 0 0 rg BT 480.48 451.40 Td (excess ) Tj ET Q q 0 0 0 rg BT 511.46 451.40 Td (capacity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 438.20 Td (with ) Tj ET Q q 0 0 0 rg BT 71.81 438.20 Td (91 ) Tj ET Q q 0 0 0 rg BT 85.56 438.20 Td (floaters ) Tj ET Q q 0 0 0 rg BT 121.29 438.20 Td (already ) Tj ET Q q 0 0 0 rg BT 156.41 438.20 Td (idle ) Tj ET Q q 0 0 0 rg BT 175.65 438.20 Td (and ) Tj ET Q q 0 0 0 rg BT 194.28 438.20 Td (92 ) Tj ET Q q 0 0 0 rg BT 208.03 438.20 Td (additional ) Tj ET Q q 0 0 0 rg BT 254.77 438.20 Td (floaters ) Tj ET Q q 0 0 0 rg BT 290.51 438.20 Td (ending ) Tj ET Q q 0 0 0 rg BT 323.19 438.20 Td (their ) Tj ET Q q 0 0 0 rg BT 346.10 438.20 Td (current ) Tj ET Q q 0 0 0 rg BT 380.00 438.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 422.45 438.20 Td (by ) Tj ET Q q 0 0 0 rg BT 436.20 438.20 Td (the ) Tj ET Q q 0 0 0 rg BT 452.39 438.20 Td (end ) Tj ET Q q 0 0 0 rg BT 471.02 438.20 Td (of ) Tj ET Q q 0 0 0 rg BT 482.94 438.20 Td (2016. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 419.00 Td (Oil ) Tj ET Q q 0 0 0 rg BT 67.45 419.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 118.39 419.00 Td (continue ) Tj ET Q q 0 0 0 rg BT 160.17 419.00 Td (to ) Tj ET Q q 0 0 0 rg BT 172.62 419.00 Td (prefer ) Tj ET Q q 0 0 0 rg BT 202.77 419.00 Td (newer ) Tj ET Q q 0 0 0 rg BT 233.54 419.00 Td (and ) Tj ET Q q 0 0 0 rg BT 253.32 419.00 Td (more ) Tj ET Q q 0 0 0 rg BT 279.82 419.00 Td (capable ) Tj ET Q q 0 0 0 rg BT 317.31 419.00 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 370.39 419.00 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 433.54 419.00 Td (by ) Tj ET Q q 0 0 0 rg BT 448.44 419.00 Td (the ) Tj ET Q q 0 0 0 rg BT 465.78 419.00 Td (utilization ) Tj ET Q q 0 0 0 rg BT 514.28 419.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 538.94 419.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 405.80 Td (dif) Tj ET Q q 0 0 0 rg BT 61.52 405.80 Td (ferent ) Tj ET Q q 0 0 0 rg BT 89.71 405.80 Td (asset ) Tj ET Q q 0 0 0 rg BT 113.63 405.80 Td (classes. ) Tj ET Q q 0 0 0 rg BT 149.47 405.80 Td ( ) Tj ET Q q 0 0 0 rg BT 152.01 405.80 Td (Ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 226.01 405.80 Td (units ) Tj ET Q q 0 0 0 rg BT 249.95 405.80 Td (are ) Tj ET Q q 0 0 0 rg BT 265.92 405.80 Td (currently ) Tj ET Q q 0 0 0 rg BT 308.16 405.80 Td (experiencing ) Tj ET Q q 0 0 0 rg BT 367.51 405.80 Td (81% ) Tj ET Q q 0 0 0 rg BT 390.21 405.80 Td (marketed ) Tj ET Q q 0 0 0 rg BT 433.68 405.80 Td (capacity ) Tj ET Q q 0 0 0 rg BT 472.86 405.80 Td (utilization ) Tj ET Q q 0 0 0 rg BT 520.01 405.80 Td (versus ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 392.60 Td (71% ) Tj ET Q q 0 0 0 rg BT 72.10 392.60 Td (for ) Tj ET Q q 0 0 0 rg BT 87.36 392.60 Td (deep ) Tj ET Q q 0 0 0 rg BT 110.56 392.60 Td (and ) Tj ET Q q 0 0 0 rg BT 128.87 392.60 Td (mid ) Tj ET Q q 0 0 0 rg BT 148.42 392.60 Td (water ) Tj ET Q q 0 0 0 rg BT 175.28 392.60 Td (floaters. ) Tj ET Q q 0 0 0 rg BT 213.45 392.60 Td (During ) Tj ET Q q 0 0 0 rg BT 247.05 392.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.92 392.60 Td (downcycle ) Tj ET Q q 0 0 0 rg BT 313.00 392.60 Td (older ) Tj ET Q q 0 0 0 rg BT 338.04 392.60 Td (units ) Tj ET Q q 0 0 0 rg BT 361.87 392.60 Td (are ) Tj ET Q q 0 0 0 rg BT 377.73 392.60 Td (more ) Tj ET Q q 0 0 0 rg BT 402.77 392.60 Td (challenged ) Tj ET Q q 0 0 0 rg BT 452.84 392.60 Td (to ) Tj ET Q q 0 0 0 rg BT 463.83 392.60 Td (remain ) Tj ET Q q 0 0 0 rg BT 496.81 392.60 Td (utilized ) Tj ET Q q 0 0 0 rg BT 532.23 392.60 Td (due ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 379.40 Td (to ) Tj ET Q q 0 0 0 rg BT 60.81 379.40 Td (the ) Tj ET Q q 0 0 0 rg BT 76.99 379.40 Td (availability ) Tj ET Q q 0 0 0 rg BT 129.23 379.40 Td (of ) Tj ET Q q 0 0 0 rg BT 141.14 379.40 Td (better ) Tj ET Q q 0 0 0 rg BT 168.93 379.40 Td (and ) Tj ET Q q 0 0 0 rg BT 187.56 379.40 Td (more ) Tj ET Q q 0 0 0 rg BT 212.92 379.40 Td (ef) Tj ET Q q 0 0 0 rg BT 221.26 379.40 Td (ficient ) Tj ET Q q 0 0 0 rg BT 252.11 379.40 Td (equipment. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 360.20 Td (Based ) Tj ET Q q 0 0 0 rg BT 78.11 360.20 Td (on ) Tj ET Q q 0 0 0 rg BT 90.84 360.20 Td (the ) Tj ET Q q 0 0 0 rg BT 106.00 360.20 Td (level ) Tj ET Q q 0 0 0 rg BT 129.11 360.20 Td (of ) Tj ET Q q 0 0 0 rg BT 140.00 360.20 Td (current ) Tj ET Q q 0 0 0 rg BT 172.87 360.20 Td (activity ) Tj ET Q q 0 0 0 rg BT 207.59 360.20 Td (seen ) Tj ET Q q 0 0 0 rg BT 228.86 360.20 Td (in ) Tj ET Q q 0 0 0 rg BT 239.14 360.20 Td (the ) Tj ET Q q 0 0 0 rg BT 254.31 360.20 Td (floater ) Tj ET Q q 0 0 0 rg BT 284.74 360.20 Td (market, ) Tj ET Q q 0 0 0 rg BT 319.75 360.20 Td (we ) Tj ET Q q 0 0 0 rg BT 334.31 360.20 Td (expect ) Tj ET Q q 0 0 0 rg BT 364.74 360.20 Td (stacking ) Tj ET Q q 0 0 0 rg BT 403.12 360.20 Td (and ) Tj ET Q q 0 0 0 rg BT 420.73 360.20 Td (scrapping ) Tj ET Q q 0 0 0 rg BT 465.22 360.20 Td (activity ) Tj ET Q q 0 0 0 rg BT 499.94 360.20 Td (to ) Tj ET Q q 0 0 0 rg BT 510.22 360.20 Td (continue ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 347.00 Td (through ) Tj ET Q q 0 0 0 rg BT 86.15 347.00 Td (the ) Tj ET Q q 0 0 0 rg BT 102.02 347.00 Td (second ) Tj ET Q q 0 0 0 rg BT 135.00 347.00 Td (half ) Tj ET Q q 0 0 0 rg BT 154.53 347.00 Td (of ) Tj ET Q q 0 0 0 rg BT 166.13 347.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 190.56 347.00 Td (and ) Tj ET Q q 0 0 0 rg BT 208.87 347.00 Td (well ) Tj ET Q q 0 0 0 rg BT 230.24 347.00 Td (into ) Tj ET Q q 0 0 0 rg BT 249.79 347.00 Td (2016. ) Tj ET Q q 0 0 0 rg BT 276.97 347.00 Td (Scrapping ) Tj ET Q q 0 0 0 rg BT 324.00 347.00 Td (activity ) Tj ET Q q 0 0 0 rg BT 359.42 347.00 Td (has ) Tj ET Q q 0 0 0 rg BT 376.52 347.00 Td (continued ) Tj ET Q q 0 0 0 rg BT 422.32 347.00 Td (in ) Tj ET Q q 0 0 0 rg BT 433.31 347.00 Td (the ) Tj ET Q q 0 0 0 rg BT 449.18 347.00 Td (second ) Tj ET Q q 0 0 0 rg BT 482.16 347.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 515.74 347.00 Td (with ) Tj ET Q q 0 0 0 rg BT 537.73 347.00 Td (an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 333.80 Td (incremental ) Tj ET Q q 0 0 0 rg BT 103.81 333.80 Td (14 ) Tj ET Q q 0 0 0 rg BT 117.21 333.80 Td (floaters ) Tj ET Q q 0 0 0 rg BT 152.59 333.80 Td (designated ) Tj ET Q q 0 0 0 rg BT 202.03 333.80 Td (for ) Tj ET Q q 0 0 0 rg BT 217.25 333.80 Td (retirement. ) Tj ET Q q 0 0 0 rg BT 267.07 333.80 Td (A) Tj ET Q q 0 0 0 rg BT 274.40 333.80 Td ( ) Tj ET Q q 0 0 0 rg BT 276.80 333.80 Td (total ) Tj ET Q q 0 0 0 rg BT 298.75 333.80 Td (of ) Tj ET Q q 0 0 0 rg BT 310.31 333.80 Td (40 ) Tj ET Q q 0 0 0 rg BT 323.71 333.80 Td (floaters ) Tj ET Q q 0 0 0 rg BT 359.09 333.80 Td (have ) Tj ET Q q 0 0 0 rg BT 382.25 333.80 Td (been ) Tj ET Q q 0 0 0 rg BT 405.41 333.80 Td (now ) Tj ET Q q 0 0 0 rg BT 426.75 333.80 Td (been ) Tj ET Q q 0 0 0 rg BT 449.91 333.80 Td (scrapped ) Tj ET Q q 0 0 0 rg BT 491.40 333.80 Td (since ) Tj ET Q q 0 0 0 rg BT 516.40 333.80 Td (the ) Tj ET Q q 0 0 0 rg BT 532.23 333.80 Td (end ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 320.60 Td (of ) Tj ET Q q 0 0 0 rg BT 61.87 320.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 89.83 320.60 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 138.85 320.60 Td (to ) Tj ET Q q 0 0 0 rg BT 150.61 320.60 Td (12% ) Tj ET Q q 0 0 0 rg BT 173.98 320.60 Td (of ) Tj ET Q q 0 0 0 rg BT 186.35 320.60 Td (the ) Tj ET Q q 0 0 0 rg BT 203.00 320.60 Td (total ) Tj ET Q q 0 0 0 rg BT 225.75 320.60 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 251.25 320.60 Td (and ) Tj ET Q q 0 0 0 rg BT 270.34 320.60 Td (currently ) Tj ET Q q 0 0 0 rg BT 313.25 320.60 Td (there ) Tj ET Q q 0 0 0 rg BT 338.44 320.60 Td (are ) Tj ET Q q 0 0 0 rg BT 355.07 320.60 Td (28 ) Tj ET Q q 0 0 0 rg BT 369.28 320.60 Td (cold ) Tj ET Q q 0 0 0 rg BT 391.42 320.60 Td (stacked ) Tj ET Q q 0 0 0 rg BT 427.61 320.60 Td (units. ) Tj ET Q q 0 0 0 rg BT 454.96 320.60 Td (Lower ) Tj ET Q q 0 0 0 rg BT 486.88 320.60 Td (than ) Tj ET Q q 0 0 0 rg BT 509.02 320.60 Td (expected ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 307.40 Td (stacking ) Tj ET Q q 0 0 0 rg BT 89.25 307.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 114.35 307.40 Td (and ) Tj ET Q q 0 0 0 rg BT 133.33 307.40 Td (a ) Tj ET Q q 0 0 0 rg BT 141.31 307.40 Td (commodity ) Tj ET Q q 0 0 0 rg BT 194.51 307.40 Td (price ) Tj ET Q q 0 0 0 rg BT 219.59 307.40 Td (recovery ) Tj ET Q q 0 0 0 rg BT 261.16 307.40 Td ( ) Tj ET Q q 0 0 0 rg BT 264.26 307.40 Td (may ) Tj ET Q q 0 0 0 rg BT 286.29 307.40 Td (delay ) Tj ET Q q 0 0 0 rg BT 313.21 307.40 Td (scrapping ) Tj ET Q q 0 0 0 rg BT 359.07 307.40 Td (decisions ) Tj ET Q q 0 0 0 rg BT 403.11 307.40 Td (as ) Tj ET Q q 0 0 0 rg BT 415.37 307.40 Td (rig ) Tj ET Q q 0 0 0 rg BT 430.68 307.40 Td (owners ) Tj ET Q q 0 0 0 rg BT 465.55 307.40 Td (retain ) Tj ET Q q 0 0 0 rg BT 493.69 307.40 Td (some ) Tj ET Q q 0 0 0 rg BT 520.00 307.40 Td (option ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 294.20 Td (value ) Tj ET Q q 0 0 0 rg BT 75.72 294.20 Td (on ) Tj ET Q q 0 0 0 rg BT 89.13 294.20 Td (older ) Tj ET Q q 0 0 0 rg BT 114.13 294.20 Td (units. ) Tj ET Q q 0 0 0 rg BT 140.68 294.20 Td (However) Tj ET Q q 0 0 0 rg BT 180.56 294.20 Td (, ) Tj ET Q q 0 0 0 rg BT 185.71 294.20 Td (we ) Tj ET Q q 0 0 0 rg BT 200.94 294.20 Td (continue ) Tj ET Q q 0 0 0 rg BT 241.22 294.20 Td (to ) Tj ET Q q 0 0 0 rg BT 252.18 294.20 Td (believe ) Tj ET Q q 0 0 0 rg BT 286.34 294.20 Td (that ) Tj ET Q q 0 0 0 rg BT 305.24 294.20 Td (the ) Tj ET Q q 0 0 0 rg BT 321.08 294.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 369.92 294.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 390.04 294.20 Td (to ) Tj ET Q q 0 0 0 rg BT 401.00 294.20 Td (perform ) Tj ET Q q 0 0 0 rg BT 438.84 294.20 Td (periodic ) Tj ET Q q 0 0 0 rg BT 477.28 294.20 Td (classing ) Tj ET Q q 0 0 0 rg BT 515.12 294.20 Td (activity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 281.00 Td (on ) Tj ET Q q 0 0 0 rg BT 63.25 281.00 Td (these ) Tj ET Q q 0 0 0 rg BT 88.60 281.00 Td (older ) Tj ET Q q 0 0 0 rg BT 113.95 281.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 142.37 281.00 Td (will ) Tj ET Q q 0 0 0 rg BT 162.23 281.00 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 209.58 281.00 Td (drive ) Tj ET Q q 0 0 0 rg BT 234.93 281.00 Td (decisions ) Tj ET Q q 0 0 0 rg BT 278.62 281.00 Td (to ) Tj ET Q q 0 0 0 rg BT 289.93 281.00 Td (cold ) Tj ET Q q 0 0 0 rg BT 311.61 281.00 Td (stack ) Tj ET Q q 0 0 0 rg BT 336.97 281.00 Td (and ) Tj ET Q q 0 0 0 rg BT 355.60 281.00 Td (scrap ) Tj ET Q q 0 0 0 rg BT 381.56 281.00 Td (these ) Tj ET Q q 0 0 0 rg BT 406.91 281.00 Td (less ) Tj ET Q q 0 0 0 rg BT 426.16 281.00 Td (capable ) Tj ET Q q 0 0 0 rg BT 462.49 281.00 Td (units.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 261.80 Td (Currently ) Tj ET Q q 0 0 0 rg BT 95.03 261.80 Td (the ) Tj ET Q q 0 0 0 rg BT 111.84 261.80 Td (orderbook ) Tj ET Q q 0 0 0 rg BT 160.42 261.80 Td (stands ) Tj ET Q q 0 0 0 rg BT 191.29 261.80 Td (at ) Tj ET Q q 0 0 0 rg BT 202.60 261.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 269.51 261.80 Td (78 ) Tj ET Q q 0 0 0 rg BT 283.88 261.80 Td (units, ) Tj ET Q q 0 0 0 rg BT 311.39 261.80 Td (of ) Tj ET Q q 0 0 0 rg BT 323.93 261.80 Td (which ) Tj ET Q q 0 0 0 rg BT 354.18 261.80 Td (29 ) Tj ET Q q 0 0 0 rg BT 368.55 261.80 Td (are ) Tj ET Q q 0 0 0 rg BT 385.35 261.80 Td (Sete ) Tj ET Q q 0 0 0 rg BT 407.66 261.80 Td (new ) Tj ET Q q 0 0 0 rg BT 429.36 261.80 Td (builds. ) Tj ET Q q 0 0 0 rg BT 461.63 261.80 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 531.60 261.80 Td (145 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 248.60 Td (units, ) Tj ET Q q 0 0 0 rg BT 76.62 248.60 Td (or ) Tj ET Q q 0 0 0 rg BT 88.77 248.60 Td (51% ) Tj ET Q q 0 0 0 rg BT 111.91 248.60 Td (of ) Tj ET Q q 0 0 0 rg BT 124.05 248.60 Td (the ) Tj ET Q q 0 0 0 rg BT 140.47 248.60 Td (total ) Tj ET Q q 0 0 0 rg BT 163.00 248.60 Td (marketed ) Tj ET Q q 0 0 0 rg BT 206.90 248.60 Td (floater ) Tj ET Q q 0 0 0 rg BT 238.58 248.60 Td (fleet ) Tj ET Q q 0 0 0 rg BT 261.10 248.60 Td (are ) Tj ET Q q 0 0 0 rg BT 277.51 248.60 Td (rolling ) Tj ET Q q 0 0 0 rg BT 309.82 248.60 Td (of) Tj ET Q q 0 0 0 rg BT 318.79 248.60 Td (f ) Tj ET Q q 0 0 0 rg BT 325.43 248.60 Td (contracts ) Tj ET Q q 0 0 0 rg BT 368.11 248.60 Td (between ) Tj ET Q q 0 0 0 rg BT 407.74 248.60 Td (now ) Tj ET Q q 0 0 0 rg BT 429.66 248.60 Td (and ) Tj ET Q q 0 0 0 rg BT 448.52 248.60 Td (the ) Tj ET Q q 0 0 0 rg BT 464.94 248.60 Td (end ) Tj ET Q q 0 0 0 rg BT 483.80 248.60 Td (of ) Tj ET Q q 0 0 0 rg BT 495.94 248.60 Td (2017, ) Tj ET Q q 0 0 0 rg BT 523.67 248.60 Td (many ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 235.40 Td (of ) Tj ET Q q 0 0 0 rg BT 60.66 235.40 Td (which ) Tj ET Q q 0 0 0 rg BT 89.53 235.40 Td (must ) Tj ET Q q 0 0 0 rg BT 112.92 235.40 Td (under) Tj ET Q q 0 0 0 rg BT 137.76 235.40 Td (go ) Tj ET Q q 0 0 0 rg BT 150.76 235.40 Td (a ) Tj ET Q q 0 0 0 rg BT 157.63 235.40 Td (15 ) Tj ET Q q 0 0 0 rg BT 170.62 235.40 Td (or ) Tj ET Q q 0 0 0 rg BT 181.78 235.40 Td (20 ) Tj ET Q q 0 0 0 rg BT 194.77 235.40 Td (year ) Tj ET Q q 0 0 0 rg BT 215.69 235.40 Td (classing. ) Tj ET Q q 0 0 0 rg BT 255.87 235.40 Td (Current ) Tj ET Q q 0 0 0 rg BT 291.47 235.40 Td (indications ) Tj ET Q q 0 0 0 rg BT 341.73 235.40 Td (are ) Tj ET Q q 0 0 0 rg BT 357.15 235.40 Td (that ) Tj ET Q q 0 0 0 rg BT 375.64 235.40 Td (a ) Tj ET Q q 0 0 0 rg BT 382.51 235.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 430.94 235.40 Td (number ) Tj ET Q q 0 0 0 rg BT 466.53 235.40 Td (of ) Tj ET Q q 0 0 0 rg BT 477.69 235.40 Td (newbuild ) Tj ET Q q 0 0 0 rg BT 520.62 235.40 Td (orders ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 222.20 Td (will ) Tj ET Q q 0 0 0 rg BT 69.64 222.20 Td (be ) Tj ET Q q 0 0 0 rg BT 83.05 222.20 Td (delayed ) Tj ET Q q 0 0 0 rg BT 120.28 222.20 Td (until ) Tj ET Q q 0 0 0 rg BT 143.47 222.20 Td (an ) Tj ET Q q 0 0 0 rg BT 156.88 222.20 Td (improved ) Tj ET Q q 0 0 0 rg BT 202.07 222.20 Td (market ) Tj ET Q q 0 0 0 rg BT 235.63 222.20 Td (justifies ) Tj ET Q q 0 0 0 rg BT 273.49 222.20 Td (taking ) Tj ET Q q 0 0 0 rg BT 304.01 222.20 Td (delivery ) Tj ET Q q 0 0 0 rg BT 343.08 222.20 Td (of ) Tj ET Q q 0 0 0 rg BT 355.27 222.20 Td (the ) Tj ET Q q 0 0 0 rg BT 371.74 222.20 Td (unit. ) Tj ET Q q 0 0 0 rg BT 394.63 222.20 Td (In ) Tj ET Q q 0 0 0 rg BT 406.82 222.20 Td (light ) Tj ET Q q 0 0 0 rg BT 430.01 222.20 Td (of ) Tj ET Q q 0 0 0 rg BT 442.20 222.20 Td (the ) Tj ET Q q 0 0 0 rg BT 458.67 222.20 Td (likely ) Tj ET Q q 0 0 0 rg BT 486.74 222.20 Td (cold ) Tj ET Q q 0 0 0 rg BT 508.71 222.20 Td (stacking, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 209.00 Td (scrapping ) Tj ET Q q 0 0 0 rg BT 95.02 209.00 Td (activity ) Tj ET Q q 0 0 0 rg BT 130.76 209.00 Td (and ) Tj ET Q q 0 0 0 rg BT 149.40 209.00 Td (newbuild ) Tj ET Q q 0 0 0 rg BT 193.09 209.00 Td (delays ) Tj ET Q q 0 0 0 rg BT 223.95 209.00 Td (there ) Tj ET Q q 0 0 0 rg BT 248.68 209.00 Td (remains ) Tj ET Q q 0 0 0 rg BT 286.26 209.00 Td (a ) Tj ET Q q 0 0 0 rg BT 293.89 209.00 Td (high ) Tj ET Q q 0 0 0 rg BT 316.20 209.00 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 363.57 209.00 Td (that ) Tj ET Q q 0 0 0 rg BT 382.81 209.00 Td (there ) Tj ET Q q 0 0 0 rg BT 407.55 209.00 Td (will ) Tj ET Q q 0 0 0 rg BT 427.42 209.00 Td (be ) Tj ET Q q 0 0 0 rg BT 440.55 209.00 Td (limited, ) Tj ET Q q 0 0 0 rg BT 477.22 209.00 Td (or ) Tj ET Q q 0 0 0 rg BT 489.14 209.00 Td (no, ) Tj ET Q q 0 0 0 rg BT 505.64 209.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 539.56 209.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 195.80 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 195.80 Td (marketed ) Tj ET Q q 0 0 0 rg BT 109.36 195.80 Td (fleet ) Tj ET Q q 0 0 0 rg BT 131.65 195.80 Td (between ) Tj ET Q q 0 0 0 rg BT 171.05 195.80 Td (now ) Tj ET Q q 0 0 0 rg BT 192.74 195.80 Td (and ) Tj ET Q q 0 0 0 rg BT 211.37 195.80 Td (2018. ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 790.00 Td (Outlook) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 770.80 Td (Third ) Tj ET Q q 0 0 0 rg BT 77.29 770.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 111.80 770.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 151.81 770.80 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 191.53 770.80 Td ( ) Tj ET Q q 0 0 0 rg BT 194.88 770.80 Td (is ) Tj ET Q q 0 0 0 rg BT 205.58 770.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 248.02 770.80 Td (to ) Tj ET Q q 0 0 0 rg BT 259.93 770.80 Td (be ) Tj ET Q q 0 0 0 rg BT 273.67 770.80 Td (similar ) Tj ET Q q 0 0 0 rg BT 307.57 770.80 Td (to ) Tj ET Q q 0 0 0 rg BT 319.48 770.80 Td (or ) Tj ET Q q 0 0 0 rg BT 332.00 770.80 Td (slightly ) Tj ET Q q 0 0 0 rg BT 368.36 770.80 Td (lower ) Tj ET Q q 0 0 0 rg BT 396.77 770.80 Td (than ) Tj ET Q q 0 0 0 rg BT 419.06 770.80 Td (the ) Tj ET Q q 0 0 0 rg BT 435.85 770.80 Td (second ) Tj ET Q q 0 0 0 rg BT 469.75 770.80 Td (quarter) Tj ET Q q 0 0 0 rg BT 500.29 770.80 Td (. ) Tj ET Q q 0 0 0 rg BT 506.16 770.80 Td (The ) Tj ET Q q 0 0 0 rg BT 526.37 770.80 Td (W) Tj ET Q q 0 0 0 rg BT 535.87 770.80 Td (est ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.22 757.60 Td (encedor ) Tj ET Q q 0 0 0 rg BT 93.54 757.60 Td (is ) Tj ET Q q 0 0 0 rg BT 103.38 757.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 144.97 757.60 Td (to ) Tj ET Q q 0 0 0 rg BT 156.02 757.60 Td (incur ) Tj ET Q q 0 0 0 rg BT 181.13 757.60 Td (a ) Tj ET Q q 0 0 0 rg BT 188.51 757.60 Td (full ) Tj ET Q q 0 0 0 rg BT 206.29 757.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 239.94 757.60 Td (of ) Tj ET Q q 0 0 0 rg BT 251.61 757.60 Td (idle ) Tj ET Q q 0 0 0 rg BT 270.61 757.60 Td (time ) Tj ET Q q 0 0 0 rg BT 292.66 757.60 Td (in ) Tj ET Q q 0 0 0 rg BT 303.72 757.60 Td (the ) Tj ET Q q 0 0 0 rg BT 319.66 757.60 Td (third ) Tj ET Q q 0 0 0 rg BT 342.94 757.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 376.59 757.60 Td (and ) Tj ET Q q 0 0 0 rg BT 394.79 757.60 Td (W) Tj ET Q q 0 0 0 rg BT 404.29 757.60 Td (est ) Tj ET Q q 0 0 0 rg BT 419.02 757.60 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 447.19 757.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 491.24 757.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 531.00 757.60 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.40 Td (be ) Tj ET Q q 0 0 0 rg BT 62.69 744.40 Td (negatively ) Tj ET Q q 0 0 0 rg BT 111.31 744.40 Td (impacted ) Tj ET Q q 0 0 0 rg BT 154.44 744.40 Td (by ) Tj ET Q q 0 0 0 rg BT 168.24 744.40 Td (upfront ) Tj ET Q q 0 0 0 rg BT 203.43 744.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 228.24 744.40 Td (related ) Tj ET Q q 0 0 0 rg BT 260.97 744.40 Td (to ) Tj ET Q q 0 0 0 rg BT 272.33 744.40 Td (its ) Tj ET Q q 0 0 0 rg BT 285.54 744.40 Td (cold ) Tj ET Q q 0 0 0 rg BT 307.28 744.40 Td (stacking. ) Tj ET Q q 0 0 0 rg BT 349.29 744.40 Td (This ) Tj ET Q q 0 0 0 rg BT 371.66 744.40 Td (will ) Tj ET Q q 0 0 0 rg BT 391.58 744.40 Td (be ) Tj ET Q q 0 0 0 rg BT 404.77 744.40 Td (of) Tj ET Q q 0 0 0 rg BT 413.73 744.40 Td (fset ) Tj ET Q q 0 0 0 rg BT 432.42 744.40 Td (however ) Tj ET Q q 0 0 0 rg BT 473.10 744.40 Td (by ) Tj ET Q q 0 0 0 rg BT 486.91 744.40 Td (a ) Tj ET Q q 0 0 0 rg BT 494.60 744.40 Td (full ) Tj ET Q q 0 0 0 rg BT 512.68 744.40 Td (quarters ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 731.20 Td (contribution ) Tj ET Q q 0 0 0 rg BT 105.98 731.20 Td (from ) Tj ET Q q 0 0 0 rg BT 130.07 731.20 Td (the ) Tj ET Q q 0 0 0 rg BT 146.02 731.20 Td (W) Tj ET Q q 0 0 0 rg BT 155.52 731.20 Td (est ) Tj ET Q q 0 0 0 rg BT 170.44 731.20 Td (Polaris. ) Tj ET Q q 0 0 0 rg BT 206.46 731.20 Td (During ) Tj ET Q q 0 0 0 rg BT 240.33 731.20 Td (the ) Tj ET Q q 0 0 0 rg BT 256.47 731.20 Td (third ) Tj ET Q q 0 0 0 rg BT 279.96 731.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 313.81 731.20 Td (to ) Tj ET Q q 0 0 0 rg BT 325.07 731.20 Td (date, ) Tj ET Q q 0 0 0 rg BT 348.85 731.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 393.10 731.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 451.38 731.20 Td (continues ) Tj ET Q q 0 0 0 rg BT 496.24 731.20 Td (to ) Tj ET Q q 0 0 0 rg BT 507.51 731.20 Td (be ) Tj ET Q q 0 0 0 rg BT 520.60 731.20 Td (strong ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 718.00 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 718.00 Td (utilization ) Tj ET Q q 0 0 0 rg BT 115.48 718.00 Td (is ) Tj ET Q q 0 0 0 rg BT 125.57 718.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 158.87 718.00 Td (to ) Tj ET Q q 0 0 0 rg BT 170.18 718.00 Td (the ) Tj ET Q q 0 0 0 rg BT 186.37 718.00 Td (second ) Tj ET Q q 0 0 0 rg BT 219.66 718.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 250.20 718.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 698.80 Td (In ) Tj ET Q q 0 0 0 rg BT 60.98 698.80 Td (addition ) Tj ET Q q 0 0 0 rg BT 99.35 698.80 Td (to ) Tj ET Q q 0 0 0 rg BT 110.22 698.80 Td (achieving ) Tj ET Q q 0 0 0 rg BT 155.30 698.80 Td (excellent ) Tj ET Q q 0 0 0 rg BT 197.32 698.80 Td (rig ) Tj ET Q q 0 0 0 rg BT 211.85 698.80 Td (utilization ) Tj ET Q q 0 0 0 rg BT 258.77 698.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 316.67 698.80 Td (in ) Tj ET Q q 0 0 0 rg BT 327.54 698.80 Td (the ) Tj ET Q q 0 0 0 rg BT 343.30 698.80 Td (second ) Tj ET Q q 0 0 0 rg BT 376.16 698.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 409.62 698.80 Td (the ) Tj ET Q q 0 0 0 rg BT 425.38 698.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 470.47 698.80 Td (has, ) Tj ET Q q 0 0 0 rg BT 490.20 698.80 Td (together ) Tj ET Q q 0 0 0 rg BT 528.56 698.80 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 685.60 Td (Seadrill, ) Tj ET Q q 0 0 0 rg BT 89.30 685.60 Td (been ) Tj ET Q q 0 0 0 rg BT 112.89 685.60 Td (focused ) Tj ET Q q 0 0 0 rg BT 149.93 685.60 Td (on ) Tj ET Q q 0 0 0 rg BT 163.77 685.60 Td (reducing ) Tj ET Q q 0 0 0 rg BT 205.08 685.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 249.45 685.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.29 685.60 Td (and ) Tj ET Q q 0 0 0 rg BT 293.00 685.60 Td (expects ) Tj ET Q q 0 0 0 rg BT 328.82 685.60 Td (these ) Tj ET Q q 0 0 0 rg BT 354.25 685.60 Td (reductions ) Tj ET Q q 0 0 0 rg BT 402.90 685.60 Td (to ) Tj ET Q q 0 0 0 rg BT 414.29 685.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 455.00 685.60 Td (into ) Tj ET Q q 0 0 0 rg BT 474.94 685.60 Td (the ) Tj ET Q q 0 0 0 rg BT 491.21 685.60 Td (third ) Tj ET Q q 0 0 0 rg BT 514.82 685.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 545.36 685.60 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 672.40 Td (The ) Tj ET Q q 0 0 0 rg BT 69.12 672.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 114.42 672.40 Td (is ) Tj ET Q q 0 0 0 rg BT 124.28 672.40 Td (also ) Tj ET Q q 0 0 0 rg BT 144.52 672.40 Td (focused ) Tj ET Q q 0 0 0 rg BT 181.26 672.40 Td (on ) Tj ET Q q 0 0 0 rg BT 194.78 672.40 Td (discussions ) Tj ET Q q 0 0 0 rg BT 247.42 672.40 Td (with ) Tj ET Q q 0 0 0 rg BT 269.50 672.40 Td (existing ) Tj ET Q q 0 0 0 rg BT 306.85 672.40 Td (customers ) Tj ET Q q 0 0 0 rg BT 353.98 672.40 Td (with ) Tj ET Q q 0 0 0 rg BT 376.06 672.40 Td (a ) Tj ET Q q 0 0 0 rg BT 383.46 672.40 Td (view ) Tj ET Q q 0 0 0 rg BT 407.37 672.40 Td (to ) Tj ET Q q 0 0 0 rg BT 418.45 672.40 Td (achieving ) Tj ET Q q 0 0 0 rg BT 463.73 672.40 Td (contract ) Tj ET Q q 0 0 0 rg BT 501.67 672.40 Td (extensions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 659.20 Td (where ) Tj ET Q q 0 0 0 rg BT 79.12 659.20 Td (possible. ) Tj ET Q q 0 0 0 rg BT 120.48 659.20 Td (This ) Tj ET Q q 0 0 0 rg BT 142.79 659.20 Td (is ) Tj ET Q q 0 0 0 rg BT 152.87 659.20 Td (particularly ) Tj ET Q q 0 0 0 rg BT 206.32 659.20 Td (the ) Tj ET Q q 0 0 0 rg BT 222.51 659.20 Td (case ) Tj ET Q q 0 0 0 rg BT 244.19 659.20 Td (for ) Tj ET Q q 0 0 0 rg BT 259.76 659.20 Td (the ) Tj ET Q q 0 0 0 rg BT 275.95 659.20 Td (Company) Tj ET Q q 0 0 0 rg BT 321.78 659.20 Td (s ) Tj ET Q q 0 0 0 rg BT 328.81 659.20 Td (rigs ) Tj ET Q q 0 0 0 rg BT 348.06 659.20 Td (that ) Tj ET Q q 0 0 0 rg BT 367.31 659.20 Td (roll ) Tj ET Q q 0 0 0 rg BT 385.33 659.20 Td (of) Tj ET Q q 0 0 0 rg BT 394.30 659.20 Td (f ) Tj ET Q q 0 0 0 rg BT 400.71 659.20 Td (contract ) Tj ET Q q 0 0 0 rg BT 438.88 659.20 Td (in ) Tj ET Q q 0 0 0 rg BT 450.19 659.20 Td (2017. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 640.00 Td (As ) Tj ET Q q 0 0 0 rg BT 65.35 640.00 Td (we ) Tj ET Q q 0 0 0 rg BT 81.80 640.00 Td (progress ) Tj ET Q q 0 0 0 rg BT 122.70 640.00 Td (through ) Tj ET Q q 0 0 0 rg BT 160.55 640.00 Td (this ) Tj ET Q q 0 0 0 rg BT 180.07 640.00 Td (downturn, ) Tj ET Q q 0 0 0 rg BT 228.61 640.00 Td (the ) Tj ET Q q 0 0 0 rg BT 245.67 640.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 292.08 640.00 Td (will ) Tj ET Q q 0 0 0 rg BT 312.81 640.00 Td (continue ) Tj ET Q q 0 0 0 rg BT 354.32 640.00 Td (to ) Tj ET Q q 0 0 0 rg BT 366.50 640.00 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 406.77 640.00 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 465.70 640.00 Td (both ) Tj ET Q q 0 0 0 rg BT 488.88 640.00 Td (from ) Tj ET Q q 0 0 0 rg BT 513.89 640.00 Td (Seadrill ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 626.80 Td (Limited ) Tj ET Q q 0 0 0 rg BT 86.72 626.80 Td (and ) Tj ET Q q 0 0 0 rg BT 105.00 626.80 Td (third ) Tj ET Q q 0 0 0 rg BT 128.17 626.80 Td (parties, ) Tj ET Q q 0 0 0 rg BT 162.64 626.80 Td (with ) Tj ET Q q 0 0 0 rg BT 184.59 626.80 Td (an ) Tj ET Q q 0 0 0 rg BT 197.37 626.80 Td (eye ) Tj ET Q q 0 0 0 rg BT 215.03 626.80 Td (towards ) Tj ET Q q 0 0 0 rg BT 252.25 626.80 Td (building ) Tj ET Q q 0 0 0 rg BT 291.31 626.80 Td (coverage ) Tj ET Q q 0 0 0 rg BT 333.40 626.80 Td (and ) Tj ET Q q 0 0 0 rg BT 351.68 626.80 Td (reducing ) Tj ET Q q 0 0 0 rg BT 392.56 626.80 Td (the ) Tj ET Q q 0 0 0 rg BT 408.39 626.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 432.79 626.80 Td (and ) Tj ET Q q 0 0 0 rg BT 451.06 626.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 475.46 626.80 Td (contract ) Tj ET Q q 0 0 0 rg BT 513.28 626.80 Td (rollover ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 613.60 Td (risk.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 87.07 590.40 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 128.45 590.40 Td (revenue ) Tj ET Q q 0 0 0 rg BT 166.62 590.40 Td (backlog ) Tj ET Q q 0 0 0 rg BT 204.79 590.40 Td (of ) Tj ET Q q 0 0 0 rg BT 217.31 590.40 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 239.92 590.40 Td (billion, ) Tj ET Q q 0 0 0 rg BT 274.75 590.40 Td (good ) Tj ET Q q 0 0 0 rg BT 300.10 590.40 Td (utilization ) Tj ET Q q 0 0 0 rg BT 348.06 590.40 Td (level ) Tj ET Q q 0 0 0 rg BT 372.79 590.40 Td (and ) Tj ET Q q 0 0 0 rg BT 392.03 590.40 Td (focus ) Tj ET Q q 0 0 0 rg BT 419.21 590.40 Td (on ) Tj ET Q q 0 0 0 rg BT 433.57 590.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 478.46 590.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 499.54 590.40 Td (reductions, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 577.20 Td (average ) Tj ET Q q 0 0 0 rg BT 86.56 577.20 Td (remaining ) Tj ET Q q 0 0 0 rg BT 134.02 577.20 Td (contract ) Tj ET Q q 0 0 0 rg BT 172.30 577.20 Td (term ) Tj ET Q q 0 0 0 rg BT 195.33 577.20 Td (of ) Tj ET Q q 0 0 0 rg BT 207.35 577.20 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 223.97 577.20 Td (years, ) Tj ET Q q 0 0 0 rg BT 252.79 577.20 Td (net ) Tj ET Q q 0 0 0 rg BT 269.09 577.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 290.90 577.20 Td (to ) Tj ET Q q 0 0 0 rg BT 302.32 577.20 Td (annualized ) Tj ET Q q 0 0 0 rg BT 352.82 577.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 392.34 577.20 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 432.06 577.20 Td ( ) Tj ET Q q 0 0 0 rg BT 434.93 577.20 Td (ratio ) Tj ET Q q 0 0 0 rg BT 457.95 577.20 Td (of ) Tj ET Q q 0 0 0 rg BT 469.98 577.20 Td (3.2x ) Tj ET Q q 0 0 0 rg BT 492.09 577.20 Td (and ) Tj ET Q q 0 0 0 rg BT 510.84 577.20 Td (liquidity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 564.00 Td (position ) Tj ET Q q 0 0 0 rg BT 87.70 564.00 Td (leaves ) Tj ET Q q 0 0 0 rg BT 117.93 564.00 Td (the ) Tj ET Q q 0 0 0 rg BT 134.12 564.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 179.65 564.00 Td (well ) Tj ET Q q 0 0 0 rg BT 201.34 564.00 Td (positioned ) Tj ET Q q 0 0 0 rg BT 249.92 564.00 Td (to ) Tj ET Q q 0 0 0 rg BT 261.22 564.00 Td (manage ) Tj ET Q q 0 0 0 rg BT 298.18 564.00 Td (through ) Tj ET Q q 0 0 0 rg BT 335.15 564.00 Td (the ) Tj ET Q q 0 0 0 rg BT 351.33 564.00 Td (downturn.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 527.60 Td (August27, ) Tj ET Q q 0 0 0 rg BT 100.53 527.60 Td (2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.53 527.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 514.40 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 514.40 Td (Board ) Tj ET Q q 0 0 0 rg BT 98.98 514.40 Td (of ) Tj ET Q q 0 0 0 rg BT 110.90 514.40 Td (Directors) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 501.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.46 501.20 Td (Partners ) Tj ET Q q 0 0 0 rg BT 125.26 501.20 Td (LLC) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 488.00 Td (London, ) Tj ET Q q 0 0 0 rg BT 89.22 488.00 Td (UK.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 461.60 Td (Questions ) Tj ET Q q 0 0 0 rg BT 96.25 461.60 Td (should ) Tj ET Q q 0 0 0 rg BT 128.34 461.60 Td (be ) Tj ET Q q 0 0 0 rg BT 141.47 461.60 Td (directed ) Tj ET Q q 0 0 0 rg BT 179.64 461.60 Td (to:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 448.40 Td (Graham ) Tj ET Q q 0 0 0 rg BT 87.68 448.40 Td (Robjohns: ) Tj ET Q q 0 0 0 rg BT 135.66 448.40 Td (Chief ) Tj ET Q q 0 0 0 rg BT 162.85 448.40 Td (Executive ) Tj ET Q q 0 0 0 rg BT 209.57 448.40 Td (Of) Tj ET Q q 0 0 0 rg BT 220.98 448.40 Td (ficer) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 435.20 Td (John ) Tj ET Q q 0 0 0 rg BT 72.83 435.20 Td (T) Tj ET Q q 0 0 0 rg BT 78.73 435.20 Td (. ) Tj ET Q q 0 0 0 rg BT 84.23 435.20 Td (Roche: ) Tj ET Q q 0 0 0 rg BT 118.14 435.20 Td (Chief ) Tj ET Q q 0 0 0 rg BT 145.33 435.20 Td (Financial ) Tj ET Q q 0 0 0 rg BT 189.01 435.20 Td (Of) Tj ET Q q 0 0 0 rg BT 200.42 435.20 Td (ficer) Tj ET Q endstream endobj 11 0 obj <> endobj 12 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 72.68 729.70 Td (distributions, ) Tj ET Q q 0 0 0 rg BT 134.06 729.70 Td (the ) Tj ET Q q 0 0 0 rg BT 151.13 729.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 193.85 729.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 253.05 729.70 Td (of ) Tj ET Q q 0 0 0 rg BT 265.85 729.70 Td (the ) Tj ET Q q 0 0 0 rg BT 282.92 729.70 Td (drilling ) Tj ET Q q 0 0 0 rg BT 318.94 729.70 Td (units ) Tj ET Q q 0 0 0 rg BT 343.96 729.70 Td (in ) Tj ET Q q 0 0 0 rg BT 356.15 729.70 Td (the ) Tj ET Q q 0 0 0 rg BT 373.22 729.70 Td (Company) Tj ET Q q 0 0 0 rg BT 419.05 729.70 Td (s ) Tj ET Q q 0 0 0 rg BT 426.96 729.70 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 452.88 729.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 498.66 729.70 Td (duration ) Tj ET Q q 0 0 0 rg BT 538.95 729.70 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 85.29 637.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 133.90 637.30 Td (include, ) Tj ET Q q 0 0 0 rg BT 171.20 637.30 Td (but ) Tj ET Q q 0 0 0 rg BT 187.43 637.30 Td (are ) Tj ET Q q 0 0 0 rg BT 203.03 637.30 Td (not ) Tj ET Q q 0 0 0 rg BT 219.26 637.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 252.60 637.30 Td (to ) Tj ET Q q 0 0 0 rg BT 263.33 637.30 Td (of) Tj ET Q q 0 0 0 rg BT 272.30 637.30 Td (fshore ) Tj ET Q q 0 0 0 rg BT 301.96 637.30 Td (drilling ) Tj ET Q q 0 0 0 rg BT 336.53 637.30 Td (market ) Tj ET Q q 0 0 0 rg BT 369.24 637.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 417.25 637.30 Td (including ) Tj ET Q q 0 0 0 rg BT 460.97 637.30 Td (supply ) Tj ET Q q 0 0 0 rg BT 492.49 637.30 Td (and ) Tj ET Q q 0 0 0 rg BT 510.54 637.30 Td (demand, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (dayrates, ) Tj ET Q q 0 0 0 rg BT 92.48 624.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 136.39 624.10 Td (dilling ) Tj ET Q q 0 0 0 rg BT 168.69 624.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 213.82 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.29 624.10 Td (ef) Tj ET Q q 0 0 0 rg BT 241.64 624.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 265.99 624.10 Td (new ) Tj ET Q q 0 0 0 rg BT 287.90 624.10 Td (rigs ) Tj ET Q q 0 0 0 rg BT 307.98 624.10 Td (on ) Tj ET Q q 0 0 0 rg BT 322.56 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.59 624.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 376.46 624.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 415.47 624.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 450.20 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.67 624.10 Td (rig ) Tj ET Q q 0 0 0 rg BT 485.47 624.10 Td (mobilizations, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 610.90 Td (contract ) Tj ET Q q 0 0 0 rg BT 87.91 610.90 Td (backlog, ) Tj ET Q q 0 0 0 rg BT 128.47 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 144.90 610.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 203.46 610.90 Td (of ) Tj ET Q q 0 0 0 rg BT 215.61 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 232.03 610.90 Td (drilling ) Tj ET Q q 0 0 0 rg BT 267.41 610.90 Td (units ) Tj ET Q q 0 0 0 rg BT 291.79 610.90 Td (in ) Tj ET Q q 0 0 0 rg BT 303.33 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 319.76 610.90 Td (Company) Tj ET Q q 0 0 0 rg BT 365.59 610.90 Td (s ) Tj ET Q q 0 0 0 rg BT 372.86 610.90 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 398.14 610.90 Td (delay ) Tj ET Q q 0 0 0 rg BT 424.95 610.90 Td (in ) Tj ET Q q 0 0 0 rg BT 436.49 610.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 477.36 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 489.51 610.90 Td (disputes ) Tj ET Q q 0 0 0 rg BT 528.55 610.90 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 597.70 Td (customers, ) Tj ET Q q 0 0 0 rg BT 100.66 597.70 Td (our ) Tj ET Q q 0 0 0 rg BT 119.12 597.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 151.03 597.70 Td (to ) Tj ET Q q 0 0 0 rg BT 163.39 597.70 Td (successfully ) Tj ET Q q 0 0 0 rg BT 220.96 597.70 Td (employ ) Tj ET Q q 0 0 0 rg BT 257.76 597.70 Td (our ) Tj ET Q q 0 0 0 rg BT 276.23 597.70 Td (drilling ) Tj ET Q q 0 0 0 rg BT 312.42 597.70 Td (units, ) Tj ET Q q 0 0 0 rg BT 340.37 597.70 Td (procure ) Tj ET Q q 0 0 0 rg BT 377.76 597.70 Td (or ) Tj ET Q q 0 0 0 rg BT 390.73 597.70 Td (have ) Tj ET Q q 0 0 0 rg BT 415.30 597.70 Td (access ) Tj ET Q q 0 0 0 rg BT 447.19 597.70 Td (to ) Tj ET Q q 0 0 0 rg BT 459.56 597.70 Td (financing, ) Tj ET Q q 0 0 0 rg BT 507.65 597.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 539.56 597.70 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 584.50 Td (comply ) Tj ET Q q 0 0 0 rg BT 84.98 584.50 Td (with ) Tj ET Q q 0 0 0 rg BT 107.03 584.50 Td (loan ) Tj ET Q q 0 0 0 rg BT 128.46 584.50 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 177.68 584.50 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 217.45 584.50 Td (and ) Tj ET Q q 0 0 0 rg BT 235.82 584.50 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 279.84 584.50 Td (of ) Tj ET Q q 0 0 0 rg BT 291.50 584.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 313.53 584.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 336.18 584.50 Td (from ) Tj ET Q q 0 0 0 rg BT 360.06 584.50 Td (operations, ) Tj ET Q q 0 0 0 rg BT 411.12 584.50 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 465.54 584.50 Td (in ) Tj ET Q q 0 0 0 rg BT 476.59 584.50 Td (the ) Tj ET Q q 0 0 0 rg BT 492.51 584.50 Td (international ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 571.30 Td (price ) Tj ET Q q 0 0 0 rg BT 73.77 571.30 Td (of ) Tj ET Q q 0 0 0 rg BT 85.21 571.30 Td (oil, ) Tj ET Q q 0 0 0 rg BT 101.85 571.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 139.56 571.30 Td (in ) Tj ET Q q 0 0 0 rg BT 150.40 571.30 Td (governmental ) Tj ET Q q 0 0 0 rg BT 213.16 571.30 Td (regulations ) Tj ET Q q 0 0 0 rg BT 264.32 571.30 Td (that ) Tj ET Q q 0 0 0 rg BT 283.09 571.30 Td (af) Tj ET Q q 0 0 0 rg BT 291.44 571.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 310.21 571.30 Td (the ) Tj ET Q q 0 0 0 rg BT 325.92 571.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.98 571.30 Td (or ) Tj ET Q q 0 0 0 rg BT 382.43 571.30 Td (the ) Tj ET Q q 0 0 0 rg BT 398.15 571.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 446.25 571.30 Td (of ) Tj ET Q q 0 0 0 rg BT 457.69 571.30 Td (the ) Tj ET Q q 0 0 0 rg BT 473.41 571.30 Td (Company) Tj ET Q q 0 0 0 rg BT 519.24 571.30 Td (s ) Tj ET Q q 0 0 0 rg BT 525.81 571.30 Td (fleet, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 558.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 94.63 558.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 150.77 558.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.93 558.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.97 558.10 Td (of) Tj ET Q q 0 0 0 rg BT 188.93 558.10 Td (fshore ) Tj ET Q q 0 0 0 rg BT 220.02 558.10 Td (drilling ) Tj ET Q q 0 0 0 rg BT 256.01 558.10 Td (industry) Tj ET Q q 0 0 0 rg BT 291.35 558.10 Td (, ) Tj ET Q q 0 0 0 rg BT 297.70 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.19 558.10 Td (general ) Tj ET Q q 0 0 0 rg BT 353.15 558.10 Td (economic, ) Tj ET Q q 0 0 0 rg BT 402.26 558.10 Td (political ) Tj ET Q q 0 0 0 rg BT 441.91 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.39 558.10 Td (business ) Tj ET Q q 0 0 0 rg BT 502.27 558.10 Td (conditions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 544.90 Td (globally) Tj ET Q q 0 0 0 rg BT 84.84 544.90 Td (. ) Tj ET Q q 0 0 0 rg BT 89.43 544.90 Td ( ) Tj ET Q q 0 0 0 rg BT 91.27 544.90 Td (Consequently) Tj ET Q q 0 0 0 rg BT 151.05 544.90 Td (, ) Tj ET Q q 0 0 0 rg BT 155.64 544.90 Td (no ) Tj ET Q q 0 0 0 rg BT 168.49 544.90 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 242.42 544.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 286.41 544.90 Td (can ) Tj ET Q q 0 0 0 rg BT 303.52 544.90 Td (be ) Tj ET Q q 0 0 0 rg BT 315.75 544.90 Td (guaranteed. ) Tj ET Q q 0 0 0 rg BT 368.59 544.90 Td ( ) Tj ET Q q 0 0 0 rg BT 370.29 544.90 Td (When ) Tj ET Q q 0 0 0 rg BT 398.40 544.90 Td (considering ) Tj ET Q q 0 0 0 rg BT 451.56 544.90 Td (these ) Tj ET Q q 0 0 0 rg BT 476.01 544.90 Td (forward-looking ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 531.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 101.32 531.70 Td (you ) Tj ET Q q 0 0 0 rg BT 120.46 531.70 Td (should ) Tj ET Q q 0 0 0 rg BT 152.43 531.70 Td (keep ) Tj ET Q q 0 0 0 rg BT 175.83 531.70 Td (in ) Tj ET Q q 0 0 0 rg BT 187.03 531.70 Td (mind ) Tj ET Q q 0 0 0 rg BT 212.28 531.70 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 531.70 Td (risks ) Tj ET Q q 0 0 0 rg BT 251.77 531.70 Td (described ) Tj ET Q q 0 0 0 rg BT 296.55 531.70 Td (from ) Tj ET Q q 0 0 0 rg BT 320.57 531.70 Td (time ) Tj ET Q q 0 0 0 rg BT 342.76 531.70 Td (to ) Tj ET Q q 0 0 0 rg BT 353.96 531.70 Td (time ) Tj ET Q q 0 0 0 rg BT 376.14 531.70 Td (in ) Tj ET Q q 0 0 0 rg BT 387.34 531.70 Td (the ) Tj ET Q q 0 0 0 rg BT 403.41 531.70 Td (Company) Tj ET Q q 0 0 0 rg BT 449.24 531.70 Td (s ) Tj ET Q q 0 0 0 rg BT 456.16 531.70 Td (filings ) Tj ET Q q 0 0 0 rg BT 486.91 531.70 Td (with ) Tj ET Q q 0 0 0 rg BT 509.10 531.70 Td (the ) Tj ET Q q 0 0 0 rg BT 525.18 531.70 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 550.85 531.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 518.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.64 518.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.46 518.50 Td (undertakes ) Tj ET Q q 0 0 0 rg BT 163.15 518.50 Td (no ) Tj ET Q q 0 0 0 rg BT 176.19 518.50 Td (obligation ) Tj ET Q q 0 0 0 rg BT 222.84 518.50 Td (to ) Tj ET Q q 0 0 0 rg BT 233.44 518.50 Td (update ) Tj ET Q q 0 0 0 rg BT 264.81 518.50 Td (any ) Tj ET Q q 0 0 0 rg BT 282.73 518.50 Td (forward ) Tj ET Q q 0 0 0 rg BT 319.59 518.50 Td (looking ) Tj ET Q q 0 0 0 rg BT 355.24 518.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 403.72 518.50 Td (to ) Tj ET Q q 0 0 0 rg BT 414.32 518.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 444.44 518.50 Td (events ) Tj ET Q q 0 0 0 rg BT 474.59 518.50 Td (or ) Tj ET Q q 0 0 0 rg BT 485.79 518.50 Td (circumstances ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 505.30 Td (after ) Tj ET Q q 0 0 0 rg BT 72.86 505.30 Td (the ) Tj ET Q q 0 0 0 rg BT 89.52 505.30 Td (date ) Tj ET Q q 0 0 0 rg BT 111.05 505.30 Td (on ) Tj ET Q q 0 0 0 rg BT 125.27 505.30 Td (which ) Tj ET Q q 0 0 0 rg BT 155.37 505.30 Td (such ) Tj ET Q q 0 0 0 rg BT 178.75 505.30 Td (statement ) Tj ET Q q 0 0 0 rg BT 224.11 505.30 Td (is ) Tj ET Q q 0 0 0 rg BT 234.67 505.30 Td (made ) Tj ET Q q 0 0 0 rg BT 261.70 505.30 Td (or ) Tj ET Q q 0 0 0 rg BT 274.08 505.30 Td (to ) Tj ET Q q 0 0 0 rg BT 285.85 505.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 317.16 505.30 Td (the ) Tj ET Q q 0 0 0 rg BT 333.81 505.30 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 385.26 505.30 Td (of ) Tj ET Q q 0 0 0 rg BT 397.64 505.30 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 460.11 505.30 Td (events. ) Tj ET Q q 0 0 0 rg BT 494.18 505.30 Td (New ) Tj ET Q q 0 0 0 rg BT 518.17 505.30 Td (factors ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (emer) Tj ET Q q 0 0 0 rg BT 71.29 492.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 84.42 492.10 Td (from ) Tj ET Q q 0 0 0 rg BT 108.56 492.10 Td (time ) Tj ET Q q 0 0 0 rg BT 130.86 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.17 492.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 167.23 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.86 492.10 Td (it ) Tj ET Q q 0 0 0 rg BT 194.73 492.10 Td (is ) Tj ET Q q 0 0 0 rg BT 204.82 492.10 Td (not ) Tj ET Q q 0 0 0 rg BT 221.63 492.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 260.44 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 276.02 492.10 Td (us ) Tj ET Q q 0 0 0 rg BT 288.56 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.87 492.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 333.16 492.10 Td (all ) Tj ET Q q 0 0 0 rg BT 346.91 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.82 492.10 Td (these ) Tj ET Q q 0 0 0 rg BT 384.18 492.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 419.61 492.10 Td (Further) Tj ET Q q 0 0 0 rg BT 451.55 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 457.06 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.25 492.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.78 492.10 Td (cannot ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 478.90 Td (assess ) Tj ET Q q 0 0 0 rg BT 79.38 478.90 Td (the ) Tj ET Q q 0 0 0 rg BT 95.81 478.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 128.73 478.90 Td (of ) Tj ET Q q 0 0 0 rg BT 140.88 478.90 Td (each ) Tj ET Q q 0 0 0 rg BT 164.02 478.90 Td (such ) Tj ET Q q 0 0 0 rg BT 187.17 478.90 Td (factor ) Tj ET Q q 0 0 0 rg BT 215.81 478.90 Td (on ) Tj ET Q q 0 0 0 rg BT 229.80 478.90 Td (its ) Tj ET Q q 0 0 0 rg BT 243.18 478.90 Td (business ) Tj ET Q q 0 0 0 rg BT 283.46 478.90 Td (or ) Tj ET Q q 0 0 0 rg BT 295.61 478.90 Td (the ) Tj ET Q q 0 0 0 rg BT 312.04 478.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 341.90 478.90 Td (to ) Tj ET Q q 0 0 0 rg BT 353.45 478.90 Td (which ) Tj ET Q q 0 0 0 rg BT 383.32 478.90 Td (any ) Tj ET Q q 0 0 0 rg BT 402.20 478.90 Td (factor) Tj ET Q q 0 0 0 rg BT 427.40 478.90 Td (, ) Tj ET Q q 0 0 0 rg BT 433.14 478.90 Td (or ) Tj ET Q q 0 0 0 rg BT 445.30 478.90 Td (combination ) Tj ET Q q 0 0 0 rg BT 503.28 478.90 Td (of ) Tj ET Q q 0 0 0 rg BT 515.43 478.90 Td (factors, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 465.70 Td (may ) Tj ET Q q 0 0 0 rg BT 71.19 465.70 Td (cause ) Tj ET Q q 0 0 0 rg BT 98.37 465.70 Td (actual ) Tj ET Q q 0 0 0 rg BT 127.38 465.70 Td (results ) Tj ET Q q 0 0 0 rg BT 158.84 465.70 Td (to ) Tj ET Q q 0 0 0 rg BT 170.15 465.70 Td (be ) Tj ET Q q 0 0 0 rg BT 183.28 465.70 Td (materially ) Tj ET Q q 0 0 0 rg BT 230.62 465.70 Td (dif) Tj ET Q q 0 0 0 rg BT 242.64 465.70 Td (ferent ) Tj ET Q q 0 0 0 rg BT 271.04 465.70 Td (from ) Tj ET Q q 0 0 0 rg BT 295.17 465.70 Td (those ) Tj ET Q q 0 0 0 rg BT 321.14 465.70 Td (contained ) Tj ET Q q 0 0 0 rg BT 366.65 465.70 Td (in ) Tj ET Q q 0 0 0 rg BT 377.96 465.70 Td (any ) Tj ET Q q 0 0 0 rg BT 396.59 465.70 Td (forward ) Tj ET Q q 0 0 0 rg BT 434.16 465.70 Td (looking ) Tj ET Q q 0 0 0 rg BT 470.52 465.70 Td (statement.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 778.50 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 109.32 778.50 Td (TED ST) Tj ET Q q 0 0 0 rg BT 143.88 778.50 Td (A) Tj ET Q q 0 0 0 rg BT 150.35 778.50 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 215.27 778.50 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 252.03 778.50 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 778.50 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 699.00 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 699.00 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 699.00 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 699.00 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 699.00 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 699.00 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 699.00 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 670.00 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 670.00 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 670.00 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 670.00 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 670.00 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 670.00 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 670.00 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 640.00 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 640.00 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 640.00 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 640.00 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 640.00 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 640.00 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 640.00 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456.20 758.68 Td (Six months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 733.71 Td (\(in $ millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.90 743.68 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 733.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.40 743.67 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 733.67 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 743.67 Td (June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 733.67 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.90 743.68 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.50 733.68 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.90 743.68 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.50 733.68 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 278.30 703.68 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.35 703.71 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.35 703.71 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.25 703.71 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.25 703.71 Td (Unaudited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 689.68 Td (Operating revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 674.67 Td (Contract revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.50 674.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 674.68 Td (385.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.50 674.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 674.68 Td (385.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.50 674.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 674.68 Td (339.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 674.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 674.68 Td (771.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.50 674.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 674.68 Td (600.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 659.67 Td (Reimbursable revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 659.67 Td (8.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 659.67 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 659.67 Td (6.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 659.67 Td (19.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 659.67 Td (21.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 644.67 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 644.67 Td (22.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 644.67 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 644.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 644.67 Td (27.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 644.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 630.68 Td (Total operating revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 630.68 Td (417.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 630.68 Td (400.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 630.68 Td (346.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 630.68 Td (817.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 630.68 Td (621.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 610.68 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 595.67 Td (Vessel and rig operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 595.67 Td (122.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 595.67 Td (118.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 595.67 Td (107.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 595.67 Td (240.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 595.67 Td (192.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 580.67 Td (Amortization of favorable contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 580.67 Td (12.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 580.67 Td (11.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 580.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 580.67 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 580.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 565.67 Td (Reimbursable expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 565.67 Td (7.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 565.67 Td (9.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 565.67 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 565.67 Td (16.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 565.67 Td (20.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 550.67 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 550.67 Td (57.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 550.67 Td (57.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 550.67 Td (54.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 550.67 Td (115.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 550.67 Td (94.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 535.67 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 535.67 Td (11.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 535.67 Td (13.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 535.67 Td (8.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 535.67 Td (25.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 535.67 Td (22.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 521.68 Td (Total operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 521.68 Td (211.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 521.68 Td (210.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 521.68 Td (177.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 521.68 Td (421.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 521.68 Td (329.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 502.68 Td (Operating income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.50 502.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 502.68 Td (205.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.50 502.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 502.68 Td (190.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.50 502.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 502.68 Td (168.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 502.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 502.68 Td (396.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.50 502.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 502.68 Td (292.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 484.68 Td (Financial and other items) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 469.67 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 469.67 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 469.67 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 469.67 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 469.67 Td (6.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 469.67 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 454.67 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.30 454.72 Td (\(42.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 454.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 454.72 Td (\(52.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 454.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 454.72 Td (\(37.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 454.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 454.72 Td (\(94.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 454.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 454.72 Td (\(66.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 454.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 439.67 Td (Gain / \(Loss\) on derivative financial instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 439.67 Td (18.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 439.72 Td (\(51.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 439.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 439.72 Td (\(27.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 439.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 439.72 Td (\(33.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 439.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 439.72 Td (\(77.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 439.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.67 Td (Foreign currency exchange \(loss\) / gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.30 424.72 Td (\(0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 424.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.30 424.72 Td (\(2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 424.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 424.72 Td (\(0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 424.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 424.72 Td (\(3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 424.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 424.67 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 409.67 Td (Gain on bargain purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 409.67 Td (39.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 409.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 409.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 409.67 Td (39.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 409.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 395.68 Td (Total financial items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.65 395.68 Td (19.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.30 395.73 Td (\(105.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 395.68 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.30 395.73 Td (\(64.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 395.68 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.30 395.73 Td (\(85.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 395.68 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.30 395.73 Td (\(140.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 395.68 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 377.68 Td (Income before income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 377.68 Td (225.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 377.68 Td (85.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 377.68 Td (103.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 377.68 Td (310.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 377.68 Td (151.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 357.67 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.30 357.72 Td (\(32.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 357.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 357.72 Td (\(14.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 357.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 357.72 Td (\(9.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 357.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 357.72 Td (\(47.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 357.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 357.72 Td (\(13.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 357.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 343.68 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.50 343.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 343.68 Td (192.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.50 343.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 343.68 Td (70.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.50 343.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.65 343.68 Td (94.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 343.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 343.68 Td (263.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.50 343.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 343.68 Td (138.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 311.68 Td (Net income attributable to Seadrill Partners LLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 301.68 Td (members) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.50 301.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.65 301.68 Td (101.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.50 301.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 301.68 Td (38.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.50 301.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.65 301.68 Td (31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 301.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 301.68 Td (139.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.50 301.68 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 301.68 Td (51.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 287.73 Td (Net income attributable to the non-controlling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 277.73 Td (interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.65 278.68 Td (91.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 278.68 Td (32.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.65 278.68 Td (63.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 278.68 Td (123.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 278.68 Td (87.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 249.73 Td (T) Tj ET Q q 0 0 0 rg BT 58.25 249.73 Td (otal units outstanding at the end of the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.72 249.73 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 239.57 Td (thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.83 239.57 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 225.67 Td (Common units \(basic and diluted\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 226.57 Td (75,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 225.67 Td (75,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 225.67 Td (67,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 226.57 Td (75,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 225.67 Td (67,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 210.67 Td (Subordinated units \(basic and diluted\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 211.57 Td (16,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 210.67 Td (16,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 210.67 Td (16,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 211.57 Td (16,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 210.67 Td (16,543) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 790.65 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 109.32 790.65 Td (TED BALANCE SHEETS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 741.15 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 741.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 741.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 713.15 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 713.15 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 713.15 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 683.15 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 683.15 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 683.15 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 653.15 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 653.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 653.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 629.15 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 629.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 629.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 600.15 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 600.15 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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199.30 585.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.30 585.15 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.30 585.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.30 585.15 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.30 585.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.30 585.15 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.30 585.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.30 585.15 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.30 585.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.30 585.15 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.30 585.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.30 585.15 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 737.15 m 199.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 723.15 m 199.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.3 737.15 m 203.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.3 723.15 m 203.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.3 737.15 m 254.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.3 723.15 m 254.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.3 737.15 m 258.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.3 723.15 m 258.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.3 737.15 m 313.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.3 723.15 m 313.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.3 737.15 m 317.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.3 723.15 m 317.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.3 737.15 m 363.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.3 723.15 m 363.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.3 737.15 m 367.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.3 723.15 m 367.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.3 737.15 m 430.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.3 723.15 m 430.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.3 737.15 m 434.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.3 723.15 m 434.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 737.15 m 481.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 723.15 m 481.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.3 737.15 m 485.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.3 723.15 m 485.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.3 737.15 m 547.3 737.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.3 723.15 m 547.3 723.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 643.15 m 199.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 629.15 m 199.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.3 643.15 m 203.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.3 629.15 m 203.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.3 643.15 m 254.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.3 629.15 m 254.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.3 643.15 m 258.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.3 629.15 m 258.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.3 643.15 m 313.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.3 629.15 m 313.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.3 643.15 m 317.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.3 629.15 m 317.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.3 643.15 m 363.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.3 629.15 m 363.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.3 643.15 m 367.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.3 629.15 m 367.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.3 643.15 m 430.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.3 629.15 m 430.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.3 643.15 m 434.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.3 629.15 m 434.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 643.15 m 481.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 629.15 m 481.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.3 643.15 m 485.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.3 629.15 m 485.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.3 643.15 m 547.3 643.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.3 629.15 m 547.3 629.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 614.15 m 199.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 600.15 m 199.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.3 614.15 m 203.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.3 600.15 m 203.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.3 614.15 m 254.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.3 600.15 m 254.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.3 614.15 m 258.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.3 600.15 m 258.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.3 614.15 m 313.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.3 600.15 m 313.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.3 614.15 m 317.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.3 600.15 m 317.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.3 614.15 m 363.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.3 600.15 m 363.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.3 614.15 m 367.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.3 600.15 m 367.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.3 614.15 m 430.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.3 600.15 m 430.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.3 614.15 m 434.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.3 600.15 m 434.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 614.15 m 481.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 600.15 m 481.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.3 614.15 m 485.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.3 600.15 m 485.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.3 614.15 m 547.3 614.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.3 600.15 m 547.3 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 570.15 m 199.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 556.15 m 199.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.3 570.15 m 203.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.3 556.15 m 203.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.3 570.15 m 254.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.3 556.15 m 254.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.3 570.15 m 258.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.3 556.15 m 258.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.3 570.15 m 313.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.3 556.15 m 313.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.3 570.15 m 317.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.3 556.15 m 317.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.3 570.15 m 363.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.3 556.15 m 363.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.3 570.15 m 367.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.3 556.15 m 367.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.3 570.15 m 430.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.3 556.15 m 430.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.3 570.15 m 434.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.3 556.15 m 434.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 570.15 m 481.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.3 556.15 m 481.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.3 570.15 m 485.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.3 556.15 m 485.3 556.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.3 570.15 m 547.3 570.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.3 556.15 m 547.3 556.15 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.80 770.60 Td (\(in $ millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.85 772.23 Td (Members Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.30 772.23 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.30 772.23 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.80 772.23 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.50 758.23 Td (Common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.15 750.23 Td (Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.95 758.23 Td (Subordinated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.15 750.23 Td (Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.45 758.23 Td (Seadrill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.20 750.23 Td (Member) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.30 758.23 Td (TotalBefore) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.10 750.23 Td (Non-Controlling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.45 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436.80 727.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.95 727.88 Td (955.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.80 727.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 727.88 Td (1,254.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 713.72 Td (Common units issued to Seadrill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 703.72 Td (and public \(net of transaction costs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.95 713.72 Td (692.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.45 713.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.45 713.72 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 713.88 Td (692.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.45 713.72 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 713.88 Td (692.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 688.72 Td (Issuance of units by Seadrill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 678.72 Td (Capricorn Holdings LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.45 688.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.45 688.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.45 688.72 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.45 688.88 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.95 688.72 Td (341.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 688.88 Td (341.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 663.72 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.95 663.72 Td (36.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.95 663.72 Td (11.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.95 663.72 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.95 663.88 Td (51.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.95 663.72 Td (87.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 663.88 Td (138.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 648.72 Td (Cash Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.60 648.72 Td (\(49.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.45 648.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.60 648.77 Td (\(15.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.45 648.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.60 648.77 Td (\(1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.45 648.72 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.60 648.93 Td (\(66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.45 648.88 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 648.77 Td (\(293.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.45 648.72 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 648.93 Td (\(360.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.45 648.88 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 633.88 Td (Balance at June 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.80 633.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.95 633.88 Td (959.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.80 633.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.95 633.88 Td (14.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.80 633.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.95 633.88 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.80 633.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 633.88 Td (976.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.80 633.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 633.88 Td (1,090.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.80 633.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 633.88 Td (2,066.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 604.88 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.80 604.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.95 604.88 Td (913.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.80 604.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.95 604.88 Td (11.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.80 604.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.95 604.88 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.80 604.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 604.88 Td (928.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.80 604.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 604.88 Td (1,116.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.80 604.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 604.88 Td (2,044.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 590.72 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.95 590.72 Td (109.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.95 590.72 Td (24.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.95 590.72 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 590.88 Td (139.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.95 590.72 Td (123.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 590.88 Td (263.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 575.72 Td (Cash Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.60 575.72 Td (\(85.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.45 575.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.60 575.77 Td (\(18.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.45 575.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.60 575.77 Td (\(6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.45 575.72 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.60 575.93 Td (\(110.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.45 575.88 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 575.77 Td (\(106.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.45 575.72 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 575.93 Td (\(217.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.45 575.88 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 560.88 Td (Balance at June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.80 560.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.95 560.88 Td (937.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.80 560.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.95 560.88 Td (16.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.80 560.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.95 560.88 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.80 560.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 560.88 Td (957.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.80 560.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 560.88 Td (1,133.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.80 560.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 560.88 Td (2,090.7) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 790.00 Td (APPENDIX ) Tj ET Q q 0 0 0 rg BT 108.47 790.00 Td (A) Tj ET Q q 0 0 0 rg BT 115.81 790.00 Td ( ) Tj ET Q q 0 0 0 rg BT 118.56 790.00 Td (- ) Tj ET Q q 0 0 0 rg BT 124.97 790.00 Td (RECONCILIA) Tj ET Q q 0 0 0 rg BT 195.67 790.00 Td (TION ) Tj ET Q q 0 0 0 rg BT 226.54 790.00 Td (OF) Tj ET Q q 0 0 0 rg BT 241.40 790.00 Td ( ) Tj ET Q q 0 0 0 rg BT 244.15 790.00 Td (NON-GAAP) Tj ET Q q 0 0 0 rg BT 302.82 790.00 Td ( ) Tj ET Q q 0 0 0 rg BT 305.57 790.00 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.30 790.00 Td ( ) Tj ET Q q 0 0 0 rg BT 370.05 790.00 Td (MEASURES) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 770.80 Td (Distributable ) Tj ET Q q 0 0 0 rg BT 114.59 770.80 Td (Cash ) Tj ET Q q 0 0 0 rg BT 141.18 770.80 Td (Flow ) Tj ET Q q 0 0 0 rg BT 167.15 770.80 Td (\(DCF\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 751.60 Td (DCF ) Tj ET Q q 0 0 0 rg BT 73.20 751.60 Td (represents ) Tj ET Q q 0 0 0 rg BT 120.09 751.60 Td (net ) Tj ET Q q 0 0 0 rg BT 135.82 751.60 Td (income ) Tj ET Q q 0 0 0 rg BT 170.50 751.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 209.46 751.60 Td (for ) Tj ET Q q 0 0 0 rg BT 224.58 751.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 281.24 751.60 Td (and ) Tj ET Q q 0 0 0 rg BT 299.42 751.60 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 360.06 751.60 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 408.17 751.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 433.68 751.60 Td (and ) Tj ET Q q 0 0 0 rg BT 451.86 751.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 480.44 751.60 Td (from ) Tj ET Q q 0 0 0 rg BT 504.13 751.60 Td (derivative ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 738.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.15 738.40 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 148.40 738.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 183.33 738.40 Td (exchange ) Tj ET Q q 0 0 0 rg BT 228.02 738.40 Td (gains ) Tj ET Q q 0 0 0 rg BT 254.41 738.40 Td (and ) Tj ET Q q 0 0 0 rg BT 273.46 738.40 Td (losses, ) Tj ET Q q 0 0 0 rg BT 305.66 738.40 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 364.41 738.40 Td (and ) Tj ET Q q 0 0 0 rg BT 383.46 738.40 Td (replacement ) Tj ET Q q 0 0 0 rg BT 440.37 738.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 472.85 738.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 532.22 738.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 725.20 Td (other ) Tj ET Q q 0 0 0 rg BT 76.69 725.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 100.83 725.20 Td (and ) Tj ET Q q 0 0 0 rg BT 121.31 725.20 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 165.61 725.20 Td (items. ) Tj ET Q q 0 0 0 rg BT 196.78 725.20 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 258.18 725.20 Td (and ) Tj ET Q q 0 0 0 rg BT 278.65 725.20 Td (replacement ) Tj ET Q q 0 0 0 rg BT 336.99 725.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 370.90 725.20 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 434.44 725.20 Td (including ) Tj ET Q q 0 0 0 rg BT 480.58 725.20 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 537.10 725.20 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 712.00 Td (classification, ) Tj ET Q q 0 0 0 rg BT 113.28 712.00 Td (represent ) Tj ET Q q 0 0 0 rg BT 156.59 712.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 188.91 712.00 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 248.11 712.00 Td (required ) Tj ET Q q 0 0 0 rg BT 287.76 712.00 Td (to ) Tj ET Q q 0 0 0 rg BT 299.32 712.00 Td (maintain ) Tj ET Q q 0 0 0 rg BT 340.81 712.00 Td (over ) Tj ET Q q 0 0 0 rg BT 363.35 712.00 Td (the ) Tj ET Q q 0 0 0 rg BT 379.79 712.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 426.17 712.00 Td (the ) Tj ET Q q 0 0 0 rg BT 442.60 712.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 487.15 712.00 Td (capacity ) Tj ET Q q 0 0 0 rg BT 526.79 712.00 Td (of ) Tj ET Q q 0 0 0 rg BT 538.95 712.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 698.80 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 698.80 Td (revenue ) Tj ET Q q 0 0 0 rg BT 103.25 698.80 Td (generated ) Tj ET Q q 0 0 0 rg BT 148.75 698.80 Td (by ) Tj ET Q q 0 0 0 rg BT 162.50 698.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 199.46 698.80 Td (Partners) Tj ET Q q 0 0 0 rg BT 238.35 698.80 Td ( ) Tj ET Q q 0 0 0 rg BT 241.10 698.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 273.17 698.80 Td (assets. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 679.60 Td (DCF ) Tj ET Q q 0 0 0 rg BT 73.54 679.60 Td (is ) Tj ET Q q 0 0 0 rg BT 83.51 679.60 Td (a ) Tj ET Q q 0 0 0 rg BT 91.03 679.60 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 145.59 679.60 Td (standard ) Tj ET Q q 0 0 0 rg BT 185.50 679.60 Td (used ) Tj ET Q q 0 0 0 rg BT 208.30 679.60 Td (by ) Tj ET Q q 0 0 0 rg BT 221.93 679.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 264.29 679.60 Td (in ) Tj ET Q q 0 0 0 rg BT 275.48 679.60 Td (publicly ) Tj ET Q q 0 0 0 rg BT 314.17 679.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 344.29 679.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 400.69 679.60 Td (and ) Tj ET Q q 0 0 0 rg BT 419.21 679.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 453.01 679.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 489.87 679.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 539.55 679.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 666.40 Td (assist ) Tj ET Q q 0 0 0 rg BT 75.19 666.40 Td (in ) Tj ET Q q 0 0 0 rg BT 85.60 666.40 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 133.28 666.40 Td (such ) Tj ET Q q 0 0 0 rg BT 155.30 666.40 Td (entities) Tj ET Q q 0 0 0 rg BT 189.91 666.40 Td ( ) Tj ET Q q 0 0 0 rg BT 191.77 666.40 Td (ability ) Tj ET Q q 0 0 0 rg BT 221.73 666.40 Td (to ) Tj ET Q q 0 0 0 rg BT 232.14 666.40 Td (make ) Tj ET Q q 0 0 0 rg BT 257.82 666.40 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 299.38 666.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 320.78 666.40 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 380.39 666.40 Td (DCF ) Tj ET Q q 0 0 0 rg BT 403.65 666.40 Td (is ) Tj ET Q q 0 0 0 rg BT 412.84 666.40 Td (a ) Tj ET Q q 0 0 0 rg BT 419.58 666.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 469.28 666.40 Td ( ) Tj ET Q q 0 0 0 rg BT 471.14 666.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 511.47 666.40 Td (measure ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 653.20 Td (and ) Tj ET Q q 0 0 0 rg BT 67.37 653.20 Td (should ) Tj ET Q q 0 0 0 rg BT 98.69 653.20 Td (not ) Tj ET Q q 0 0 0 rg BT 114.74 653.20 Td (be ) Tj ET Q q 0 0 0 rg BT 127.11 653.20 Td (considered ) Tj ET Q q 0 0 0 rg BT 176.74 653.20 Td (as ) Tj ET Q q 0 0 0 rg BT 187.89 653.20 Td (an ) Tj ET Q q 0 0 0 rg BT 200.26 653.20 Td (alternative ) Tj ET Q q 0 0 0 rg BT 248.67 653.20 Td (to ) Tj ET Q q 0 0 0 rg BT 259.21 653.20 Td (net ) Tj ET Q q 0 0 0 rg BT 274.63 653.20 Td (income ) Tj ET Q q 0 0 0 rg BT 309.00 653.20 Td (or ) Tj ET Q q 0 0 0 rg BT 320.15 653.20 Td (any ) Tj ET Q q 0 0 0 rg BT 338.02 653.20 Td (other ) Tj ET Q q 0 0 0 rg BT 362.61 653.20 Td (indicator ) Tj ET Q q 0 0 0 rg BT 403.69 653.20 Td (of ) Tj ET Q q 0 0 0 rg BT 414.84 653.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 451.04 653.20 Td (Partner) Tj ET Q q 0 0 0 rg BT 483.22 653.20 Td () Tj ET Q q 0 0 0 rg BT 486.27 653.20 Td (s ) Tj ET Q q 0 0 0 rg BT 492.54 653.20 Td (performance ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 640.00 Td (calculated ) Tj ET Q q 0 0 0 rg BT 97.66 640.00 Td (in ) Tj ET Q q 0 0 0 rg BT 109.79 640.00 Td (accordance ) Tj ET Q q 0 0 0 rg BT 162.83 640.00 Td (with ) Tj ET Q q 0 0 0 rg BT 185.96 640.00 Td (the ) Tj ET Q q 0 0 0 rg BT 202.98 640.00 Td (US ) Tj ET Q q 0 0 0 rg BT 220.62 640.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 249.35 640.00 Td (. ) Tj ET Q q 0 0 0 rg BT 255.42 640.00 Td (The ) Tj ET Q q 0 0 0 rg BT 276.10 640.00 Td (table ) Tj ET Q q 0 0 0 rg BT 301.06 640.00 Td (below ) Tj ET Q q 0 0 0 rg BT 331.52 640.00 Td (reconciles ) Tj ET Q q 0 0 0 rg BT 379.68 640.00 Td (DCF ) Tj ET Q q 0 0 0 rg BT 404.66 640.00 Td (to ) Tj ET Q q 0 0 0 rg BT 416.79 640.00 Td (net ) Tj ET Q q 0 0 0 rg BT 433.81 640.00 Td (income, ) Tj ET Q q 0 0 0 rg BT 472.52 640.00 Td (the ) Tj ET Q q 0 0 0 rg BT 489.53 640.00 Td (most ) Tj ET Q q 0 0 0 rg BT 514.50 640.00 Td (directly ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 626.80 Td (comparable ) Tj ET Q q 0 0 0 rg BT 103.55 626.80 Td (US ) Tj ET Q q 0 0 0 rg BT 120.37 626.80 Td (GAAP) Tj ET Q q 0 0 0 rg BT 149.91 626.80 Td ( ) Tj ET Q q 0 0 0 rg BT 152.66 626.80 Td (measure.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 607.60 Td (For ) Tj ET Q q 0 0 0 rg BT 67.31 607.60 Td (accounting ) Tj ET Q q 0 0 0 rg BT 118.09 607.60 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 162.47 607.60 Td (in ) Tj ET Q q 0 0 0 rg BT 173.56 607.60 Td (accordance ) Tj ET Q q 0 0 0 rg BT 225.54 607.60 Td (with ) Tj ET Q q 0 0 0 rg BT 247.62 607.60 Td (US ) Tj ET Q q 0 0 0 rg BT 264.21 607.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 292.94 607.60 Td (, ) Tj ET Q q 0 0 0 rg BT 298.21 607.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 334.95 607.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 373.53 607.60 Td (is ) Tj ET Q q 0 0 0 rg BT 383.39 607.60 Td (required ) Tj ET Q q 0 0 0 rg BT 422.56 607.60 Td (to ) Tj ET Q q 0 0 0 rg BT 433.64 607.60 Td (recognize ) Tj ET Q q 0 0 0 rg BT 478.92 607.60 Td (in ) Tj ET Q q 0 0 0 rg BT 490.00 607.60 Td (the ) Tj ET Q q 0 0 0 rg BT 505.96 607.60 Td (statement ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 594.40 Td (of ) Tj ET Q q 0 0 0 rg BT 61.52 594.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 110.19 594.40 Td (market ) Tj ET Q q 0 0 0 rg BT 143.59 594.40 Td (valuations ) Tj ET Q q 0 0 0 rg BT 191.66 594.40 Td (of ) Tj ET Q q 0 0 0 rg BT 203.68 594.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 236.45 594.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 277.79 594.40 Td (items. ) Tj ET Q q 0 0 0 rg BT 307.02 594.40 Td (These ) Tj ET Q q 0 0 0 rg BT 336.14 594.40 Td (include ) Tj ET Q q 0 0 0 rg BT 371.37 594.40 Td (the ) Tj ET Q q 0 0 0 rg BT 387.66 594.40 Td (change ) Tj ET Q q 0 0 0 rg BT 421.66 594.40 Td (in ) Tj ET Q q 0 0 0 rg BT 433.07 594.40 Td (the ) Tj ET Q q 0 0 0 rg BT 449.37 594.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.49 594.40 Td (value ) Tj ET Q q 0 0 0 rg BT 494.16 594.40 Td (of ) Tj ET Q q 0 0 0 rg BT 506.18 594.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 538.96 594.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 581.20 Td (its ) Tj ET Q q 0 0 0 rg BT 62.62 581.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 109.33 581.20 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 166.13 581.20 Td (principally ) Tj ET Q q 0 0 0 rg BT 216.51 581.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 251.62 581.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 270.83 581.20 Td (swap ) Tj ET Q q 0 0 0 rg BT 296.16 581.20 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 349.70 581.20 Td (These ) Tj ET Q q 0 0 0 rg BT 378.69 581.20 Td (are ) Tj ET Q q 0 0 0 rg BT 394.85 581.20 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 443.38 581.20 Td (gains ) Tj ET Q q 0 0 0 rg BT 469.33 581.20 Td (or ) Tj ET Q q 0 0 0 rg BT 481.22 581.20 Td (losses ) Tj ET Q q 0 0 0 rg BT 510.22 581.20 Td (included ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 568.00 Td (in ) Tj ET Q q 0 0 0 rg BT 60.67 568.00 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 568.00 Td (statement ) Tj ET Q q 0 0 0 rg BT 121.49 568.00 Td (of ) Tj ET Q q 0 0 0 rg BT 133.27 568.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 181.70 568.00 Td (and ) Tj ET Q q 0 0 0 rg BT 200.20 568.00 Td (will ) Tj ET Q q 0 0 0 rg BT 219.93 568.00 Td (only ) Tj ET Q q 0 0 0 rg BT 242.10 568.00 Td (become ) Tj ET Q q 0 0 0 rg BT 278.91 568.00 Td (realized ) Tj ET Q q 0 0 0 rg BT 316.33 568.00 Td (if ) Tj ET Q q 0 0 0 rg BT 325.67 568.00 Td (a ) Tj ET Q q 0 0 0 rg BT 333.16 568.00 Td (derivative ) Tj ET Q q 0 0 0 rg BT 379.75 568.00 Td (is ) Tj ET Q q 0 0 0 rg BT 389.71 568.00 Td (terminated. ) Tj ET Q q 0 0 0 rg BT 441.92 568.00 Td (These ) Tj ET Q q 0 0 0 rg BT 470.79 568.00 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 513.12 568.00 Td (gains ) Tj ET Q q 0 0 0 rg BT 538.95 568.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 554.80 Td (losses ) Tj ET Q q 0 0 0 rg BT 77.45 554.80 Td (are ) Tj ET Q q 0 0 0 rg BT 92.56 554.80 Td (recorded ) Tj ET Q q 0 0 0 rg BT 132.70 554.80 Td (in ) Tj ET Q q 0 0 0 rg BT 142.93 554.80 Td (the ) Tj ET Q q 0 0 0 rg BT 158.04 554.80 Td (statement ) Tj ET Q q 0 0 0 rg BT 201.87 554.80 Td (of ) Tj ET Q q 0 0 0 rg BT 212.71 554.80 Td (operations ) Tj ET Q q 0 0 0 rg BT 260.20 554.80 Td (within ) Tj ET Q q 0 0 0 rg BT 289.98 554.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.14 554.80 Td (items, ) Tj ET Q q 0 0 0 rg BT 358.39 554.80 Td (and ) Tj ET Q q 0 0 0 rg BT 375.95 554.80 Td (do ) Tj ET Q q 0 0 0 rg BT 388.62 554.80 Td (not ) Tj ET Q q 0 0 0 rg BT 404.35 554.80 Td (af) Tj ET Q q 0 0 0 rg BT 412.70 554.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 430.85 554.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 452.07 554.80 Td (flow ) Tj ET Q q 0 0 0 rg BT 473.91 554.80 Td (or ) Tj ET Q q 0 0 0 rg BT 484.75 554.80 Td (the ) Tj ET Q q 0 0 0 rg BT 499.86 554.80 Td (calculation ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 541.60 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 541.60 Td (DCF ) Tj ET Q q 0 0 0 rg BT 85.56 541.60 Td (as ) Tj ET Q q 0 0 0 rg BT 97.47 541.60 Td (described ) Tj ET Q q 0 0 0 rg BT 142.37 541.60 Td (below) Tj ET Q q 0 0 0 rg BT 168.54 541.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 128.69 504.40 Td ( and DCF) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 402.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 402.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 402.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 372.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 372.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 372.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 342.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 342.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 342.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 313.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 313.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 313.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 283.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 283.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 283.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 253.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 253.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 253.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 222.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 222.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 222.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 193.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 193.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 193.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 163.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 163.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 163.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 133.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 133.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 133.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 104.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 104.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 104.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 75.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 75.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 75.90 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 469.9 m 477.3 469.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 469.9 m 547.3 469.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 416.9 m 407.3 416.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 402.9 m 407.3 402.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 416.9 m 477.3 416.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 402.9 m 477.3 402.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 416.9 m 547.3 416.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 402.9 m 547.3 402.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 402.9 m 407.3 402.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 402.9 m 477.3 402.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 402.9 m 547.3 402.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 193.89999999999998 m 407.3 193.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 193.89999999999998 m 477.3 193.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 193.89999999999998 m 547.3 193.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 193.89999999999998 m 547.3 193.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 118.89999999999998 m 477.3 118.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 118.89999999999998 m 547.3 118.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 118.89999999999998 m 407.3 118.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 104.89999999999998 m 407.3 104.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 118.89999999999998 m 477.3 118.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 104.89999999999998 m 477.3 104.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 118.89999999999998 m 547.3 118.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 104.89999999999998 m 547.3 104.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 104.89999999999998 m 547.3 104.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 89.89999999999998 m 407.3 89.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 75.89999999999998 m 407.3 75.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 89.89999999999998 m 477.3 89.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 75.89999999999998 m 477.3 75.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 89.89999999999998 m 547.3 89.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 75.89999999999998 m 547.3 75.89999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.95 474.58 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.20 460.58 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 448.58 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.10 460.58 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.80 448.58 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.80 433.61 Td (\(in ) Tj ET Q q 0 0 0 rg BT 65.41 433.61 Td (US$ ) Tj ET Q q 0 0 0 rg BT 85.13 433.61 Td (millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.55 433.61 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.55 433.61 Td (Unaudited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 407.58 Td (Net income attributable to Seadrill Partners LLC members) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.95 407.63 Td (101.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 407.63 Td (38.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 392.57 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 393.52 Td (\(5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 393.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 393.52 Td (\(1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 393.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 377.57 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 378.47 Td (42.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 378.47 Td (52.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 362.57 Td (Loss \(Gain\) on derivative financial instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 363.52 Td (\(18.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 363.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 363.47 Td (51.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 347.57 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 348.47 Td (57.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 348.47 Td (57.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 332.57 Td (Foreign currency exchange loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.95 333.47 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 333.47 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 318.47 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 318.47 Td (32.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 318.47 Td (14.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 303.57 Td (Gain on Bargain Purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 304.52 Td (\(39.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 304.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 304.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 288.57 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 150.67 293.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 289.47 Td (91.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 289.47 Td (32.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 273.57 Td (Amortization of mobilization revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 274.52 Td (\(3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 274.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 274.52 Td (\(4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 274.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 258.57 Td (Amortization of favorable contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 259.47 Td (12.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 259.47 Td (11.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 244.47 Td (Standby revenue received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.95 244.47 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 244.47 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 227.57 Td (Mobilization revenue received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.95 230.47 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 230.47 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 212.57 Td (Deferred consideration payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 213.52 Td (\(5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 213.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 213.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 198.58 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.95 198.63 Td (272.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 198.63 Td (261.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 183.57 Td (Cash interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.95 184.47 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 184.47 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 168.57 Td (Cash interest expense \(including interest rate swap net settlement amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 169.52 Td (\(49.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 169.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 169.52 Td (\(48.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 169.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 153.57 Td (Cash tax paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 154.52 Td (\(18.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 154.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 154.52 Td (\(12.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 154.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 138.57 Td (Estimated maintenance expenditure ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 197.02 143.10 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 139.52 Td (\(16.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 139.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 139.52 Td (\(15.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 139.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 123.57 Td (Estimated replacement capital expenditure ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 224.50 128.10 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 124.52 Td (\(26.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 124.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 124.52 Td (\(26.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 124.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 109.58 Td (Cash flow available for distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.95 109.63 Td (163.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 109.63 Td (160.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 94.57 Td (Cash flow attributable to non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 95.52 Td (\(78.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 95.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 95.52 Td (\(78.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 95.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 80.58 Td (DCF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.95 80.63 Td (84.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 80.63 Td (82.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 66.58 Td (Distribution declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.95 66.63 Td (55.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 66.63 Td (55.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 51.57 Td (Coverage ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 52.47 Td (1.53x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.30 52.47 Td (1.48x) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 777.08 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.42 773.00 Td ( ) Tj ET Q q 0 0 0 rg BT 54.41 773.00 Td (The ) Tj ET Q q 0 0 0 rg BT 70.55 773.00 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 128.68 773.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 157.31 773.00 Td (comprises ) Tj ET Q q 0 0 0 rg BT 195.95 773.00 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 206.58 773.00 Td (the ) Tj ET Q q 0 0 0 rg BT 219.72 773.00 Td (42% ) Tj ET Q q 0 0 0 rg BT 238.36 773.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 268.50 773.00 Td (Limited ) Tj ET Q q 0 0 0 rg BT 299.13 773.00 Td (Partner ) Tj ET Q q 0 0 0 rg BT 327.27 773.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 355.90 773.00 Td (in ) Tj ET Q q 0 0 0 rg BT 365.04 773.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 395.18 773.00 Td (Operating ) Tj ET Q q 0 0 0 rg BT 433.31 773.00 Td (LP) Tj ET Q q 0 0 0 rg BT 442.81 773.00 Td (, ) Tj ET Q q 0 0 0 rg BT 447.21 773.00 Td (which ) Tj ET Q q 0 0 0 rg BT 471.34 773.00 Td (owns ) Tj ET Q q 0 0 0 rg BT 492.49 773.00 Td (an ) Tj ET Q q 0 0 0 rg BT 503.12 773.00 Td (approximate ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 762.20 Td (56% ) Tj ET Q q 0 0 0 rg BT 68.34 762.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 97.18 762.20 Td (in ) Tj ET Q q 0 0 0 rg BT 106.52 762.20 Td (the ) Tj ET Q q 0 0 0 rg BT 119.87 762.20 Td (entity ) Tj ET Q q 0 0 0 rg BT 142.71 762.20 Td (that ) Tj ET Q q 0 0 0 rg BT 158.55 762.20 Td (owns ) Tj ET Q q 0 0 0 rg BT 179.90 762.20 Td (and ) Tj ET Q q 0 0 0 rg BT 195.24 762.20 Td (operates ) Tj ET Q q 0 0 0 rg BT 227.57 762.20 Td (the ) Tj ET Q q 0 0 0 rg BT 240.74 762.20 Td (W) Tj ET Q q 0 0 0 rg BT 248.51 762.20 Td (est ) Tj ET Q q 0 0 0 rg BT 260.85 762.20 Td (Capella ) Tj ET Q q 0 0 0 rg BT 290.69 762.20 Td (and ) Tj ET Q q 0 0 0 rg BT 306.03 762.20 Td (a ) Tj ET Q q 0 0 0 rg BT 312.37 762.20 Td (100% ) Tj ET Q q 0 0 0 rg BT 335.71 762.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 364.55 762.20 Td (in ) Tj ET Q q 0 0 0 rg BT 373.89 762.20 Td (the ) Tj ET Q q 0 0 0 rg BT 387.23 762.20 Td (entities ) Tj ET Q q 0 0 0 rg BT 415.57 762.20 Td (that ) Tj ET Q q 0 0 0 rg BT 431.42 762.20 Td (own ) Tj ET Q q 0 0 0 rg BT 449.26 762.20 Td (and ) Tj ET Q q 0 0 0 rg BT 464.60 762.20 Td (operate ) Tj ET Q q 0 0 0 rg BT 493.26 762.20 Td (W) Tj ET Q q 0 0 0 rg BT 501.03 762.20 Td (est ) Tj ET Q q 0 0 0 rg BT 512.86 762.20 Td (Aquarius, ) Tj ET Q q 0 0 0 rg BT 550.35 762.20 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 751.40 Td (W) Tj ET Q q 0 0 0 rg BT 57.27 751.40 Td (est ) Tj ET Q q 0 0 0 rg BT 69.56 751.40 Td (Leo ) Tj ET Q q 0 0 0 rg BT 85.84 751.40 Td (and ) Tj ET Q q 0 0 0 rg BT 101.12 751.40 Td (the ) Tj ET Q q 0 0 0 rg BT 114.24 751.40 Td (W) Tj ET Q q 0 0 0 rg BT 122.01 751.40 Td (est ) Tj ET Q q 0 0 0 rg BT 134.13 751.40 Td (V) Tj ET Q q 0 0 0 rg BT 139.63 751.40 Td (encedor ) Tj ET Q q 0 0 0 rg BT 170.40 751.40 Td (and ) Tj ET Q q 0 0 0 rg BT 185.68 751.40 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 198.97 751.40 Td (the ) Tj ET Q q 0 0 0 rg BT 212.25 751.40 Td (49% ) Tj ET Q q 0 0 0 rg BT 231.03 751.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 261.32 751.40 Td (Limited ) Tj ET Q q 0 0 0 rg BT 292.10 751.40 Td (Liability ) Tj ET Q q 0 0 0 rg BT 325.38 751.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 362.67 751.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 391.44 751.40 Td (in ) Tj ET Q q 0 0 0 rg BT 400.73 751.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 431.01 751.40 Td (Capricorn ) Tj ET Q q 0 0 0 rg BT 469.29 751.40 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 504.58 751.40 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 526.11 751.40 Td (which ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 740.60 Td (owns ) Tj ET Q q 0 0 0 rg BT 70.48 740.60 Td (100% ) Tj ET Q q 0 0 0 rg BT 93.45 740.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 121.41 740.60 Td (that ) Tj ET Q q 0 0 0 rg BT 136.88 740.60 Td (own ) Tj ET Q q 0 0 0 rg BT 154.35 740.60 Td (and ) Tj ET Q q 0 0 0 rg BT 169.32 740.60 Td (operate ) Tj ET Q q 0 0 0 rg BT 197.78 740.60 Td (the ) Tj ET Q q 0 0 0 rg BT 210.60 740.60 Td (W) Tj ET Q q 0 0 0 rg BT 218.38 740.60 Td (est ) Tj ET Q q 0 0 0 rg BT 230.35 740.60 Td (Capricorn, ) Tj ET Q q 0 0 0 rg BT 270.41 740.60 Td (W) Tj ET Q q 0 0 0 rg BT 278.19 740.60 Td (est ) Tj ET Q q 0 0 0 rg BT 290.16 740.60 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 313.14 740.60 Td (and ) Tj ET Q q 0 0 0 rg BT 328.10 740.60 Td (the ) Tj ET Q q 0 0 0 rg BT 340.93 740.60 Td (W) Tj ET Q q 0 0 0 rg BT 348.70 740.60 Td (est ) Tj ET Q q 0 0 0 rg BT 360.24 740.60 Td (Auriga. ) Tj ET Q q 0 0 0 rg BT 389.45 740.60 Td ( ) Tj ET Q q 0 0 0 rg BT 391.29 740.60 Td (There ) Tj ET Q q 0 0 0 rg BT 414.24 740.60 Td (is ) Tj ET Q q 0 0 0 rg BT 422.22 740.60 Td (no ) Tj ET Q q 0 0 0 rg BT 433.19 740.60 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 491.16 740.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 519.62 740.60 Td (existing ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 729.80 Td (for ) Tj ET Q q 0 0 0 rg BT 62.24 729.80 Td (the ) Tj ET Q q 0 0 0 rg BT 75.33 729.80 Td (T) Tj ET Q q 0 0 0 rg BT 80.00 729.80 Td (-15 ) Tj ET Q q 0 0 0 rg BT 94.25 729.80 Td (rig ) Tj ET Q q 0 0 0 rg BT 106.49 729.80 Td (and ) Tj ET Q q 0 0 0 rg BT 121.57 729.80 Td (T) Tj ET Q q 0 0 0 rg BT 126.25 729.80 Td (-16 ) Tj ET Q q 0 0 0 rg BT 140.49 729.80 Td (rig.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 700.28 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.42 696.20 Td ( ) Tj ET Q q 0 0 0 rg BT 54.19 696.20 Td ( ) Tj ET Q q 0 0 0 rg BT 55.96 696.20 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.73 696.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 107.49 696.20 Td (agreement ) Tj ET Q q 0 0 0 rg BT 146.74 696.20 Td (requires ) Tj ET Q q 0 0 0 rg BT 177.49 696.20 Td (that ) Tj ET Q q 0 0 0 rg BT 192.76 696.20 Td (an ) Tj ET Q q 0 0 0 rg BT 203.02 696.20 Td (estimate ) Tj ET Q q 0 0 0 rg BT 234.78 696.20 Td (of ) Tj ET Q q 0 0 0 rg BT 244.05 696.20 Td (the ) Tj ET Q q 0 0 0 rg BT 256.81 696.20 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 304.06 696.20 Td (and ) Tj ET Q q 0 0 0 rg BT 318.82 696.20 Td (replacement ) Tj ET Q q 0 0 0 rg BT 364.56 696.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.32 696.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 438.07 696.20 Td (necessary ) Tj ET Q q 0 0 0 rg BT 474.82 696.20 Td (to ) Tj ET Q q 0 0 0 rg BT 483.59 696.20 Td (maintain ) Tj ET Q q 0 0 0 rg BT 516.86 696.20 Td (our ) Tj ET Q q 0 0 0 rg BT 530.62 696.20 Td (asset ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 685.40 Td (base ) Tj ET Q q 0 0 0 rg BT 67.67 685.40 Td (be ) Tj ET Q q 0 0 0 rg BT 78.34 685.40 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 117.50 685.40 Td (from ) Tj ET Q q 0 0 0 rg BT 137.17 685.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.33 685.40 Td (surplus ) Tj ET Q q 0 0 0 rg BT 201.51 685.40 Td (each ) Tj ET Q q 0 0 0 rg BT 220.17 685.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 245.30 685.40 Td (, ) Tj ET Q q 0 0 0 rg BT 249.72 685.40 Td (as ) Tj ET Q q 0 0 0 rg BT 259.40 685.40 Td (opposed ) Tj ET Q q 0 0 0 rg BT 291.57 685.40 Td (to ) Tj ET Q q 0 0 0 rg BT 300.75 685.40 Td (amounts ) Tj ET Q q 0 0 0 rg BT 333.42 685.40 Td (actually ) Tj ET Q q 0 0 0 rg BT 364.08 685.40 Td (spent. ) Tj ET Q q 0 0 0 rg BT 387.51 685.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 417.68 685.40 Td (Partners ) Tj ET Q q 0 0 0 rg BT 449.34 685.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 485.51 685.40 Td (companies, ) Tj ET Q q 0 0 0 rg BT 528.42 685.40 Td ( ) Tj ET Q q 0 0 0 rg BT 530.60 685.40 Td (must ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 674.60 Td (make ) Tj ET Q q 0 0 0 rg BT 71.99 674.60 Td (substantial ) Tj ET Q q 0 0 0 rg BT 113.49 674.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 140.48 674.60 Td (and ) Tj ET Q q 0 0 0 rg BT 156.47 674.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 193.46 674.60 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 242.45 674.60 Td (to ) Tj ET Q q 0 0 0 rg BT 252.45 674.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 286.94 674.60 Td (the ) Tj ET Q q 0 0 0 rg BT 300.94 674.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 337.93 674.60 Td (capacity ) Tj ET Q q 0 0 0 rg BT 370.91 674.60 Td (of ) Tj ET Q q 0 0 0 rg BT 381.41 674.60 Td (its ) Tj ET Q q 0 0 0 rg BT 392.91 674.60 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 414.15 674.60 Td (which ) Tj ET Q q 0 0 0 rg BT 439.15 674.60 Td (will ) Tj ET Q q 0 0 0 rg BT 456.15 674.60 Td (reduce ) Tj ET Q q 0 0 0 rg BT 483.13 674.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 502.12 674.60 Td (available ) Tj ET Q q 0 0 0 rg BT 537.60 674.60 Td (for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 663.80 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 95.07 663.80 Td (In ) Tj ET Q q 0 0 0 rg BT 104.39 663.80 Td (addition, ) Tj ET Q q 0 0 0 rg BT 137.96 663.80 Td (each ) Tj ET Q q 0 0 0 rg BT 156.27 663.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 183.58 663.80 Td ( ) Tj ET Q q 0 0 0 rg BT 185.40 663.80 Td (we ) Tj ET Q q 0 0 0 rg BT 197.72 663.80 Td (are ) Tj ET Q q 0 0 0 rg BT 210.53 663.80 Td (required ) Tj ET Q q 0 0 0 rg BT 242.33 663.80 Td (to ) Tj ET Q q 0 0 0 rg BT 251.16 663.80 Td (deduct ) Tj ET Q q 0 0 0 rg BT 276.97 663.80 Td (estimated ) Tj ET Q q 0 0 0 rg BT 313.28 663.80 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 360.58 663.80 Td (and ) Tj ET Q q 0 0 0 rg BT 375.39 663.80 Td (replacement ) Tj ET Q q 0 0 0 rg BT 421.19 663.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 447.00 663.80 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 494.80 663.80 Td (from ) Tj ET Q q 0 0 0 rg BT 514.12 663.80 Td (operating ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 653.00 Td (surplus, ) Tj ET Q q 0 0 0 rg BT 79.22 653.00 Td (which ) Tj ET Q q 0 0 0 rg BT 102.68 653.00 Td (may ) Tj ET Q q 0 0 0 rg BT 119.64 653.00 Td (result ) Tj ET Q q 0 0 0 rg BT 141.09 653.00 Td (in ) Tj ET Q q 0 0 0 rg BT 149.56 653.00 Td (less ) Tj ET Q q 0 0 0 rg BT 164.52 653.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 181.98 653.00 Td (available ) Tj ET Q q 0 0 0 rg BT 215.92 653.00 Td (to ) Tj ET Q q 0 0 0 rg BT 224.39 653.00 Td (unit ) Tj ET Q q 0 0 0 rg BT 239.85 653.00 Td (holders ) Tj ET Q q 0 0 0 rg BT 267.81 653.00 Td (than ) Tj ET Q q 0 0 0 rg BT 284.77 653.00 Td (if ) Tj ET Q q 0 0 0 rg BT 291.73 653.00 Td (actual ) Tj ET Q q 0 0 0 rg BT 314.68 653.00 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 361.62 653.00 Td (and ) Tj ET Q q 0 0 0 rg BT 376.08 653.00 Td (replacement ) Tj ET Q q 0 0 0 rg BT 421.52 653.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 446.97 653.00 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 494.42 653.00 Td (were ) Tj ET Q q 0 0 0 rg BT 513.37 653.00 Td (deducted.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 617.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 95.04 617.00 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 136.61 617.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 597.80 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 94.93 597.80 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 134.65 597.80 Td ( ) Tj ET Q q 0 0 0 rg BT 140.36 597.80 Td (refers ) Tj ET Q q 0 0 0 rg BT 171.10 597.80 Td (to ) Tj ET Q q 0 0 0 rg BT 185.37 597.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 228.34 597.80 Td (before ) Tj ET Q q 0 0 0 rg BT 262.14 597.80 Td (interest, ) Tj ET Q q 0 0 0 rg BT 302.98 597.80 Td (other ) Tj ET Q q 0 0 0 rg BT 331.29 597.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 375.48 597.80 Td (items, ) Tj ET Q q 0 0 0 rg BT 407.77 597.80 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 438.83 597.80 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 512.97 597.80 Td (interest, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 584.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 105.89 584.60 Td (and ) Tj ET Q q 0 0 0 rg BT 123.79 584.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 181.41 584.60 Td (and ) Tj ET Q q 0 0 0 rg BT 199.32 584.60 Td (including ) Tj ET Q q 0 0 0 rg BT 242.89 584.60 Td (deferred ) Tj ET Q q 0 0 0 rg BT 281.55 584.60 Td (consideration ) Tj ET Q q 0 0 0 rg BT 342.84 584.60 Td (payable ) Tj ET Q q 0 0 0 rg BT 379.06 584.60 Td (to ) Tj ET Q q 0 0 0 rg BT 389.65 584.60 Td (Seadrill. ) Tj ET Q q 0 0 0 rg BT 428.19 584.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 469.93 584.60 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 509.65 584.60 Td ( ) Tj ET Q q 0 0 0 rg BT 511.68 584.60 Td (is ) Tj ET Q q 0 0 0 rg BT 521.04 584.60 Td (a ) Tj ET Q q 0 0 0 rg BT 527.95 584.60 Td (non-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 571.40 Td (GAAP) Tj ET Q q 0 0 0 rg BT 79.04 571.40 Td ( ) Tj ET Q q 0 0 0 rg BT 82.29 571.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 124.01 571.40 Td (measure ) Tj ET Q q 0 0 0 rg BT 163.90 571.40 Td (used ) Tj ET Q q 0 0 0 rg BT 187.31 571.40 Td (by ) Tj ET Q q 0 0 0 rg BT 201.55 571.40 Td (investors ) Tj ET Q q 0 0 0 rg BT 244.51 571.40 Td (to ) Tj ET Q q 0 0 0 rg BT 256.31 571.40 Td (measure ) Tj ET Q q 0 0 0 rg BT 296.21 571.40 Td (our ) Tj ET Q q 0 0 0 rg BT 314.11 571.40 Td (performance. ) Tj ET Q q 0 0 0 rg BT 375.68 571.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 413.14 571.40 Td (Partners ) Tj ET Q q 0 0 0 rg BT 452.43 571.40 Td (believes ) Tj ET Q q 0 0 0 rg BT 491.71 571.40 Td (that ) Tj ET Q q 0 0 0 rg BT 511.45 571.40 Td (adjusted ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 558.20 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 89.22 558.20 Td ( ) Tj ET Q q 0 0 0 rg BT 92.20 558.20 Td (assists ) Tj ET Q q 0 0 0 rg BT 123.29 558.20 Td (its ) Tj ET Q q 0 0 0 rg BT 136.67 558.20 Td (management ) Tj ET Q q 0 0 0 rg BT 195.84 558.20 Td (and ) Tj ET Q q 0 0 0 rg BT 214.70 558.20 Td (investors ) Tj ET Q q 0 0 0 rg BT 257.40 558.20 Td (by ) Tj ET Q q 0 0 0 rg BT 271.38 558.20 Td (increasing ) Tj ET Q q 0 0 0 rg BT 319.56 558.20 Td (the ) Tj ET Q q 0 0 0 rg BT 335.98 558.20 Td (comparability ) Tj ET Q q 0 0 0 rg BT 400.05 558.20 Td (of ) Tj ET Q q 0 0 0 rg BT 412.19 558.20 Td (its ) Tj ET Q q 0 0 0 rg BT 425.56 558.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 484.11 558.20 Td (from ) Tj ET Q q 0 0 0 rg BT 508.47 558.20 Td (period ) Tj ET Q q 0 0 0 rg BT 539.55 558.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 545.00 Td (period ) Tj ET Q q 0 0 0 rg BT 80.23 545.00 Td (and ) Tj ET Q q 0 0 0 rg BT 98.75 545.00 Td (against ) Tj ET Q q 0 0 0 rg BT 132.54 545.00 Td (the ) Tj ET Q q 0 0 0 rg BT 148.61 545.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 206.81 545.00 Td (of ) Tj ET Q q 0 0 0 rg BT 218.61 545.00 Td (other ) Tj ET Q q 0 0 0 rg BT 243.84 545.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 293.51 545.00 Td (in ) Tj ET Q q 0 0 0 rg BT 304.70 545.00 Td (its ) Tj ET Q q 0 0 0 rg BT 317.73 545.00 Td (industry ) Tj ET Q q 0 0 0 rg BT 356.42 545.00 Td (that ) Tj ET Q q 0 0 0 rg BT 375.54 545.00 Td (provide ) Tj ET Q q 0 0 0 rg BT 411.77 545.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 451.06 545.00 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 490.78 545.00 Td ( ) Tj ET Q q 0 0 0 rg BT 493.42 545.00 Td (information. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 531.80 Td (This ) Tj ET Q q 0 0 0 rg BT 70.56 531.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 113.60 531.80 Td (comparability ) Tj ET Q q 0 0 0 rg BT 176.20 531.80 Td (is ) Tj ET Q q 0 0 0 rg BT 185.04 531.80 Td (achieved ) Tj ET Q q 0 0 0 rg BT 225.63 531.80 Td (by ) Tj ET Q q 0 0 0 rg BT 238.14 531.80 Td (excluding ) Tj ET Q q 0 0 0 rg BT 283.02 531.80 Td (the ) Tj ET Q q 0 0 0 rg BT 297.97 531.80 Td (potentially ) Tj ET Q q 0 0 0 rg BT 346.52 531.80 Td (disparate ) Tj ET Q q 0 0 0 rg BT 387.73 531.80 Td (ef) Tj ET Q q 0 0 0 rg BT 396.08 531.80 Td (fects ) Tj ET Q q 0 0 0 rg BT 418.35 531.80 Td (between ) Tj ET Q q 0 0 0 rg BT 456.50 531.80 Td (periods ) Tj ET Q q 0 0 0 rg BT 490.39 531.80 Td (or ) Tj ET Q q 0 0 0 rg BT 501.06 531.80 Td (companies ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 518.60 Td (of ) Tj ET Q q 0 0 0 rg BT 61.22 518.60 Td (interest, ) Tj ET Q q 0 0 0 rg BT 98.91 518.60 Td (other ) Tj ET Q q 0 0 0 rg BT 124.07 518.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 165.11 518.60 Td (items, ) Tj ET Q q 0 0 0 rg BT 194.25 518.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 219.42 518.60 Td (and ) Tj ET Q q 0 0 0 rg BT 237.86 518.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 294.78 518.60 Td (and ) Tj ET Q q 0 0 0 rg BT 313.22 518.60 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 374.13 518.60 Td (which ) Tj ET Q q 0 0 0 rg BT 403.57 518.60 Td (items ) Tj ET Q q 0 0 0 rg BT 429.96 518.60 Td (are ) Tj ET Q q 0 0 0 rg BT 445.95 518.60 Td (af) Tj ET Q q 0 0 0 rg BT 454.29 518.60 Td (fected ) Tj ET Q q 0 0 0 rg BT 483.72 518.60 Td (by ) Tj ET Q q 0 0 0 rg BT 497.28 518.60 Td (various ) Tj ET Q q 0 0 0 rg BT 532.23 518.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 505.40 Td (possibly ) Tj ET Q q 0 0 0 rg BT 88.69 505.40 Td (changing ) Tj ET Q q 0 0 0 rg BT 131.52 505.40 Td (financing ) Tj ET Q q 0 0 0 rg BT 175.58 505.40 Td (methods, ) Tj ET Q q 0 0 0 rg BT 218.11 505.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 249.94 505.40 Td (structure ) Tj ET Q q 0 0 0 rg BT 290.94 505.40 Td (and ) Tj ET Q q 0 0 0 rg BT 309.34 505.40 Td (historical ) Tj ET Q q 0 0 0 rg BT 352.78 505.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 373.02 505.40 Td (basis ) Tj ET Q q 0 0 0 rg BT 397.53 505.40 Td (and ) Tj ET Q q 0 0 0 rg BT 415.93 505.40 Td (which ) Tj ET Q q 0 0 0 rg BT 445.32 505.40 Td (items ) Tj ET Q q 0 0 0 rg BT 471.67 505.40 Td (may ) Tj ET Q q 0 0 0 rg BT 493.12 505.40 Td (significantly ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 492.20 Td (af) Tj ET Q q 0 0 0 rg BT 57.85 492.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 77.10 492.20 Td (net ) Tj ET Q q 0 0 0 rg BT 93.30 492.20 Td (income ) Tj ET Q q 0 0 0 rg BT 128.45 492.20 Td (between ) Tj ET Q q 0 0 0 rg BT 167.86 492.20 Td (periods. ) Tj ET Q q 0 0 0 rg BT 205.76 492.20 Td ( ) Tj ET Q q 0 0 0 rg BT 208.53 492.20 Td ( ) Tj ET Q q 0 0 0 rg BT 211.30 492.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 248.28 492.20 Td (Partners ) Tj ET Q q 0 0 0 rg BT 287.09 492.20 Td (believes ) Tj ET Q q 0 0 0 rg BT 325.90 492.20 Td (that ) Tj ET Q q 0 0 0 rg BT 345.16 492.20 Td (including ) Tj ET Q q 0 0 0 rg BT 389.48 492.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 428.91 492.20 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 468.63 492.20 Td ( ) Tj ET Q q 0 0 0 rg BT 471.39 492.20 Td (as ) Tj ET Q q 0 0 0 rg BT 483.32 492.20 Td (a ) Tj ET Q q 0 0 0 rg BT 490.97 492.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 532.22 492.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 479.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 94.14 479.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 133.90 479.00 Td (benefits ) Tj ET Q q 0 0 0 rg BT 171.82 479.00 Td (investors ) Tj ET Q q 0 0 0 rg BT 214.65 479.00 Td (in ) Tj ET Q q 0 0 0 rg BT 226.31 479.00 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 241.62 479.00 Td (selecting ) Tj ET Q q 0 0 0 rg BT 283.82 479.00 Td (between ) Tj ET Q q 0 0 0 rg BT 323.57 479.00 Td (investing ) Tj ET Q q 0 0 0 rg BT 367.01 479.00 Td (in ) Tj ET Q q 0 0 0 rg BT 378.67 479.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 415.99 479.00 Td (Partners ) Tj ET Q q 0 0 0 rg BT 455.14 479.00 Td (and ) Tj ET Q q 0 0 0 rg BT 474.12 479.00 Td (other ) Tj ET Q q 0 0 0 rg BT 499.83 479.00 Td (investment ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 465.80 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 103.11 465.80 Td (and ) Tj ET Q q 0 0 0 rg BT 121.90 465.80 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 137.63 465.80 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 189.43 465.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 226.55 465.80 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 267.49 465.80 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 306.45 465.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 347.84 465.80 Td (and ) Tj ET Q q 0 0 0 rg BT 366.63 465.80 Td (operational ) Tj ET Q q 0 0 0 rg BT 419.02 465.80 Td (strength ) Tj ET Q q 0 0 0 rg BT 457.36 465.80 Td (in ) Tj ET Q q 0 0 0 rg BT 468.83 465.80 Td (assessing ) Tj ET Q q 0 0 0 rg BT 512.68 465.80 Td (whether ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 452.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.70 452.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 99.23 452.60 Td (to ) Tj ET Q q 0 0 0 rg BT 109.43 452.60 Td (hold ) Tj ET Q q 0 0 0 rg BT 130.63 452.60 Td (common ) Tj ET Q q 0 0 0 rg BT 170.77 452.60 Td (units. ) Tj ET Q q 0 0 0 rg BT 196.20 452.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 237.56 452.60 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 277.28 452.60 Td ( ) Tj ET Q q 0 0 0 rg BT 278.93 452.60 Td (is ) Tj ET Q q 0 0 0 rg BT 287.91 452.60 Td (a ) Tj ET Q q 0 0 0 rg BT 294.44 452.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 344.15 452.60 Td ( ) Tj ET Q q 0 0 0 rg BT 345.79 452.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 385.92 452.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 424.21 452.60 Td (and ) Tj ET Q q 0 0 0 rg BT 441.74 452.60 Td (should ) Tj ET Q q 0 0 0 rg BT 472.72 452.60 Td (not ) Tj ET Q q 0 0 0 rg BT 488.43 452.60 Td (be ) Tj ET Q q 0 0 0 rg BT 500.45 452.60 Td (considered ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 439.40 Td (as ) Tj ET Q q 0 0 0 rg BT 61.91 439.40 Td (an ) Tj ET Q q 0 0 0 rg BT 75.54 439.40 Td (alternative ) Tj ET Q q 0 0 0 rg BT 125.20 439.40 Td (to ) Tj ET Q q 0 0 0 rg BT 137.01 439.40 Td (net ) Tj ET Q q 0 0 0 rg BT 153.69 439.40 Td (income ) Tj ET Q q 0 0 0 rg BT 189.32 439.40 Td (or ) Tj ET Q q 0 0 0 rg BT 201.73 439.40 Td (any ) Tj ET Q q 0 0 0 rg BT 220.86 439.40 Td (other ) Tj ET Q q 0 0 0 rg BT 246.70 439.40 Td (indicator ) Tj ET Q q 0 0 0 rg BT 289.05 439.40 Td (of ) Tj ET Q q 0 0 0 rg BT 301.46 439.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 338.92 439.40 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 380.19 439.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 439.02 439.40 Td (calculated ) Tj ET Q q 0 0 0 rg BT 486.84 439.40 Td (in ) Tj ET Q q 0 0 0 rg BT 498.65 439.40 Td (accordance ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 426.20 Td (with ) Tj ET Q q 0 0 0 rg BT 72.58 426.20 Td (GAAP) Tj ET Q q 0 0 0 rg BT 101.31 426.20 Td (. ) Tj ET Q q 0 0 0 rg BT 107.32 426.20 Td (The ) Tj ET Q q 0 0 0 rg BT 127.95 426.20 Td (table ) Tj ET Q q 0 0 0 rg BT 152.84 426.20 Td (below ) Tj ET Q q 0 0 0 rg BT 183.25 426.20 Td (reconciles ) Tj ET Q q 0 0 0 rg BT 230.58 426.20 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 273.82 426.20 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 313.54 426.20 Td ( ) Tj ET Q q 0 0 0 rg BT 317.06 426.20 Td (to ) Tj ET Q q 0 0 0 rg BT 329.13 426.20 Td (net ) Tj ET Q q 0 0 0 rg BT 346.09 426.20 Td (income, ) Tj ET Q q 0 0 0 rg BT 384.74 426.20 Td (the ) Tj ET Q q 0 0 0 rg BT 401.70 426.20 Td (most ) Tj ET Q q 0 0 0 rg BT 426.61 426.20 Td (directly ) Tj ET Q q 0 0 0 rg BT 463.73 426.20 Td (comparable ) Tj ET Q q 0 0 0 rg BT 518.56 426.20 Td (GAAP) Tj ET Q q 0 0 0 rg BT 548.10 426.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 413.00 Td (measure. ) Tj ET Q q 0 0 0 rg BT 91.78 413.00 Td ( ) Tj ET Q q 0 0 0 rg BT 94.03 413.00 Td (Annualized ) Tj ET Q q 0 0 0 rg BT 147.62 413.00 Td (means ) Tj ET Q q 0 0 0 rg BT 178.60 413.00 Td (the ) Tj ET Q q 0 0 0 rg BT 194.92 413.00 Td (figure ) Tj ET Q q 0 0 0 rg BT 224.07 413.00 Td (for ) Tj ET Q q 0 0 0 rg BT 239.78 413.00 Td (the ) Tj ET Q q 0 0 0 rg BT 256.11 413.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 290.14 413.00 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 338.24 413.00 Td (by ) Tj ET Q q 0 0 0 rg BT 352.13 413.00 Td (four) Tj ET Q q 0 0 0 rg BT 369.85 413.00 Td (. ) Tj ET Q q 0 0 0 rg BT 375.48 413.00 Td ( ) Tj ET Q q 0 0 0 rg BT 377.73 413.00 Td (Annualized ) Tj ET Q q 0 0 0 rg BT 431.31 413.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 471.47 413.00 Td (are ) Tj ET Q q 0 0 0 rg BT 487.79 413.00 Td (not ) Tj ET Q q 0 0 0 rg BT 504.73 413.00 Td (indicative ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 399.80 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 399.80 Td (historic ) Tj ET Q q 0 0 0 rg BT 97.16 399.80 Td (or ) Tj ET Q q 0 0 0 rg BT 109.07 399.80 Td (future ) Tj ET Q q 0 0 0 rg BT 138.09 399.80 Td (performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 366.20 Td (Net income to ) Tj ET Q q 0 0 0 rg BT 110.32 366.20 Td (Adjusted EBITDA) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 274.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 274.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 274.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 245.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 245.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 245.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 215.90 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 215.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 215.90 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 186.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 186.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 186.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 158.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 158.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 158.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 130.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 130.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 130.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.30 102.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.30 102.90 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.30 102.90 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 330.9 m 477.3 330.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 330.9 m 547.3 330.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 144.89999999999998 m 407.3 144.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 144.89999999999998 m 477.3 144.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 144.89999999999998 m 547.3 144.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 130.89999999999998 m 407.3 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 130.89999999999998 m 407.3 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 116.89999999999998 m 407.3 116.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 130.89999999999998 m 477.3 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 116.89999999999998 m 477.3 116.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 130.89999999999998 m 547.3 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 116.89999999999998 m 547.3 116.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 116.89999999999998 m 407.3 116.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 102.89999999999998 m 407.3 102.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 116.89999999999998 m 477.3 116.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 102.89999999999998 m 477.3 102.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 116.89999999999998 m 547.3 116.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 102.89999999999998 m 547.3 102.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 102.89999999999998 m 407.3 102.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 88.89999999999998 m 407.3 88.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 102.89999999999998 m 477.3 102.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.3 88.89999999999998 m 477.3 88.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 102.89999999999998 m 547.3 102.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.3 88.89999999999998 m 547.3 88.89999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.95 335.58 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.20 321.58 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 309.58 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.10 321.58 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.80 309.58 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.80 294.61 Td (\(in ) Tj ET Q q 0 0 0 rg BT 65.41 294.61 Td (US$ ) Tj ET Q q 0 0 0 rg BT 85.13 294.61 Td (millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.55 294.61 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.55 294.61 Td (Unaudited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 265.58 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.95 265.63 Td (192.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 265.63 Td (70.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 250.57 Td (Depreciation & Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 251.47 Td (57.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 251.47 Td (57.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 235.57 Td (Net financial expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 236.52 Td (\(19.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 236.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 236.47 Td (105.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 220.57 Td (Tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 221.47 Td (32.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 221.47 Td (14.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 205.57 Td (Amortization of mobilization revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 206.52 Td (\(3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 206.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 206.52 Td (\(4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 206.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 191.47 Td (Amortization of favorable contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 191.47 Td (12.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 191.47 Td (11.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 177.47 Td (Amortization of deferred consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 177.52 Td (\(5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 177.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 177.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 163.47 Td (Standby revenue received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.95 163.47 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 163.47 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 149.47 Td (Mobilization revenue received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.95 149.47 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 149.47 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 135.58 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.95 135.63 Td (272.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 135.63 Td (261.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 121.47 Td (Add: ) Tj ET Q q 0 0 0 rg BT 73.75 121.47 Td (Additional ) Tj ET Q q 0 0 0 rg BT 118.84 121.47 Td (W) Tj ET Q q 0 0 0 rg BT 127.48 121.47 Td (est Polaris EBITDA) Tj ET Q q 0 0 0 rg BT 207.47 121.47 Td ( ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 209.97 126.00 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.95 121.63 Td (15.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.45 121.58 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 107.58 Td (T) Tj ET Q q 0 0 0 rg BT 57.55 107.58 Td (otal ) Tj ET Q q 0 0 0 rg BT 75.61 107.58 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 154.80 107.58 Td ( \(including ) Tj ET Q q 0 0 0 rg BT 202.97 107.58 Td (W) Tj ET Q q 0 0 0 rg BT 212.42 107.58 Td (est Polaris\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 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0 0 0 rg BT 89.04 52.20 Td (June ) Tj ET Q q 0 0 0 rg BT 105.70 52.20 Td (19, ) Tj ET Q q 0 0 0 rg BT 117.70 52.20 Td (2015.) 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