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Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 284.05 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.88 284.05 Td (Income ) Tj ET Q q 0 0 0 rg BT 103.36 284.05 Td (for ) Tj ET Q q 0 0 0 rg BT 118.68 284.05 Td (the ) Tj ET Q q 0 0 0 rg BT 134.62 284.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 168.26 284.05 Td (of ) Tj ET Q q 0 0 0 rg BT 179.92 284.05 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 193.98 284.05 Td ($43.8 ) Tj ET Q q 0 0 0 rg BT 221.23 284.05 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 253.01 284.05 Td ( ) Tj ET Q q 0 0 0 rg BT 255.50 284.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 301.36 284.05 Td (to ) Tj ET Q q 0 0 0 rg BT 312.42 284.05 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 326.48 284.05 Td ($1) Tj ET Q q 0 0 0 rg BT 337.07 284.05 Td (13.6 ) Tj ET Q q 0 0 0 rg BT 358.82 284.05 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 390.60 284.05 Td ( ) Tj ET Q q 0 0 0 rg BT 393.09 284.05 Td (in ) Tj ET Q q 0 0 0 rg BT 404.15 284.05 Td (the ) Tj ET Q q 0 0 0 rg BT 420.08 284.05 Td (previous ) Tj ET Q q 0 0 0 rg BT 460.46 284.05 Td (quarter) Tj ET Q q 0 0 0 rg BT 491.00 284.05 Td (. ) Tj ET Q q 0 0 0 rg BT 496.06 284.05 Td (This ) Tj ET Q q 0 0 0 rg BT 518.12 284.05 Td (is ) Tj ET Q q 0 0 0 rg BT 527.95 284.05 Td (after ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 270.85 Td (the ) Tj ET Q q 0 0 0 rg BT 65.89 270.85 Td (recognition ) Tj ET Q q 0 0 0 rg BT 118.94 270.85 Td (of ) Tj ET Q q 0 0 0 rg BT 131.05 270.85 Td (the ) Tj ET Q q 0 0 0 rg BT 147.44 270.85 Td (gain/loss ) Tj ET Q q 0 0 0 rg BT 189.50 270.85 Td (on ) Tj ET Q q 0 0 0 rg BT 203.45 270.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 250.38 270.85 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 307.41 270.85 Td (which ) Tj ET Q q 0 0 0 rg BT 337.24 270.85 Td (reflected ) Tj ET Q q 0 0 0 rg BT 378.66 270.85 Td (a ) Tj ET Q q 0 0 0 rg BT 386.49 270.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 406.56 270.85 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 418.67 270.85 Td (US$\(49.2\) ) Tj ET Q q 0 0 0 rg BT 467.76 270.85 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 499.54 270.85 Td ( ) Tj ET Q q 0 0 0 rg BT 502.49 270.85 Td (in ) Tj ET Q q 0 0 0 rg BT 514.00 270.85 Td (the ) Tj ET Q q 0 0 0 rg BT 530.39 270.85 Td (first ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 257.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 82.71 257.65 Td (as ) Tj ET Q q 0 0 0 rg BT 93.94 257.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 139.37 257.65 Td (to ) Tj ET Q q 0 0 0 rg BT 149.99 257.65 Td (a ) Tj ET Q q 0 0 0 rg BT 156.93 257.65 Td (gain ) Tj ET Q q 0 0 0 rg BT 177.94 257.65 Td (of ) Tj ET Q q 0 0 0 rg BT 189.16 257.65 Td (US$16.1 ) Tj ET Q q 0 0 0 rg BT 230.04 257.65 Td (million ) Tj ET Q q 0 0 0 rg BT 263.88 257.65 Td (for ) Tj ET Q q 0 0 0 rg BT 278.77 257.65 Td (the ) Tj ET Q q 0 0 0 rg BT 294.28 257.65 Td (fourth ) Tj ET Q q 0 0 0 rg BT 323.22 257.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 356.43 257.65 Td (as ) Tj ET Q q 0 0 0 rg BT 367.66 257.65 Td (a ) Tj ET Q q 0 0 0 rg BT 374.61 257.65 Td (result ) Tj ET Q q 0 0 0 rg BT 401.11 257.65 Td (of ) Tj ET Q q 0 0 0 rg BT 412.34 257.65 Td ( ) Tj ET Q q 0 0 0 rg BT 414.40 257.65 Td (a ) Tj ET Q q 0 0 0 rg BT 421.35 257.65 Td (decrease ) Tj ET Q q 0 0 0 rg BT 461.27 257.65 Td (in ) Tj ET Q q 0 0 0 rg BT 471.89 257.65 Td (long ) Tj ET Q q 0 0 0 rg BT 493.51 257.65 Td (term ) Tj ET Q q 0 0 0 rg BT 515.73 257.65 Td (interest ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 244.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 72.25 244.45 Td (in ) Tj ET Q q 0 0 0 rg BT 82.79 244.45 Td (the ) Tj ET Q q 0 0 0 rg BT 98.22 244.45 Td (first ) Tj ET Q q 0 0 0 rg BT 117.92 244.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 151.05 244.45 Td (as ) Tj ET Q q 0 0 0 rg BT 162.20 244.45 Td (well ) Tj ET Q q 0 0 0 rg BT 183.13 244.45 Td (as ) Tj ET Q q 0 0 0 rg BT 194.28 244.45 Td (a ) Tj ET Q q 0 0 0 rg BT 201.15 244.45 Td (higher ) Tj ET Q q 0 0 0 rg BT 231.23 244.45 Td (level ) Tj ET Q q 0 0 0 rg BT 254.60 244.45 Td (of ) Tj ET Q q 0 0 0 rg BT 265.74 244.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.11 244.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 318.58 244.45 Td (swaps ) Tj ET Q q 0 0 0 rg BT 347.45 244.45 Td (as ) Tj ET Q q 0 0 0 rg BT 358.60 244.45 Td (at ) Tj ET Q q 0 0 0 rg BT 368.52 244.45 Td (the ) Tj ET Q q 0 0 0 rg BT 383.95 244.45 Td (end ) Tj ET Q q 0 0 0 rg BT 401.82 244.45 Td (of ) Tj ET Q q 0 0 0 rg BT 412.96 244.45 Td (the ) Tj ET Q q 0 0 0 rg BT 428.39 244.45 Td (first ) Tj ET Q q 0 0 0 rg BT 448.09 244.45 Td (quarter) Tj ET Q q 0 0 0 rg BT 478.63 244.45 Td (. ) Tj ET Q q 0 0 0 rg BT 483.23 244.45 Td (The ) Tj ET Q q 0 0 0 rg BT 502.31 244.45 Td (unrealized ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 231.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 92.03 231.25 Td (element ) Tj ET Q q 0 0 0 rg BT 129.66 231.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.65 231.25 Td (these ) Tj ET Q q 0 0 0 rg BT 167.07 231.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 207.16 231.25 Td (are ) Tj ET Q q 0 0 0 rg BT 223.41 231.25 Td (US$49.9 ) Tj ET Q q 0 0 0 rg BT 265.04 231.25 Td (million ) Tj ET Q q 0 0 0 rg BT 299.64 231.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 319.58 231.25 Td (in ) Tj ET Q q 0 0 0 rg BT 330.96 231.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.21 231.25 Td (first ) Tj ET Q q 0 0 0 rg BT 367.75 231.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 401.72 231.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 426.54 231.25 Td (and ) Tj ET Q q 0 0 0 rg BT 445.24 231.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.94 231.25 Td (US$19.1 ) Tj ET Q q 0 0 0 rg BT 494.58 231.25 Td (million ) Tj ET Q q 0 0 0 rg BT 529.18 231.25 Td (gain ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 218.00 Td (for ) Tj ET Q q 0 0 0 rg BT 65.08 218.00 Td (the ) Tj ET Q q 0 0 0 rg BT 81.26 218.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 110.90 218.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 144.79 218.00 Td (2013.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 160.40 Td (____________________) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 147.68 Td (1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.83 143.60 Td (All references to Seadrill Partners and the Company refer to Seadrill Partners LLC and its subsidiaries, including the operating ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 132.80 Td (companies that indirectly own interests in the drilling rigs Seadrill Partners LLC owns: \(i\) a 30% limited partner interest in Seadrill ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 122.00 Td (Operating LP) Tj ET Q q 0 0 0 rg BT 97.24 122.00 Td (, as well as the non-economic general partner interest in Seadrill Operating LP) Tj ET Q q 0 0 0 rg BT 379.06 122.00 Td ( through its 100% ownership of its general ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 111.25 Td (partner) Tj ET Q q 0 0 0 rg BT 74.62 111.25 Td (, Seadrill Operating GP) Tj ET Q q 0 0 0 rg BT 158.77 111.25 Td ( LLC, \(ii\) a 51% limited liability company interest in Seadrill Capricorn Holdings LLC and \(iii\) a 100% ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 100.45 Td (limited liability company interest in Seadrill Partners Operating LLC. Seadrill Operating LP) Tj ET Q q 0 0 0 rg BT 381.09 100.45 Td ( owns: \(i\) a 100% interest in the entities that ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 89.65 Td (own the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.49 89.65 Td (W) Tj ET Q q 0 0 0 rg BT 87.17 89.65 Td (est ) Tj ET Q q 0 0 0 rg BT 99.25 89.65 Td (Aquarius) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 132.25 89.65 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.75 89.65 Td (W) Tj ET Q q 0 0 0 rg BT 143.42 89.65 Td (est Leo) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.17 89.65 Td ( and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.91 89.65 Td (W) Tj ET Q q 0 0 0 rg BT 206.58 89.65 Td (est V) Tj ET Q q 0 0 0 rg BT 223.33 89.65 Td (encedor ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.57 89.65 Td (and \(ii\) an approximate 56% interest in the entity that owns and operates the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 78.85 Td (W) Tj ET Q q 0 0 0 rg BT 56.17 78.85 Td (est Capella) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 96.92 78.85 Td (. Seadrill Capricorn Holdings LLC owns 100% of the entities that own and operate the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.85 78.85 Td (W) Tj ET Q q 0 0 0 rg BT 417.52 78.85 Td (est Capricorn,W) Tj ET Q q 0 0 0 rg BT 476.19 78.85 Td (est Sirius and W) Tj ET Q q 0 0 0 rg BT 534.12 78.85 Td (est ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 68.05 Td (Auriga. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.00 68.05 Td (Seadrill Partners Operating LLC owns 100% of the entities that own and operate the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.92 68.05 Td (T) Tj ET Q q 0 0 0 rg BT 389.26 68.05 Td (-15 and T) Tj ET Q q 0 0 0 rg BT 423.59 68.05 Td (-16 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.84 68.05 Td (tender bar) Tj ET Q q 0 0 0 rg BT 473.91 68.05 Td (ges.) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 789.80 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.16 789.80 Td (income ) Tj ET Q q 0 0 0 rg BT 103.31 789.80 Td (attributable ) Tj ET Q q 0 0 0 rg BT 156.17 789.80 Td (to ) Tj ET Q q 0 0 0 rg BT 167.50 789.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 204.48 789.80 Td (Partners ) Tj ET Q q 0 0 0 rg BT 243.30 789.80 Td (LLC ) Tj ET Q q 0 0 0 rg BT 266.85 789.80 Td (Members ) Tj ET Q q 0 0 0 rg BT 311.17 789.80 Td (was ) Tj ET Q q 0 0 0 rg BT 331.05 789.80 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 345.11 789.80 Td ($19.8 ) Tj ET Q q 0 0 0 rg BT 372.63 789.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 404.42 789.80 Td ( ) Tj ET Q q 0 0 0 rg BT 407.19 789.80 Td (for ) Tj ET Q q 0 0 0 rg BT 422.79 789.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 439.00 789.80 Td (first ) Tj ET Q q 0 0 0 rg BT 459.49 789.80 Td (quarter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 490.64 789.80 Td ( ) Tj ET Q q 0 0 0 rg BT 493.41 789.80 Td (compared ) Tj ET Q q 0 0 0 rg BT 539.55 789.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 776.60 Td (US$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 69.06 776.60 Td (42.0 ) Tj ET Q q 0 0 0 rg BT 91.06 776.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.84 776.60 Td ( ) Tj ET Q q 0 0 0 rg BT 125.59 776.60 Td (for ) Tj ET Q q 0 0 0 rg BT 141.17 776.60 Td (the ) Tj ET Q q 0 0 0 rg BT 157.36 776.60 Td (previous ) Tj ET Q q 0 0 0 rg BT 197.99 776.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 228.53 776.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.40 Td (Distributable cash flow was US$30.0 million for Seadrill Partners) Tj ET Q q 0 0 0 rg BT 342.27 757.40 Td ( first quarter as compared to US23.2 million ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.20 Td (for the previous quarter) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 153.04 749.18 Td (2 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.41 744.20 Td (giving a coverage ratio of 0.77x for the first quarter) Tj ET Q q 0 0 0 rg BT 384.44 744.20 Td (. ) Tj ET Q q 0 0 0 rg BT 392.49 744.20 Td (The increase is mainly as a result ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 731.00 Td (of the contribution from the ) Tj ET Q q 0 0 0 rg BT 174.24 731.00 Td (T) Tj ET Q q 0 0 0 rg BT 179.95 731.00 Td (-16, ) Tj ET Q q 0 0 0 rg BT 199.92 731.00 Td (W) Tj ET Q q 0 0 0 rg BT 209.42 731.00 Td (est Leo and ) Tj ET Q q 0 0 0 rg BT 262.67 731.00 Td (W) Tj ET Q q 0 0 0 rg BT 272.17 731.00 Td (est Sirius for the full quarter and from the inclusion of the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 717.80 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 717.80 Td (est ) Tj ET Q q 0 0 0 rg BT 73.36 717.80 Td (Auriga for 1) Tj ET Q q 0 0 0 rg BT 127.33 717.80 Td (1 days in March. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 698.60 Td (The coverage ratio has been negatively impacted by the increase in units outstanding following the March equity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 685.40 Td (issuance as the first quarter distribution is payable on all outstanding units at the record date. ) Tj ET Q q 0 0 0 rg BT 462.31 685.40 Td (W) Tj ET Q q 0 0 0 rg BT 471.81 685.40 Td (ere the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 672.20 Td (distribution to be paid pro-rata on the new units for the 1) Tj ET Q q 0 0 0 rg BT 298.68 672.20 Td (1 days of March that the Company benefited from the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 659.00 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 659.00 Td (est ) Tj ET Q q 0 0 0 rg BT 73.36 659.00 Td (Auriga cash flow) Tj ET Q q 0 0 0 rg BT 148.40 659.00 Td (, the coverage ratio would have been 0.92x.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 639.80 Td (Distribution for the period of US$0.5075 per unit, equivalent to an annual distribution of US$2.03, represents an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 626.60 Td (approximate 31% increase from the Company) Tj ET Q q 0 0 0 rg BT 255.07 626.60 Td (s minimum quarterly distribution set at its IPO. Subsequent to the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 613.40 Td (acquisition of the ultra-deepwater drillship the ) Tj ET Q q 0 0 0 rg BT 255.79 613.40 Td (W) Tj ET Q q 0 0 0 rg BT 265.29 613.40 Td (est ) Tj ET Q q 0 0 0 rg BT 279.66 613.40 Td (Auriga in March, Management have recommended to the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 600.20 Td (Board an annualized distribution increase to between $2.16 and $2.18 per unit which would become ef) Tj ET Q q 0 0 0 rg BT 501.09 600.20 Td (fective for ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 587.00 Td (the distribution with respect to the quarter ending June 30, 2014 and would represent an approximate 40% ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 573.80 Td (increase since IPO. ) Tj ET Q q 0 0 0 rg BT 136.25 573.80 Td (Any such increase would be conditional upon, among other things, the approval of such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 560.60 Td (increase by the Board and the absence of any material adverse developments that would make such an increase ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 547.40 Td (inadvisable.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 163.40 Td (____________________) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 150.68 Td (2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.30 146.60 Td (Please see ) Tj ET Q q 0 0 0 rg BT 95.78 146.60 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 133.03 146.60 Td (A) Tj ET Q q 0 0 0 rg BT 139.04 146.60 Td ( for a reconciliation of DCF to net income, the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 426.13 146.60 Td ( financial measure.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 790.00 Td (Operations) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 770.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.01 770.80 Td (Partners ) Tj ET Q q 0 0 0 rg BT 124.35 770.80 Td (has ) Tj ET Q q 0 0 0 rg BT 141.31 770.80 Td (an ) Tj ET Q q 0 0 0 rg BT 153.99 770.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 188.66 770.80 Td (in ) Tj ET Q q 0 0 0 rg BT 199.52 770.80 Td (nine ) Tj ET Q q 0 0 0 rg BT 220.75 770.80 Td (rigs ) Tj ET Q q 0 0 0 rg BT 239.55 770.80 Td (in ) Tj ET Q q 0 0 0 rg BT 250.40 770.80 Td (operation. ) Tj ET Q q 0 0 0 rg BT 296.99 770.80 Td ( ) Tj ET Q q 0 0 0 rg BT 299.12 770.80 Td (The ) Tj ET Q q 0 0 0 rg BT 318.51 770.80 Td (fleet ) Tj ET Q q 0 0 0 rg BT 340.35 770.80 Td (is ) Tj ET Q q 0 0 0 rg BT 349.98 770.80 Td (comprised ) Tj ET Q q 0 0 0 rg BT 398.10 770.80 Td (of ) Tj ET Q q 0 0 0 rg BT 409.56 770.80 Td (four ) Tj ET Q q 0 0 0 rg BT 430.18 770.80 Td (semi-submersible ) Tj ET Q q 0 0 0 rg BT 510.08 770.80 Td (rigs, ) Tj ET Q q 0 0 0 rg BT 531.62 770.80 Td (two ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.60 Td (drillships ) Tj ET Q q 0 0 0 rg BT 92.98 757.60 Td (and ) Tj ET Q q 0 0 0 rg BT 111.39 757.60 Td (three ) Tj ET Q q 0 0 0 rg BT 135.90 757.60 Td (tender ) Tj ET Q q 0 0 0 rg BT 165.91 757.60 Td (rigs ) Tj ET Q q 0 0 0 rg BT 184.94 757.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 229.01 757.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.09 757.60 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 278.36 757.60 Td (the ) Tj ET Q q 0 0 0 rg BT 294.32 757.60 Td (US ) Tj ET Q q 0 0 0 rg BT 310.91 757.60 Td (Gulf ) Tj ET Q q 0 0 0 rg BT 333.60 757.60 Td (of ) Tj ET Q q 0 0 0 rg BT 345.30 757.60 Td (Mexico, ) Tj ET Q q 0 0 0 rg BT 384.18 757.60 Td (Ghana, ) Tj ET Q q 0 0 0 rg BT 418.16 757.60 Td (Nigeria, ) Tj ET Q q 0 0 0 rg BT 455.87 757.60 Td (Angola ) Tj ET Q q 0 0 0 rg BT 490.78 757.60 Td (and ) Tj ET Q q 0 0 0 rg BT 509.00 757.60 Td (Thailand ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.93 744.40 Td (. ) Tj ET Q q 0 0 0 rg BT 107.43 744.40 Td ( ) Tj ET Q q 0 0 0 rg BT 110.18 744.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 725.20 Td (During ) Tj ET Q q 0 0 0 rg BT 84.04 725.20 Td (the ) Tj ET Q q 0 0 0 rg BT 100.85 725.20 Td (first ) Tj ET Q q 0 0 0 rg BT 121.94 725.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 152.65 725.20 Td (, ) Tj ET Q q 0 0 0 rg BT 158.53 725.20 Td (T) Tj ET Q q 0 0 0 rg BT 164.48 725.20 Td (otal ) Tj ET Q q 0 0 0 rg BT 184.35 725.20 Td (S.A. ) Tj ET Q q 0 0 0 rg BT 207.29 725.20 Td (exercised ) Tj ET Q q 0 0 0 rg BT 252.19 725.20 Td (their ) Tj ET Q q 0 0 0 rg BT 275.72 725.20 Td (option ) Tj ET Q q 0 0 0 rg BT 307.21 725.20 Td (to ) Tj ET Q q 0 0 0 rg BT 319.14 725.20 Td (convert ) Tj ET Q q 0 0 0 rg BT 355.50 725.20 Td (the ) Tj ET Q q 0 0 0 rg BT 372.31 725.20 Td (contract ) Tj ET Q q 0 0 0 rg BT 411.11 725.20 Td (extension ) Tj ET Q q 0 0 0 rg BT 456.64 725.20 Td (for ) Tj ET Q q 0 0 0 rg BT 472.84 725.20 Td (the ) Tj ET Q q 0 0 0 rg BT 489.41 725.20 Td (W) Tj ET Q q 0 0 0 rg BT 498.91 725.20 Td (est ) Tj ET Q q 0 0 0 rg BT 514.51 725.20 Td (Capella ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 712.00 Td (from ) Tj ET Q q 0 0 0 rg BT 73.52 712.00 Td (5 ) Tj ET Q q 0 0 0 rg BT 81.66 712.00 Td (years ) Tj ET Q q 0 0 0 rg BT 107.51 712.00 Td (to ) Tj ET Q q 0 0 0 rg BT 118.71 712.00 Td (3 ) Tj ET Q q 0 0 0 rg BT 126.85 712.00 Td (years. ) Tj ET Q q 0 0 0 rg BT 155.45 712.00 Td ( ) Tj ET Q q 0 0 0 rg BT 157.90 712.00 Td (The ) Tj ET Q q 0 0 0 rg BT 177.65 712.00 Td (new ) Tj ET Q q 0 0 0 rg BT 198.61 712.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 217.74 712.00 Td (became ) Tj ET Q q 0 0 0 rg BT 253.96 712.00 Td (ef) Tj ET Q q 0 0 0 rg BT 262.31 712.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 294.87 712.00 Td (in ) Tj ET Q q 0 0 0 rg BT 305.49 712.00 Td (April ) Tj ET Q q 0 0 0 rg BT 331.35 712.00 Td (2014. ) Tj ET Q q 0 0 0 rg BT 358.74 712.00 Td ( ) Tj ET Q q 0 0 0 rg BT 360.80 712.00 Td (As ) Tj ET Q q 0 0 0 rg BT 375.66 712.00 Td (a ) Tj ET Q q 0 0 0 rg BT 383.19 712.00 Td (result ) Tj ET Q q 0 0 0 rg BT 410.27 712.00 Td (of ) Tj ET Q q 0 0 0 rg BT 422.07 712.00 Td (this ) Tj ET Q q 0 0 0 rg BT 440.60 712.00 Td (change ) Tj ET Q q 0 0 0 rg BT 474.39 712.00 Td (in ) Tj ET Q q 0 0 0 rg BT 485.59 712.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 523.65 712.00 Td (terms ) 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 65.78 698.80 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 101.00 698.80 Td (has ) Tj ET Q q 0 0 0 rg BT 118.50 698.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 162.88 698.80 Td (from ) Tj ET Q q 0 0 0 rg BT 187.11 698.80 Td (US$580,000 ) Tj ET Q q 0 0 0 rg BT 245.26 698.80 Td (per ) Tj ET Q q 0 0 0 rg BT 262.15 698.80 Td (day ) Tj ET Q q 0 0 0 rg BT 280.88 698.80 Td (to ) Tj ET Q q 0 0 0 rg BT 292.28 698.80 Td (US$627,500 ) Tj ET Q q 0 0 0 rg BT 350.44 698.80 Td (per ) Tj ET Q q 0 0 0 rg BT 367.33 698.80 Td (day) Tj ET Q q 0 0 0 rg BT 382.50 698.80 Td (. ) Tj ET Q q 0 0 0 rg BT 387.89 698.80 Td (The ) Tj ET Q q 0 0 0 rg BT 407.83 698.80 Td (use ) Tj ET Q q 0 0 0 rg BT 425.34 698.80 Td (of ) Tj ET Q q 0 0 0 rg BT 437.35 698.80 Td (the ) Tj ET Q q 0 0 0 rg BT 453.63 698.80 Td (option ) Tj ET Q q 0 0 0 rg BT 484.59 698.80 Td (to ) Tj ET Q q 0 0 0 rg BT 495.99 698.80 Td (convert ) Tj ET Q q 0 0 0 rg BT 531.82 698.80 Td (to ) Tj ET Q q 0 0 0 rg BT 543.22 698.80 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 685.60 Td (shorter ) Tj ET Q q 0 0 0 rg BT 83.27 685.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 121.92 685.60 Td (with ) Tj ET Q q 0 0 0 rg BT 144.70 685.60 Td (a ) Tj ET Q q 0 0 0 rg BT 152.80 685.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 184.13 685.60 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 219.72 685.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 255.31 685.60 Td (a ) Tj ET Q q 0 0 0 rg BT 263.42 685.60 Td (transfer ) Tj ET Q q 0 0 0 rg BT 300.23 685.60 Td (of ) Tj ET Q q 0 0 0 rg BT 312.62 685.60 Td (operatorship ) Tj ET Q q 0 0 0 rg BT 370.83 685.60 Td (for ) Tj ET Q q 0 0 0 rg BT 386.88 685.60 Td (the ) Tj ET Q q 0 0 0 rg BT 403.54 685.60 Td (license ) Tj ET Q q 0 0 0 rg BT 437.30 685.60 Td (and ) Tj ET Q q 0 0 0 rg BT 456.41 685.60 Td (the ) Tj ET Q q 0 0 0 rg BT 473.07 685.60 Td (wish ) Tj ET Q q 0 0 0 rg BT 497.08 685.60 Td (for ) Tj ET Q q 0 0 0 rg BT 513.13 685.60 Td (the ) Tj ET Q q 0 0 0 rg BT 529.79 685.60 Td (new ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 672.40 Td (operator ) Tj ET Q q 0 0 0 rg BT 88.83 672.40 Td (to ) Tj ET Q q 0 0 0 rg BT 100.06 672.40 Td (retain ) Tj ET Q q 0 0 0 rg BT 127.78 672.40 Td (flexibility) Tj ET Q q 0 0 0 rg BT 170.45 672.40 Td (. ) Tj ET Q q 0 0 0 rg BT 175.68 672.40 Td (The ) Tj ET Q q 0 0 0 rg BT 195.46 672.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 240.92 672.40 Td (is ) Tj ET Q q 0 0 0 rg BT 250.93 672.40 Td (confident ) Tj ET Q q 0 0 0 rg BT 295.15 672.40 Td (however ) Tj ET Q q 0 0 0 rg BT 335.70 672.40 Td (that ) Tj ET Q q 0 0 0 rg BT 354.88 672.40 Td (there ) Tj ET Q q 0 0 0 rg BT 379.54 672.40 Td (will ) Tj ET Q q 0 0 0 rg BT 399.33 672.40 Td (be ) Tj ET Q q 0 0 0 rg BT 412.39 672.40 Td (additional ) Tj ET Q q 0 0 0 rg BT 459.06 672.40 Td (requirements ) Tj ET Q q 0 0 0 rg BT 519.16 672.40 Td (for ) Tj ET Q q 0 0 0 rg BT 534.66 672.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 659.20 Td (rig ) Tj ET Q q 0 0 0 rg BT 64.47 659.20 Td (in ) Tj ET Q q 0 0 0 rg BT 75.78 659.20 Td (Nigeria ) Tj ET Q q 0 0 0 rg BT 111.51 659.20 Td (post ) Tj ET Q q 0 0 0 rg BT 132.60 659.20 Td (2017.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 640.00 Td (Overall ) Tj ET Q q 0 0 0 rg BT 85.43 640.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 131.14 640.00 Td (utilization ) Tj ET Q q 0 0 0 rg BT 178.70 640.00 Td (for ) Tj ET Q q 0 0 0 rg BT 194.47 640.00 Td (the ) Tj ET Q q 0 0 0 rg BT 210.86 640.00 Td (fleet ) Tj ET Q q 0 0 0 rg BT 233.35 640.00 Td (was ) Tj ET Q q 0 0 0 rg BT 253.41 640.00 Td (82% ) Tj ET Q q 0 0 0 rg BT 276.52 640.00 Td (for ) Tj ET Q q 0 0 0 rg BT 292.30 640.00 Td (the ) Tj ET Q q 0 0 0 rg BT 308.69 640.00 Td (first ) Tj ET Q q 0 0 0 rg BT 329.36 640.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 359.90 640.00 Td (. ) Tj ET Q q 0 0 0 rg BT 365.60 640.00 Td ( ) Tj ET Q q 0 0 0 rg BT 368.33 640.00 Td (W) Tj ET Q q 0 0 0 rg BT 378.27 640.00 Td (ith ) Tj ET Q q 0 0 0 rg BT 392.84 640.00 Td (the ) Tj ET Q q 0 0 0 rg BT 409.23 640.00 Td (exception ) Tj ET Q q 0 0 0 rg BT 454.94 640.00 Td (of ) Tj ET Q q 0 0 0 rg BT 467.05 640.00 Td (77 ) Tj ET Q q 0 0 0 rg BT 481.00 640.00 Td (days ) Tj ET Q q 0 0 0 rg BT 504.11 640.00 Td (downtime ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 626.80 Td (linked ) Tj ET Q q 0 0 0 rg BT 79.10 626.80 Td (to ) Tj ET Q q 0 0 0 rg BT 89.77 626.80 Td (the ) Tj ET Q q 0 0 0 rg BT 105.17 626.80 Td (W) Tj ET Q q 0 0 0 rg BT 114.67 626.80 Td (est ) Tj ET Q q 0 0 0 rg BT 128.53 626.80 Td (Aquarius ) Tj ET Q q 0 0 0 rg BT 170.97 626.80 Td (and ) Tj ET Q q 0 0 0 rg BT 188.80 626.80 Td (W) Tj ET Q q 0 0 0 rg BT 198.31 626.80 Td (est ) Tj ET Q q 0 0 0 rg BT 212.63 626.80 Td (Capricorn ) Tj ET Q q 0 0 0 rg BT 258.73 626.80 Td (equipment ) Tj ET Q q 0 0 0 rg BT 307.27 626.80 Td (failures, ) Tj ET Q q 0 0 0 rg BT 345.11 626.80 Td (the ) Tj ET Q q 0 0 0 rg BT 360.66 626.80 Td (Company) Tj ET Q q 0 0 0 rg BT 406.49 626.80 Td (s ) Tj ET Q q 0 0 0 rg BT 412.88 626.80 Td (remaining ) Tj ET Q q 0 0 0 rg BT 459.59 626.80 Td (fleet ) Tj ET Q q 0 0 0 rg BT 481.24 626.80 Td (performed ) Tj ET Q q 0 0 0 rg BT 529.16 626.80 Td (well ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 613.60 Td (achieving ) Tj ET Q q 0 0 0 rg BT 95.01 613.60 Td (an ) Tj ET Q q 0 0 0 rg BT 108.14 613.60 Td (economic ) Tj ET Q q 0 0 0 rg BT 153.65 613.60 Td (utilization ) Tj ET Q q 0 0 0 rg BT 201.00 613.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 220.24 613.60 Td (of ) Tj ET Q q 0 0 0 rg BT 232.15 613.60 Td (98%.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 594.40 Td (T) Tj ET Q q 0 0 0 rg BT 55.45 594.40 Td (otal ) Tj ET Q q 0 0 0 rg BT 74.61 594.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 118.82 594.40 Td (expenses ) Tj ET Q q 0 0 0 rg BT 161.20 594.40 Td (for ) Tj ET Q q 0 0 0 rg BT 176.69 594.40 Td (the ) Tj ET Q q 0 0 0 rg BT 192.79 594.40 Td (first ) Tj ET Q q 0 0 0 rg BT 213.18 594.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 246.99 594.40 Td (were ) Tj ET Q q 0 0 0 rg BT 271.03 594.40 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 285.09 594.40 Td ($151.7 ) Tj ET Q q 0 0 0 rg BT 318.01 594.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 349.79 594.40 Td (, ) Tj ET Q q 0 0 0 rg BT 355.21 594.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 401.24 594.40 Td (to ) Tj ET Q q 0 0 0 rg BT 412.47 594.40 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 426.53 594.40 Td ($148.0 ) Tj ET Q q 0 0 0 rg BT 459.44 594.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 491.22 594.40 Td ( ) Tj ET Q q 0 0 0 rg BT 493.89 594.40 Td (in ) Tj ET Q q 0 0 0 rg BT 505.11 594.40 Td (the ) Tj ET Q q 0 0 0 rg BT 521.22 594.40 Td (fourth ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 581.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 80.04 581.20 Td (. ) Tj ET Q q 0 0 0 rg BT 85.09 581.20 Td ( ) Tj ET Q q 0 0 0 rg BT 87.23 581.20 Td (The ) Tj ET Q q 0 0 0 rg BT 106.64 581.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 151.72 581.20 Td (has ) Tj ET Q q 0 0 0 rg BT 168.68 581.20 Td (good ) Tj ET Q q 0 0 0 rg BT 192.99 581.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 213.01 581.20 Td (controls ) Tj ET Q q 0 0 0 rg BT 250.75 581.20 Td (in ) Tj ET Q q 0 0 0 rg BT 261.62 581.20 Td (place ) Tj ET Q q 0 0 0 rg BT 287.12 581.20 Td (and ) Tj ET Q q 0 0 0 rg BT 305.31 581.20 Td (sees ) Tj ET Q q 0 0 0 rg BT 325.94 581.20 Td (little ) Tj ET Q q 0 0 0 rg BT 348.41 581.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 367.21 581.20 Td (of ) Tj ET Q q 0 0 0 rg BT 378.68 581.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 416.41 581.20 Td (to ) Tj ET Q q 0 0 0 rg BT 427.27 581.20 Td (the ) Tj ET Q q 0 0 0 rg BT 443.01 581.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 486.86 581.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 506.88 581.20 Td (structure.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 536.75 Td (Acquisitions) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 517.60 Td (On ) Tj ET Q q 0 0 0 rg BT 66.02 517.60 Td (March ) Tj ET Q q 0 0 0 rg BT 97.81 517.60 Td (21, ) Tj ET Q q 0 0 0 rg BT 114.64 517.60 Td (2014 ) Tj ET Q q 0 0 0 rg BT 139.72 517.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 177.01 517.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 216.14 517.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 265.03 517.60 Td (the ) Tj ET Q q 0 0 0 rg BT 281.55 517.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 332.90 517.60 Td (of ) Tj ET Q q 0 0 0 rg BT 345.14 517.60 Td (the ) Tj ET Q q 0 0 0 rg BT 361.66 517.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 411.78 517.60 Td (that ) Tj ET Q q 0 0 0 rg BT 431.35 517.60 Td (own ) Tj ET Q q 0 0 0 rg BT 453.37 517.60 Td (and ) Tj ET Q q 0 0 0 rg BT 472.33 517.60 Td (operate ) Tj ET Q q 0 0 0 rg BT 507.78 517.60 Td (the ) Tj ET Q q 0 0 0 rg BT 524.30 517.60 Td (ultra-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 504.40 Td (deepwater ) Tj ET Q q 0 0 0 rg BT 96.99 504.40 Td (drillship ) Tj ET Q q 0 0 0 rg BT 135.96 504.40 Td (the ) Tj ET Q q 0 0 0 rg BT 151.53 504.40 Td (W) Tj ET Q q 0 0 0 rg BT 161.03 504.40 Td (est ) Tj ET Q q 0 0 0 rg BT 175.04 504.40 Td (Auriga ) Tj ET Q q 0 0 0 rg BT 207.89 504.40 Td (for ) Tj ET Q q 0 0 0 rg BT 223.01 504.40 Td (a ) Tj ET Q q 0 0 0 rg BT 230.19 504.40 Td (total ) Tj ET Q q 0 0 0 rg BT 252.04 504.40 Td (consideration ) Tj ET Q q 0 0 0 rg BT 313.60 504.40 Td (of ) Tj ET Q q 0 0 0 rg BT 325.06 504.40 Td (US$1.24 ) Tj ET Q q 0 0 0 rg BT 366.17 504.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 397.20 504.40 Td (on ) Tj ET Q q 0 0 0 rg BT 410.49 504.40 Td (a ) Tj ET Q q 0 0 0 rg BT 417.68 504.40 Td (100% ) Tj ET Q q 0 0 0 rg BT 445.64 504.40 Td (basis. ) Tj ET Q q 0 0 0 rg BT 472.69 504.40 Td ( ) Tj ET Q q 0 0 0 rg BT 474.82 504.40 Td (The ) Tj ET Q q 0 0 0 rg BT 494.05 504.40 Td (W) Tj ET Q q 0 0 0 rg BT 503.56 504.40 Td (est ) Tj ET Q q 0 0 0 rg BT 517.57 504.40 Td (Auriga ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 491.20 Td (was ) Tj ET Q q 0 0 0 rg BT 69.47 491.20 Td (acquired ) Tj ET Q q 0 0 0 rg BT 110.19 491.20 Td (by ) Tj ET Q q 0 0 0 rg BT 124.05 491.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 161.13 491.20 Td (Capricorn ) Tj ET Q q 0 0 0 rg BT 207.97 491.20 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 251.17 491.20 Td (LLC ) Tj ET Q q 0 0 0 rg BT 274.81 491.20 Td (\(51% ) Tj ET Q q 0 0 0 rg BT 301.49 491.20 Td (owned ) Tj ET Q q 0 0 0 rg BT 333.68 491.20 Td (by ) Tj ET Q q 0 0 0 rg BT 347.54 491.20 Td (SDLP\). ) Tj ET Q q 0 0 0 rg BT 383.71 491.20 Td ( ) Tj ET Q q 0 0 0 rg BT 386.57 491.20 Td (Debt ) Tj ET Q q 0 0 0 rg BT 410.81 491.20 Td (funding ) Tj ET Q q 0 0 0 rg BT 447.89 491.20 Td (for ) Tj ET Q q 0 0 0 rg BT 463.58 491.20 Td (the ) Tj ET Q q 0 0 0 rg BT 479.88 491.20 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 531.01 491.20 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 477.95 Td (US$543 ) Tj ET Q q 0 0 0 rg BT 89.52 477.95 Td (million ) Tj ET Q q 0 0 0 rg BT 125.25 477.95 Td (comprised ) Tj ET Q q 0 0 0 rg BT 175.03 477.95 Td (of ) Tj ET Q q 0 0 0 rg BT 188.14 477.95 Td (a ) Tj ET Q q 0 0 0 rg BT 196.98 477.95 Td (secured ) Tj ET Q q 0 0 0 rg BT 234.53 477.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 257.42 477.95 Td (facility ) Tj ET Q q 0 0 0 rg BT 292.53 477.95 Td (and ) Tj ET Q q 0 0 0 rg BT 312.36 477.95 Td (a ) Tj ET Q q 0 0 0 rg BT 321.20 477.95 Td (US$100 ) Tj ET Q q 0 0 0 rg BT 361.22 477.95 Td (million ) Tj ET Q q 0 0 0 rg BT 396.95 477.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 438.18 477.95 Td (note ) Tj ET Q q 0 0 0 rg BT 461.08 477.95 Td (from ) Tj ET Q q 0 0 0 rg BT 486.41 477.95 Td (Seadrill. ) Tj ET Q q 0 0 0 rg BT 527.33 477.95 Td ( ) Tj ET Q q 0 0 0 rg BT 531.00 477.95 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 464.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 101.26 464.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 131.48 464.75 Td (portion, ) Tj ET Q q 0 0 0 rg BT 168.73 464.75 Td (for ) Tj ET Q q 0 0 0 rg BT 184.28 464.75 Td (its ) Tj ET Q q 0 0 0 rg BT 197.40 464.75 Td (share ) Tj ET Q q 0 0 0 rg BT 223.33 464.75 Td (of ) Tj ET Q q 0 0 0 rg BT 235.22 464.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.38 464.75 Td (rig ) Tj ET Q q 0 0 0 rg BT 266.33 464.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 324.35 464.75 Td (of ) Tj ET Q q 0 0 0 rg BT 336.24 464.75 Td (US$355 ) Tj ET Q q 0 0 0 rg BT 375.03 464.75 Td (million ) Tj ET Q q 0 0 0 rg BT 409.53 464.75 Td (was ) Tj ET Q q 0 0 0 rg BT 429.36 464.75 Td (funded ) Tj ET Q q 0 0 0 rg BT 462.63 464.75 Td (with ) Tj ET Q q 0 0 0 rg BT 484.92 464.75 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 526.73 464.75 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 451.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.46 451.60 Td (Partner's ) Tj ET Q q 0 0 0 rg BT 127.24 451.60 Td (second ) Tj ET Q q 0 0 0 rg BT 160.54 451.60 Td (public ) Tj ET Q q 0 0 0 rg BT 190.78 451.60 Td (follow ) Tj ET Q q 0 0 0 rg BT 222.25 451.60 Td (on ) Tj ET Q q 0 0 0 rg BT 236.00 451.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 266.25 451.60 Td (of) Tj ET Q q 0 0 0 rg BT 275.21 451.60 Td (fering.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 430.85 Td (The ) Tj ET Q q 0 0 0 rg BT 71.20 430.85 Td (W) Tj ET Q q 0 0 0 rg BT 80.70 430.85 Td (est ) Tj ET Q q 0 0 0 rg BT 96.79 430.85 Td (Auriga ) Tj ET Q q 0 0 0 rg BT 132.29 430.85 Td (is ) Tj ET Q q 0 0 0 rg BT 144.59 430.85 Td (contracted ) Tj ET Q q 0 0 0 rg BT 195.35 430.85 Td (with ) Tj ET Q q 0 0 0 rg BT 219.86 430.85 Td (BP) Tj ET Q q 0 0 0 rg BT 232.91 430.85 Td ( ) Tj ET Q q 0 0 0 rg BT 237.87 430.85 Td (in ) Tj ET Q q 0 0 0 rg BT 251.38 430.85 Td (the ) Tj ET Q q 0 0 0 rg BT 269.78 430.85 Td (US ) Tj ET Q q 0 0 0 rg BT 288.80 430.85 Td (Gulf ) Tj ET Q q 0 0 0 rg BT 313.92 430.85 Td (of ) Tj ET Q q 0 0 0 rg BT 328.04 430.85 Td (Mexico ) Tj ET Q q 0 0 0 rg BT 366.60 430.85 Td (at ) Tj ET Q q 0 0 0 rg BT 379.50 430.85 Td (a ) Tj ET Q q 0 0 0 rg BT 389.34 430.85 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 426.67 430.85 Td (of ) Tj ET Q q 0 0 0 rg BT 440.79 430.85 Td (US$565,000 ) Tj ET Q q 0 0 0 rg BT 501.06 430.85 Td (\(excluding ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 417.65 Td (approximately ) Tj ET Q q 0 0 0 rg BT 116.71 417.65 Td ($37,500 ) Tj ET Q q 0 0 0 rg BT 156.13 417.65 Td (per ) Tj ET Q q 0 0 0 rg BT 173.85 417.65 Td (day ) Tj ET Q q 0 0 0 rg BT 193.40 417.65 Td (payable ) Tj ET Q q 0 0 0 rg BT 231.28 417.65 Td (by ) Tj ET Q q 0 0 0 rg BT 245.95 417.65 Td (the ) Tj ET Q q 0 0 0 rg BT 263.06 417.65 Td (customer ) Tj ET Q q 0 0 0 rg BT 307.05 417.65 Td (over ) Tj ET Q q 0 0 0 rg BT 330.27 417.65 Td (the ) Tj ET Q q 0 0 0 rg BT 347.38 417.65 Td (term ) Tj ET Q q 0 0 0 rg BT 371.21 417.65 Td (of ) Tj ET Q q 0 0 0 rg BT 384.05 417.65 Td (the ) Tj ET Q q 0 0 0 rg BT 401.16 417.65 Td (contract ) Tj ET Q q 0 0 0 rg BT 440.25 417.65 Td (relating ) Tj ET Q q 0 0 0 rg BT 477.52 417.65 Td (to ) Tj ET Q q 0 0 0 rg BT 489.75 417.65 Td (mobilization, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 404.45 Td (variation ) Tj ET Q q 0 0 0 rg BT 91.07 404.45 Td (orders ) Tj ET Q q 0 0 0 rg BT 121.04 404.45 Td (and ) Tj ET Q q 0 0 0 rg BT 139.40 404.45 Td (other ) Tj ET Q q 0 0 0 rg BT 164.47 404.45 Td (special ) Tj ET Q q 0 0 0 rg BT 197.49 404.45 Td (and ) Tj ET Q q 0 0 0 rg BT 215.85 404.45 Td (standby ) Tj ET Q q 0 0 0 rg BT 252.54 404.45 Td (rates\) ) Tj ET Q q 0 0 0 rg BT 279.45 404.45 Td (until ) Tj ET Q q 0 0 0 rg BT 302.09 404.45 Td (the ) Tj ET Q q 0 0 0 rg BT 318.01 404.45 Td (third ) Tj ET Q q 0 0 0 rg BT 341.26 404.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 374.88 404.45 Td (of ) Tj ET Q q 0 0 0 rg BT 386.52 404.45 Td (2020. ) Tj ET Q q 0 0 0 rg BT 413.75 404.45 Td ( ) Tj ET Q q 0 0 0 rg BT 416.04 404.45 Td (The ) Tj ET Q q 0 0 0 rg BT 435.62 404.45 Td (long ) Tj ET Q q 0 0 0 rg BT 457.65 404.45 Td (term ) Tj ET Q q 0 0 0 rg BT 480.29 404.45 Td (contracted ) Tj ET Q q 0 0 0 rg BT 528.57 404.45 Td (cash ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 391.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 77.36 391.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.94 391.25 Td (this ) Tj ET Q q 0 0 0 rg BT 109.25 391.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 160.93 391.25 Td (further ) Tj ET Q q 0 0 0 rg BT 194.28 391.25 Td (enhances ) Tj ET Q q 0 0 0 rg BT 238.00 391.25 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 275.63 391.25 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 317.08 391.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 340.04 391.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 363.62 391.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 396.35 391.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.65 391.25 Td (visibility ) Tj ET Q q 0 0 0 rg BT 458.19 391.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.16 391.25 Td (distributable ) Tj ET Q q 0 0 0 rg BT 528.56 391.25 Td (cash ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 378.05 Td (flows, ) Tj ET Q q 0 0 0 rg BT 79.44 378.05 Td (as ) Tj ET Q q 0 0 0 rg BT 91.36 378.05 Td (well ) Tj ET Q q 0 0 0 rg BT 113.05 378.05 Td (as ) Tj ET Q q 0 0 0 rg BT 124.96 378.05 Td (further ) Tj ET Q q 0 0 0 rg BT 157.64 378.05 Td (diversifies ) Tj ET Q q 0 0 0 rg BT 206.21 378.05 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 243.17 378.05 Td (Partners ) Tj ET Q q 0 0 0 rg BT 281.97 378.05 Td (fleet ) Tj ET Q q 0 0 0 rg BT 304.26 378.05 Td (and ) Tj ET Q q 0 0 0 rg BT 322.89 378.05 Td (reduces ) Tj ET Q q 0 0 0 rg BT 359.23 378.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 401.70 378.05 Td (in ) Tj ET Q q 0 0 0 rg BT 413.00 378.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 457.29 378.05 Td (results.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 357.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.39 357.35 Td (noted ) Tj ET Q q 0 0 0 rg BT 91.49 357.35 Td (above ) Tj ET Q q 0 0 0 rg BT 120.42 357.35 Td (the ) Tj ET Q q 0 0 0 rg BT 136.52 357.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 181.95 357.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 230.43 357.35 Td (a ) Tj ET Q q 0 0 0 rg BT 237.98 357.35 Td (public ) Tj ET Q q 0 0 0 rg BT 268.13 357.35 Td (of) Tj ET Q q 0 0 0 rg BT 277.10 357.35 Td (fering ) Tj ET Q q 0 0 0 rg BT 306.03 357.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 325.79 357.35 Td ("Of) Tj ET Q q 0 0 0 rg BT 341.69 357.35 Td (fering"\) ) Tj ET Q q 0 0 0 rg BT 378.77 357.35 Td (of ) Tj ET Q q 0 0 0 rg BT 390.60 357.35 Td (10,400,000 ) Tj ET Q q 0 0 0 rg BT 442.76 357.35 Td (common ) Tj ET Q q 0 0 0 rg BT 483.92 357.35 Td (units ) Tj ET Q q 0 0 0 rg BT 507.97 357.35 Td (at ) Tj ET Q q 0 0 0 rg BT 518.57 357.35 Td (a ) Tj ET Q q 0 0 0 rg BT 526.12 357.35 Td (price ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 344.20 Td (of ) Tj ET Q q 0 0 0 rg BT 60.40 344.20 Td ($30.60 ) Tj ET Q q 0 0 0 rg BT 92.39 344.20 Td (per ) Tj ET Q q 0 0 0 rg BT 108.18 344.20 Td (common ) Tj ET Q q 0 0 0 rg BT 148.41 344.20 Td (unit ) Tj ET Q q 0 0 0 rg BT 167.27 344.20 Td (on ) Tj ET Q q 0 0 0 rg BT 180.01 344.20 Td (March ) Tj ET Q q 0 0 0 rg BT 210.46 344.20 Td (17, ) Tj ET Q q 0 0 0 rg BT 225.95 344.20 Td (2014. ) Tj ET Q q 0 0 0 rg BT 252.44 344.20 Td (In ) Tj ET Q q 0 0 0 rg BT 263.34 344.20 Td (addition, ) Tj ET Q q 0 0 0 rg BT 303.88 344.20 Td (the ) Tj ET Q q 0 0 0 rg BT 319.06 344.20 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 376.39 344.20 Td (exercised ) Tj ET Q q 0 0 0 rg BT 419.66 344.20 Td (in ) Tj ET Q q 0 0 0 rg BT 429.96 344.20 Td (full ) Tj ET Q q 0 0 0 rg BT 446.97 344.20 Td (their ) Tj ET Q q 0 0 0 rg BT 468.87 344.20 Td (option ) Tj ET Q q 0 0 0 rg BT 498.72 344.20 Td (to ) Tj ET Q q 0 0 0 rg BT 509.02 344.20 Td (purchase ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 331.00 Td (an ) Tj ET Q q 0 0 0 rg BT 63.87 331.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 111.84 331.00 Td (1,560,000 ) Tj ET Q q 0 0 0 rg BT 159.83 331.00 Td (common ) Tj ET Q q 0 0 0 rg BT 202.31 331.00 Td (units. ) Tj ET Q q 0 0 0 rg BT 230.15 331.00 Td (The ) Tj ET Q q 0 0 0 rg BT 251.23 331.00 Td (total ) Tj ET Q q 0 0 0 rg BT 274.77 331.00 Td (number ) Tj ET Q q 0 0 0 rg BT 312.36 331.00 Td (of ) Tj ET Q q 0 0 0 rg BT 325.51 331.00 Td (common ) Tj ET Q q 0 0 0 rg BT 367.99 331.00 Td (units ) Tj ET Q q 0 0 0 rg BT 393.36 331.00 Td (sold ) Tj ET Q q 0 0 0 rg BT 415.69 331.00 Td (in ) Tj ET Q q 0 0 0 rg BT 428.23 331.00 Td (the ) Tj ET Q q 0 0 0 rg BT 445.65 331.00 Td (Of) Tj ET Q q 0 0 0 rg BT 457.06 331.00 Td (fering ) Tj ET Q q 0 0 0 rg BT 487.31 331.00 Td (was ) Tj ET Q q 0 0 0 rg BT 508.40 331.00 Td (therefore ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 317.75 Td (1) Tj ET Q q 0 0 0 rg BT 54.59 317.75 Td (1,960,000. ) Tj ET Q q 0 0 0 rg BT 104.56 317.75 Td (Concurrently ) Tj ET Q q 0 0 0 rg BT 165.81 317.75 Td (with ) Tj ET Q q 0 0 0 rg BT 188.58 317.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.24 317.75 Td (closing ) Tj ET Q q 0 0 0 rg BT 240.23 317.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.60 317.75 Td (the ) Tj ET Q q 0 0 0 rg BT 269.26 317.75 Td (Of) Tj ET Q q 0 0 0 rg BT 280.67 317.75 Td (fering, ) Tj ET Q q 0 0 0 rg BT 312.90 317.75 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 350.32 317.75 Td (Limited ) Tj ET Q q 0 0 0 rg BT 388.36 317.75 Td (\("Seadrill"\) ) Tj ET Q q 0 0 0 rg BT 442.10 317.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 489.91 317.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 526.72 317.75 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 304.60 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 304.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.21 304.60 Td (1,633,987 ) Tj ET Q q 0 0 0 rg BT 157.96 304.60 Td (common ) Tj ET Q q 0 0 0 rg BT 199.21 304.60 Td (units ) Tj ET Q q 0 0 0 rg BT 223.35 304.60 Td (at ) Tj ET Q q 0 0 0 rg BT 234.04 304.60 Td (a ) Tj ET Q q 0 0 0 rg BT 241.67 304.60 Td (price ) Tj ET Q q 0 0 0 rg BT 266.41 304.60 Td (of ) Tj ET Q q 0 0 0 rg BT 278.32 304.60 Td ($30.60 ) Tj ET Q q 0 0 0 rg BT 311.32 304.60 Td (per ) Tj ET Q q 0 0 0 rg BT 328.11 304.60 Td (unit.) 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 (Financing ) Tj ET Q q 0 0 0 rg BT 99.32 790.00 Td (and ) Tj ET Q q 0 0 0 rg BT 119.80 790.00 Td (Liquidity) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 770.80 Td (As ) Tj ET Q q 0 0 0 rg BT 64.42 770.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.28 770.80 Td (March31, ) Tj ET Q q 0 0 0 rg BT 124.19 770.80 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 146.19 770.80 Td (, ) Tj ET Q q 0 0 0 rg BT 151.64 770.80 Td (the ) Tj ET Q q 0 0 0 rg BT 167.77 770.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.25 770.80 Td (had ) Tj ET Q q 0 0 0 rg BT 231.83 770.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.07 770.80 Td (and ) Tj ET Q q 0 0 0 rg BT 272.65 770.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 294.89 770.80 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 350.44 770.80 Td (on ) Tj ET Q q 0 0 0 rg BT 364.13 770.80 Td (a ) Tj ET Q q 0 0 0 rg BT 371.71 770.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 430.01 770.80 Td (basis, ) Tj ET Q q 0 0 0 rg BT 457.46 770.80 Td (of ) Tj ET Q q 0 0 0 rg BT 469.32 770.80 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 483.38 770.80 Td ($130.1 ) Tj ET Q q 0 0 0 rg BT 516.33 770.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 548.11 770.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.60 Td (and ) Tj ET Q q 0 0 0 rg BT 67.89 757.60 Td (two ) Tj ET Q q 0 0 0 rg BT 86.89 757.60 Td (revolving ) Tj ET Q q 0 0 0 rg BT 131.55 757.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 159.09 757.60 Td (facilities ) Tj ET Q q 0 0 0 rg BT 199.47 757.60 Td (totaling ) Tj ET Q q 0 0 0 rg BT 235.58 757.60 Td (US$200 ) Tj ET Q q 0 0 0 rg BT 274.14 757.60 Td (million. ) Tj ET Q q 0 0 0 rg BT 311.17 757.60 Td (One ) Tj ET Q q 0 0 0 rg BT 332.00 757.60 Td (US$100mm ) Tj ET Q q 0 0 0 rg BT 387.68 757.60 Td (facility ) Tj ET Q q 0 0 0 rg BT 421.34 757.60 Td (is ) Tj ET Q q 0 0 0 rg BT 431.18 757.60 Td (provided ) Tj ET Q q 0 0 0 rg BT 472.78 757.60 Td (by ) Tj ET Q q 0 0 0 rg BT 486.28 757.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 523.00 757.60 Td (as ) Tj ET Q q 0 0 0 rg BT 534.67 757.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.40 Td (lender ) Tj ET Q q 0 0 0 rg BT 80.04 744.40 Td (and ) Tj ET Q q 0 0 0 rg BT 98.98 744.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.48 744.40 Td (second ) Tj ET Q q 0 0 0 rg BT 149.09 744.40 Td (US$100mm ) Tj ET Q q 0 0 0 rg BT 205.32 744.40 Td (facility ) Tj ET Q q 0 0 0 rg BT 239.53 744.40 Td (is ) Tj ET Q q 0 0 0 rg BT 249.93 744.40 Td (provided ) Tj ET Q q 0 0 0 rg BT 292.09 744.40 Td (by ) Tj ET Q q 0 0 0 rg BT 306.15 744.40 Td (a ) Tj ET Q q 0 0 0 rg BT 314.09 744.40 Td (syndicate ) Tj ET Q q 0 0 0 rg BT 358.69 744.40 Td (of ) Tj ET Q q 0 0 0 rg BT 370.91 744.40 Td (banks ) Tj ET Q q 0 0 0 rg BT 399.63 744.40 Td (and ) Tj ET Q q 0 0 0 rg BT 418.57 744.40 Td (is ) Tj ET Q q 0 0 0 rg BT 428.97 744.40 Td (secured ) Tj ET Q q 0 0 0 rg BT 465.62 744.40 Td (in ) Tj ET Q q 0 0 0 rg BT 477.23 744.40 Td (connection ) Tj ET Q q 0 0 0 rg BT 528.55 744.40 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 731.20 Td (the ) Tj ET Q q 0 0 0 rg BT 65.56 731.20 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 87.43 731.20 Td (billion ) Tj ET Q q 0 0 0 rg BT 118.78 731.20 Td (term ) Tj ET Q q 0 0 0 rg BT 141.56 731.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 163.11 731.20 Td (B. ) Tj ET Q q 0 0 0 rg BT 175.82 731.20 Td ( ) Tj ET Q q 0 0 0 rg BT 177.87 731.20 Td (As ) Tj ET Q q 0 0 0 rg BT 192.71 731.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 204.50 731.20 Td (March31, ) Tj ET Q q 0 0 0 rg BT 252.32 731.20 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 274.32 731.20 Td (, ) Tj ET Q q 0 0 0 rg BT 279.70 731.20 Td (US) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 293.76 731.20 Td ($0.0 ) Tj ET Q q 0 0 0 rg BT 315.63 731.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 347.41 731.20 Td ( ) Tj ET Q q 0 0 0 rg BT 350.03 731.20 Td (was ) Tj ET Q q 0 0 0 rg BT 369.76 731.20 Td (drawn ) Tj ET Q q 0 0 0 rg BT 399.87 731.20 Td (on ) Tj ET Q q 0 0 0 rg BT 413.49 731.20 Td (these ) Tj ET Q q 0 0 0 rg BT 438.71 731.20 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 481.96 731.20 Td ( ) Tj ET Q q 0 0 0 rg BT 484.39 731.20 Td (T) Tj ET Q q 0 0 0 rg BT 490.34 731.20 Td (otal ) Tj ET Q q 0 0 0 rg BT 509.45 731.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 531.01 731.20 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 718.00 Td (US$3,139.9 ) Tj ET Q q 0 0 0 rg BT 104.79 718.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 136.57 718.00 Td ( ) Tj ET Q q 0 0 0 rg BT 139.30 718.00 Td (as ) Tj ET Q q 0 0 0 rg BT 151.20 718.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.09 718.00 Td (March31, ) Tj ET Q q 0 0 0 rg BT 211.03 718.00 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 233.03 718.00 Td (; ) Tj ET Q q 0 0 0 rg BT 238.81 718.00 Td (US$1,134.6 ) Tj ET Q q 0 0 0 rg BT 294.10 718.00 Td (million ) Tj ET Q q 0 0 0 rg BT 328.62 718.00 Td (of ) Tj ET Q q 0 0 0 rg BT 340.51 718.00 Td (this ) Tj ET Q q 0 0 0 rg BT 359.13 718.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 380.80 718.00 Td (was ) Tj ET Q q 0 0 0 rg BT 400.64 718.00 Td (originally ) Tj ET Q q 0 0 0 rg BT 446.14 718.00 Td (incurred ) Tj ET Q q 0 0 0 rg BT 485.51 718.00 Td (by ) Tj ET Q q 0 0 0 rg BT 499.24 718.00 Td (Seadrill, ) Tj ET Q q 0 0 0 rg BT 538.94 718.00 Td (as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 704.80 Td (borrower) Tj ET Q q 0 0 0 rg BT 89.38 704.80 Td (, ) Tj ET Q q 0 0 0 rg BT 94.88 704.80 Td (in ) Tj ET Q q 0 0 0 rg BT 106.18 704.80 Td (connection ) Tj ET Q q 0 0 0 rg BT 157.19 704.80 Td (with ) Tj ET Q q 0 0 0 rg BT 179.50 704.80 Td (its ) Tj ET Q q 0 0 0 rg BT 192.64 704.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 243.66 704.80 Td (of ) Tj ET Q q 0 0 0 rg BT 255.57 704.80 Td (the ) Tj ET Q q 0 0 0 rg BT 271.76 704.80 Td (drilling ) Tj ET Q q 0 0 0 rg BT 306.90 704.80 Td (rigs. ) Tj ET Q q 0 0 0 rg BT 328.90 704.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 685.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.89 685.60 Td (of ) Tj ET Q q 0 0 0 rg BT 75.22 685.60 Td (March ) Tj ET Q q 0 0 0 rg BT 106.09 685.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.01 685.60 Td (2014 ) Tj ET Q q 0 0 0 rg BT 146.18 685.60 Td (the ) Tj ET Q q 0 0 0 rg BT 161.78 685.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 206.72 685.60 Td (had ) Tj ET Q q 0 0 0 rg BT 224.77 685.60 Td (four ) Tj ET Q q 0 0 0 rg BT 245.26 685.60 Td (secured ) Tj ET Q q 0 0 0 rg BT 281.02 685.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 308.23 685.60 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 351.01 685.60 Td (in ) Tj ET Q q 0 0 0 rg BT 361.74 685.60 Td (addition ) Tj ET Q q 0 0 0 rg BT 399.95 685.60 Td (to ) Tj ET Q q 0 0 0 rg BT 410.67 685.60 Td (the ) Tj ET Q q 0 0 0 rg BT 426.28 685.60 Td (term ) Tj ET Q q 0 0 0 rg BT 448.60 685.60 Td (loan ) Tj ET Q q 0 0 0 rg BT 469.71 685.60 Td (B. ) Tj ET Q q 0 0 0 rg BT 481.80 685.60 Td (These ) Tj ET Q q 0 0 0 rg BT 510.23 685.60 Td (facilities ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 672.40 Td (expire ) Tj ET Q q 0 0 0 rg BT 79.10 672.40 Td (in ) Tj ET Q q 0 0 0 rg BT 89.78 672.40 Td (2015, ) Tj ET Q q 0 0 0 rg BT 116.64 672.40 Td (2016, ) Tj ET Q q 0 0 0 rg BT 143.51 672.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 170.38 672.40 Td (and ) Tj ET Q q 0 0 0 rg BT 188.38 672.40 Td (2025. ) Tj ET Q q 0 0 0 rg BT 214.78 672.40 Td (A) Tj ET Q q 0 0 0 rg BT 222.12 672.40 Td ( ) Tj ET Q q 0 0 0 rg BT 224.23 672.40 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 276.44 672.40 Td (strategy ) Tj ET Q q 0 0 0 rg BT 313.38 672.40 Td (similar ) Tj ET Q q 0 0 0 rg BT 346.04 672.40 Td (to ) Tj ET Q q 0 0 0 rg BT 356.72 672.40 Td (the ) Tj ET Q q 0 0 0 rg BT 372.27 672.40 Td (term ) Tj ET Q q 0 0 0 rg BT 394.55 672.40 Td (loan ) Tj ET Q q 0 0 0 rg BT 415.60 672.40 Td (B ) Tj ET Q q 0 0 0 rg BT 425.06 672.40 Td (executed ) Tj ET Q q 0 0 0 rg BT 466.26 672.40 Td (in ) Tj ET Q q 0 0 0 rg BT 476.94 672.40 Td (February ) Tj ET Q q 0 0 0 rg BT 518.76 672.40 Td (should ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 659.20 Td (be ) Tj ET Q q 0 0 0 rg BT 62.22 659.20 Td (expected ) Tj ET Q q 0 0 0 rg BT 103.65 659.20 Td (at ) Tj ET Q q 0 0 0 rg BT 113.93 659.20 Td (maturity ) Tj ET Q q 0 0 0 rg BT 153.54 659.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 174.82 659.20 Td (levels ) Tj ET Q q 0 0 0 rg BT 202.81 659.20 Td (or ) Tj ET Q q 0 0 0 rg BT 214.32 659.20 Td (higher) Tj ET Q q 0 0 0 rg BT 241.81 659.20 Td (. ) Tj ET Q q 0 0 0 rg BT 246.90 659.20 Td ( ) Tj ET Q q 0 0 0 rg BT 248.73 659.20 Td (Additionally ) Tj ET Q q 0 0 0 rg BT 306.67 659.20 Td (the ) Tj ET Q q 0 0 0 rg BT 322.45 659.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 367.57 659.20 Td (has ) Tj ET Q q 0 0 0 rg BT 384.57 659.20 Td (a ) Tj ET Q q 0 0 0 rg BT 391.79 659.20 Td (US$109.5 ) Tj ET Q q 0 0 0 rg BT 438.45 659.20 Td (million ) Tj ET Q q 0 0 0 rg BT 472.57 659.20 Td (vendor ) Tj ET Q q 0 0 0 rg BT 505.45 659.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 526.73 659.20 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 646.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.28 646.00 Td (maturing ) Tj ET Q q 0 0 0 rg BT 128.55 646.00 Td (in ) Tj ET Q q 0 0 0 rg BT 139.67 646.00 Td (2016 ) Tj ET Q q 0 0 0 rg BT 164.24 646.00 Td (relating ) Tj ET Q q 0 0 0 rg BT 200.40 646.00 Td (to ) Tj ET Q q 0 0 0 rg BT 211.52 646.00 Td (the ) Tj ET Q q 0 0 0 rg BT 227.52 646.00 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 278.35 646.00 Td (of ) Tj ET Q q 0 0 0 rg BT 290.08 646.00 Td (the ) Tj ET Q q 0 0 0 rg BT 305.90 646.00 Td (T) Tj ET Q q 0 0 0 rg BT 311.60 646.00 Td (-15 ) Tj ET Q q 0 0 0 rg BT 328.83 646.00 Td (and ) Tj ET Q q 0 0 0 rg BT 347.28 646.00 Td (a ) Tj ET Q q 0 0 0 rg BT 354.72 646.00 Td (US$100.0 ) Tj ET Q q 0 0 0 rg BT 401.60 646.00 Td (million ) Tj ET Q q 0 0 0 rg BT 435.94 646.00 Td (discount ) Tj ET Q q 0 0 0 rg BT 475.78 646.00 Td (note ) Tj ET Q q 0 0 0 rg BT 497.28 646.00 Td (maturing ) Tj ET Q q 0 0 0 rg BT 539.56 646.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 632.80 Td (2015 ) Tj ET Q q 0 0 0 rg BT 74.25 632.80 Td (relating ) Tj ET Q q 0 0 0 rg BT 110.60 632.80 Td (to ) Tj ET Q q 0 0 0 rg BT 121.90 632.80 Td (the ) Tj ET Q q 0 0 0 rg BT 138.09 632.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 189.11 632.80 Td (of ) Tj ET Q q 0 0 0 rg BT 201.02 632.80 Td (the ) Tj ET Q q 0 0 0 rg BT 217.01 632.80 Td (W) Tj ET Q q 0 0 0 rg BT 226.52 632.80 Td (est ) Tj ET Q q 0 0 0 rg BT 240.88 632.80 Td (Auriga.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 613.60 Td (In ) Tj ET Q q 0 0 0 rg BT 61.36 613.60 Td (February ) Tj ET Q q 0 0 0 rg BT 103.76 613.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 131.21 613.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 168.11 613.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 206.85 613.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 248.64 613.60 Td (a ) Tj ET Q q 0 0 0 rg BT 256.21 613.60 Td (US$1.8 ) Tj ET Q q 0 0 0 rg BT 292.22 613.60 Td (billion ) Tj ET Q q 0 0 0 rg BT 323.64 613.60 Td (term ) Tj ET Q q 0 0 0 rg BT 346.49 613.60 Td (loan ) Tj ET Q q 0 0 0 rg BT 368.12 613.60 Td (B ) Tj ET Q q 0 0 0 rg BT 378.16 613.60 Td (and ) Tj ET Q q 0 0 0 rg BT 396.73 613.60 Td (US$100.0 ) Tj ET Q q 0 0 0 rg BT 443.74 613.60 Td (million ) Tj ET Q q 0 0 0 rg BT 478.21 613.60 Td (revolving ) Tj ET Q q 0 0 0 rg BT 523.07 613.60 Td (credit ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 600.40 Td (facility) Tj ET Q q 0 0 0 rg BT 79.94 600.40 Td (. ) Tj ET Q q 0 0 0 rg BT 84.79 600.40 Td ( ) Tj ET Q q 0 0 0 rg BT 86.73 600.40 Td (The ) Tj ET Q q 0 0 0 rg BT 105.93 600.40 Td (term ) Tj ET Q q 0 0 0 rg BT 128.19 600.40 Td (loan ) Tj ET Q q 0 0 0 rg BT 149.23 600.40 Td (was ) Tj ET Q q 0 0 0 rg BT 168.43 600.40 Td (upsized ) Tj ET Q q 0 0 0 rg BT 204.13 600.40 Td (from ) Tj ET Q q 0 0 0 rg BT 227.61 600.40 Td (US$1.7 ) Tj ET Q q 0 0 0 rg BT 263.02 600.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 293.85 600.40 Td (and ) Tj ET Q q 0 0 0 rg BT 311.83 600.40 Td (priced ) Tj ET Q q 0 0 0 rg BT 341.41 600.40 Td (at ) Tj ET Q q 0 0 0 rg BT 351.45 600.40 Td (Libor ) Tj ET Q q 0 0 0 rg BT 377.99 600.40 Td (plus ) Tj ET Q q 0 0 0 rg BT 398.42 600.40 Td (3%, ) Tj ET Q q 0 0 0 rg BT 417.93 600.40 Td (the ) Tj ET Q q 0 0 0 rg BT 433.47 600.40 Td (low ) Tj ET Q q 0 0 0 rg BT 452.07 600.40 Td (end ) Tj ET Q q 0 0 0 rg BT 470.05 600.40 Td (of ) Tj ET Q q 0 0 0 rg BT 481.31 600.40 Td (the ) Tj ET Q q 0 0 0 rg BT 496.85 600.40 Td (price ) Tj ET Q q 0 0 0 rg BT 520.93 600.40 Td (range, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 587.20 Td (and ) Tj ET Q q 0 0 0 rg BT 68.01 587.20 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 128.08 587.20 Td (swapped ) Tj ET Q q 0 0 0 rg BT 169.20 587.20 Td (to ) Tj ET Q q 0 0 0 rg BT 180.39 587.20 Td (a ) Tj ET Q q 0 0 0 rg BT 187.90 587.20 Td (fixed ) Tj ET Q q 0 0 0 rg BT 213.13 587.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 232.25 587.20 Td (of ) Tj ET Q q 0 0 0 rg BT 244.04 587.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 310.21 587.20 Td (5.5%. ) Tj ET Q q 0 0 0 rg BT 338.50 587.20 Td ( ) Tj ET Q q 0 0 0 rg BT 340.94 587.20 Td (The ) Tj ET Q q 0 0 0 rg BT 360.67 587.20 Td (1% ) Tj ET Q q 0 0 0 rg BT 377.96 587.20 Td (amortization ) Tj ET Q q 0 0 0 rg BT 436.19 587.20 Td (profile ) Tj ET Q q 0 0 0 rg BT 468.14 587.20 Td (of ) Tj ET Q q 0 0 0 rg BT 479.93 587.20 Td (the ) Tj ET Q q 0 0 0 rg BT 496.00 587.20 Td (new ) Tj ET Q q 0 0 0 rg BT 516.96 587.20 Td (facility ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 574.00 Td (will ) Tj ET Q q 0 0 0 rg BT 69.61 574.00 Td (enable ) Tj ET Q q 0 0 0 rg BT 101.30 574.00 Td (the ) Tj ET Q q 0 0 0 rg BT 117.74 574.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 163.51 574.00 Td (to ) Tj ET Q q 0 0 0 rg BT 175.06 574.00 Td (more ) Tj ET Q q 0 0 0 rg BT 200.65 574.00 Td (ef) Tj ET Q q 0 0 0 rg BT 209.00 574.00 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 248.65 574.00 Td (manage ) Tj ET Q q 0 0 0 rg BT 285.85 574.00 Td (its ) Tj ET Q q 0 0 0 rg BT 299.23 574.00 Td (replacement ) Tj ET Q q 0 0 0 rg BT 355.97 574.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 388.28 574.00 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 443.20 574.00 Td (reserves ) Tj ET Q q 0 0 0 rg BT 482.23 574.00 Td (by ) Tj ET Q q 0 0 0 rg BT 496.22 574.00 Td (investing ) Tj ET Q q 0 0 0 rg BT 539.55 574.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 560.80 Td (new ) Tj ET Q q 0 0 0 rg BT 71.05 560.80 Td (assets. ) Tj ET Q q 0 0 0 rg BT 102.69 560.80 Td ( ) Tj ET Q q 0 0 0 rg BT 105.92 560.80 Td (In ) Tj ET Q q 0 0 0 rg BT 118.31 560.80 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 173.47 560.80 Td (with ) Tj ET Q q 0 0 0 rg BT 196.25 560.80 Td (the ) Tj ET Q q 0 0 0 rg BT 212.92 560.80 Td (term ) Tj ET Q q 0 0 0 rg BT 236.30 560.80 Td (loan ) Tj ET Q q 0 0 0 rg BT 258.47 560.80 Td (B ) Tj ET Q q 0 0 0 rg BT 269.03 560.80 Td (and ) Tj ET Q q 0 0 0 rg BT 288.14 560.80 Td (revolver ) Tj ET Q q 0 0 0 rg BT 328.01 560.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 365.45 560.80 Td (Partners ) Tj ET Q q 0 0 0 rg BT 404.72 560.80 Td (obtained ) Tj ET Q q 0 0 0 rg BT 445.83 560.80 Td (a ) Tj ET Q q 0 0 0 rg BT 453.94 560.80 Td (credit ) Tj ET Q q 0 0 0 rg BT 482.20 560.80 Td (rating ) Tj ET Q q 0 0 0 rg BT 511.09 560.80 Td (of ) Tj ET Q q 0 0 0 rg BT 523.48 560.80 Td (BB- ) Tj ET Q q 0 0 0 rg BT 545.04 560.80 Td (/ ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 547.60 Td (Ba3. ) Tj ET Q q 0 0 0 rg BT 72.18 547.60 Td ( ) Tj ET Q q 0 0 0 rg BT 73.90 547.60 Td (As ) Tj ET Q q 0 0 0 rg BT 88.33 547.60 Td (a ) Tj ET Q q 0 0 0 rg BT 95.42 547.60 Td (rated ) Tj ET Q q 0 0 0 rg BT 119.62 547.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 146.88 547.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 183.30 547.60 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 223.54 547.60 Td (access ) Tj ET Q q 0 0 0 rg BT 253.84 547.60 Td (to ) Tj ET Q q 0 0 0 rg BT 264.60 547.60 Td (and ) Tj ET Q q 0 0 0 rg BT 282.69 547.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 302.62 547.60 Td (of ) Tj ET Q q 0 0 0 rg BT 313.99 547.60 Td (funding ) Tj ET Q q 0 0 0 rg BT 350.42 547.60 Td (should ) Tj ET Q q 0 0 0 rg BT 381.97 547.60 Td (be ) Tj ET Q q 0 0 0 rg BT 394.56 547.60 Td (improved, ) Tj ET Q q 0 0 0 rg BT 441.67 547.60 Td (thus ) Tj ET Q q 0 0 0 rg BT 462.22 547.60 Td (increasing ) Tj ET Q q 0 0 0 rg BT 509.63 547.60 Td (financial ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 534.40 Td (flexibility) Tj ET Q q 0 0 0 rg BT 92.17 534.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 515.20 Td (The ) Tj ET Q q 0 0 0 rg BT 69.28 515.20 Td (Board ) Tj ET Q q 0 0 0 rg BT 98.84 515.20 Td (is ) Tj ET Q q 0 0 0 rg BT 108.85 515.20 Td (confident ) Tj ET Q q 0 0 0 rg BT 153.07 515.20 Td (that ) Tj ET Q q 0 0 0 rg BT 172.24 515.20 Td (a ) Tj ET Q q 0 0 0 rg BT 179.80 515.20 Td (similar ) Tj ET Q q 0 0 0 rg BT 213.02 515.20 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 265.78 515.20 Td (can ) Tj ET Q q 0 0 0 rg BT 283.73 515.20 Td (be ) Tj ET Q q 0 0 0 rg BT 296.78 515.20 Td (executed ) Tj ET Q q 0 0 0 rg BT 338.55 515.20 Td (on ) Tj ET Q q 0 0 0 rg BT 352.22 515.20 Td (the ) Tj ET Q q 0 0 0 rg BT 368.34 515.20 Td (remaining ) Tj ET Q q 0 0 0 rg BT 415.61 515.20 Td (back ) Tj ET Q q 0 0 0 rg BT 439.05 515.20 Td (to ) Tj ET Q q 0 0 0 rg BT 450.28 515.20 Td (back ) Tj ET Q q 0 0 0 rg BT 473.72 515.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 499.62 515.20 Td (and ) Tj ET Q q 0 0 0 rg BT 518.18 515.20 Td (related ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 502.00 Td (party ) Tj ET Q q 0 0 0 rg BT 75.52 502.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 97.89 502.00 Td (in ) Tj ET Q q 0 0 0 rg BT 109.86 502.00 Td (order ) Tj ET Q q 0 0 0 rg BT 136.50 502.00 Td (to ) Tj ET Q q 0 0 0 rg BT 148.48 502.00 Td (achieve ) Tj ET Q q 0 0 0 rg BT 185.48 502.00 Td (a ) Tj ET Q q 0 0 0 rg BT 193.79 502.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 226.53 502.00 Td (structure ) Tj ET Q q 0 0 0 rg BT 268.43 502.00 Td (that ) Tj ET Q q 0 0 0 rg BT 288.35 502.00 Td (is ) Tj ET Q q 0 0 0 rg BT 299.11 502.00 Td (independent ) Tj ET Q q 0 0 0 rg BT 356.29 502.00 Td (from ) Tj ET Q q 0 0 0 rg BT 381.10 502.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 418.73 502.00 Td (Limited ) Tj ET Q q 0 0 0 rg BT 456.98 502.00 Td (and ) Tj ET Q q 0 0 0 rg BT 476.29 502.00 Td (further ) Tj ET Q q 0 0 0 rg BT 509.64 502.00 Td (facilitate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 488.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.46 488.80 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 127.24 488.80 Td (growth. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 469.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.52 469.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 74.48 469.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 121.49 469.60 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 143.49 469.60 Td (, ) Tj ET Q q 0 0 0 rg BT 148.03 469.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 184.04 469.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 221.89 469.60 Td (had ) Tj ET Q q 0 0 0 rg BT 239.57 469.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 273.74 469.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 292.02 469.60 Td (swaps ) Tj ET Q q 0 0 0 rg BT 320.71 469.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 373.83 469.60 Td (on ) Tj ET Q q 0 0 0 rg BT 386.63 469.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 427.52 469.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 448.26 469.60 Td (of ) Tj ET Q q 0 0 0 rg BT 459.22 469.60 Td (US$2,948.0 ) Tj ET Q q 0 0 0 rg BT 513.58 469.60 Td (million. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 456.40 Td (All ) Tj ET Q q 0 0 0 rg BT 67.66 456.40 Td (of ) Tj ET Q q 0 0 0 rg BT 80.93 456.40 Td (the ) Tj ET Q q 0 0 0 rg BT 98.47 456.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.95 456.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 155.54 456.40 Td (swap ) Tj ET Q q 0 0 0 rg BT 182.25 456.40 Td (agreements ) Tj ET Q q 0 0 0 rg BT 236.44 456.40 Td (were ) Tj ET Q q 0 0 0 rg BT 261.91 456.40 Td (entered ) Tj ET Q q 0 0 0 rg BT 298.38 456.40 Td (into ) Tj ET Q q 0 0 0 rg BT 319.60 456.40 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 372.58 456.40 Td (to ) Tj ET Q q 0 0 0 rg BT 385.24 456.40 Td (the ) Tj ET Q q 0 0 0 rg BT 402.78 456.40 Td (IPO ) Tj ET Q q 0 0 0 rg BT 424.61 456.40 Td (Closing ) Tj ET Q q 0 0 0 rg BT 462.95 456.40 Td (Date ) Tj ET Q q 0 0 0 rg BT 487.81 456.40 Td (and ) Tj ET Q q 0 0 0 rg BT 507.80 456.40 Td (represent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 443.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 115.57 443.20 Td (97% ) Tj ET Q q 0 0 0 rg BT 138.27 443.20 Td (of ) Tj ET Q q 0 0 0 rg BT 149.97 443.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 171.45 443.20 Td (obligations ) Tj ET Q q 0 0 0 rg BT 222.87 443.20 Td (as ) Tj ET Q q 0 0 0 rg BT 234.57 443.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 246.27 443.20 Td (March31, ) Tj ET Q q 0 0 0 rg BT 294.01 443.20 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 316.01 443.20 Td (. ) Tj ET Q q 0 0 0 rg BT 321.12 443.20 Td (The ) Tj ET Q q 0 0 0 rg BT 340.76 443.20 Td (average ) Tj ET Q q 0 0 0 rg BT 377.48 443.20 Td (swapped ) Tj ET Q q 0 0 0 rg BT 418.51 443.20 Td (rate, ) Tj ET Q q 0 0 0 rg BT 440.28 443.20 Td (excluding ) Tj ET Q q 0 0 0 rg BT 486.19 443.20 Td (bank ) Tj ET Q q 0 0 0 rg BT 510.11 443.20 Td (mar) Tj ET Q q 0 0 0 rg BT 527.02 443.20 Td (gins, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 430.00 Td (is ) Tj ET Q q 0 0 0 rg BT 60.14 430.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 126.98 430.00 Td (2.02%. ) Tj ET Q q 0 0 0 rg BT 161.20 430.00 Td (The ) Tj ET Q q 0 0 0 rg BT 181.60 430.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 227.68 430.00 Td (has ) Tj ET Q q 0 0 0 rg BT 245.65 430.00 Td (a ) Tj ET Q q 0 0 0 rg BT 253.83 430.00 Td (policy ) Tj ET Q q 0 0 0 rg BT 284.63 430.00 Td (of ) Tj ET Q q 0 0 0 rg BT 297.09 430.00 Td (hedging ) Tj ET Q q 0 0 0 rg BT 335.83 430.00 Td (the ) Tj ET Q q 0 0 0 rg BT 352.57 430.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 402.31 430.00 Td (majority ) Tj ET Q q 0 0 0 rg BT 442.88 430.00 Td (of ) Tj ET Q q 0 0 0 rg BT 455.34 430.00 Td (its ) Tj ET Q q 0 0 0 rg BT 469.04 430.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 515.72 430.00 Td (interest ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 416.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 68.73 416.80 Td (exposure ) Tj ET Q q 0 0 0 rg BT 111.19 416.80 Td (in ) Tj ET Q q 0 0 0 rg BT 122.50 416.80 Td (order ) Tj ET Q q 0 0 0 rg BT 148.46 416.80 Td (to ) Tj ET Q q 0 0 0 rg BT 159.76 416.80 Td (reduce ) Tj ET Q q 0 0 0 rg BT 191.82 416.80 Td (the ) Tj ET Q q 0 0 0 rg BT 208.01 416.80 Td (risk ) Tj ET Q q 0 0 0 rg BT 227.26 416.80 Td (of ) Tj ET Q q 0 0 0 rg BT 239.17 416.80 Td (a ) Tj ET Q q 0 0 0 rg BT 246.81 416.80 Td (rising ) Tj ET Q q 0 0 0 rg BT 274.61 416.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 309.74 416.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 328.97 416.80 Td (environment.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 372.35 Td (Market ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 353.15 Td (Several ) Tj ET Q q 0 0 0 rg BT 85.24 353.15 Td (new ) Tj ET Q q 0 0 0 rg BT 106.33 353.15 Td (deepwater ) Tj ET Q q 0 0 0 rg BT 154.28 353.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 196.75 353.15 Td (have ) Tj ET Q q 0 0 0 rg BT 220.27 353.15 Td (been ) Tj ET Q q 0 0 0 rg BT 243.80 353.15 Td (announced ) Tj ET Q q 0 0 0 rg BT 294.21 353.15 Td (recently ) Tj ET Q q 0 0 0 rg BT 332.39 353.15 Td (indicating ) Tj ET Q q 0 0 0 rg BT 379.14 353.15 Td (a ) Tj ET Q q 0 0 0 rg BT 386.78 353.15 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 421.91 353.15 Td (level ) Tj ET Q q 0 0 0 rg BT 446.05 353.15 Td (between ) Tj ET Q q 0 0 0 rg BT 485.46 353.15 Td (500 ) Tj ET Q q 0 0 0 rg BT 504.72 353.15 Td (and ) Tj ET Q q 0 0 0 rg BT 523.36 353.15 Td (550k. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 339.95 Td (There ) Tj ET Q q 0 0 0 rg BT 76.73 339.95 Td (are ) Tj ET Q q 0 0 0 rg BT 91.74 339.95 Td (reasons ) Tj ET Q q 0 0 0 rg BT 126.31 339.95 Td (however ) Tj ET Q q 0 0 0 rg BT 165.77 339.95 Td (to ) Tj ET Q q 0 0 0 rg BT 175.91 339.95 Td (believe ) Tj ET Q q 0 0 0 rg BT 209.25 339.95 Td (that ) Tj ET Q q 0 0 0 rg BT 227.33 339.95 Td (some ) Tj ET Q q 0 0 0 rg BT 252.13 339.95 Td (of ) Tj ET Q q 0 0 0 rg BT 262.88 339.95 Td (our ) Tj ET Q q 0 0 0 rg BT 279.12 339.95 Td (major ) Tj ET Q q 0 0 0 rg BT 306.36 339.95 Td (competitors ) Tj ET Q q 0 0 0 rg BT 359.88 339.95 Td (will ) Tj ET Q q 0 0 0 rg BT 378.57 339.95 Td (accept ) Tj ET Q q 0 0 0 rg BT 408.24 339.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 430.59 339.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 457.83 339.95 Td (for ) Tj ET Q q 0 0 0 rg BT 472.24 339.95 Td (a ) Tj ET Q q 0 0 0 rg BT 478.70 339.95 Td (sixth ) Tj ET Q q 0 0 0 rg BT 501.68 339.95 Td (generation ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 326.75 Td (vessels ) Tj ET Q q 0 0 0 rg BT 83.48 326.75 Td (in ) Tj ET Q q 0 0 0 rg BT 94.85 326.75 Td (the ) Tj ET Q q 0 0 0 rg BT 111.11 326.75 Td (425 ) Tj ET Q q 0 0 0 rg BT 130.43 326.75 Td (- ) Tj ET Q q 0 0 0 rg BT 136.91 326.75 Td (475k ) Tj ET Q q 0 0 0 rg BT 161.73 326.75 Td (level. ) Tj ET Q q 0 0 0 rg BT 188.67 326.75 Td ( ) Tj ET Q q 0 0 0 rg BT 191.49 326.75 Td (Currently) Tj ET Q q 0 0 0 rg BT 232.93 326.75 Td (, ) Tj ET Q q 0 0 0 rg BT 238.50 326.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.75 326.75 Td (market ) Tj ET Q q 0 0 0 rg BT 288.11 326.75 Td (suf) Tj ET Q q 0 0 0 rg BT 301.36 326.75 Td (fers ) Tj ET Q q 0 0 0 rg BT 320.66 326.75 Td (from ) Tj ET Q q 0 0 0 rg BT 344.86 326.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 378.84 326.75 Td (exploration ) Tj ET Q q 0 0 0 rg BT 431.76 326.75 Td (drilling ) Tj ET Q q 0 0 0 rg BT 466.96 326.75 Td (and ) Tj ET Q q 0 0 0 rg BT 485.66 326.75 Td (delays ) Tj ET Q q 0 0 0 rg BT 516.58 326.75 Td (in ) Tj ET Q q 0 0 0 rg BT 527.95 326.75 Td (field ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 313.55 Td (developments ) Tj ET Q q 0 0 0 rg BT 113.01 313.55 Td (from ) Tj ET Q q 0 0 0 rg BT 136.80 313.55 Td (the ) Tj ET Q q 0 0 0 rg BT 152.65 313.55 Td (major ) Tj ET Q q 0 0 0 rg BT 180.72 313.55 Td (oil ) Tj ET Q q 0 0 0 rg BT 194.75 313.55 Td (companies. ) Tj ET Q q 0 0 0 rg BT 246.95 313.55 Td ( ) Tj ET Q q 0 0 0 rg BT 249.18 313.55 Td (The ) Tj ET Q q 0 0 0 rg BT 268.70 313.55 Td (root ) Tj ET Q q 0 0 0 rg BT 288.83 313.55 Td (cause ) Tj ET Q q 0 0 0 rg BT 315.67 313.55 Td (of ) Tj ET Q q 0 0 0 rg BT 327.24 313.55 Td (the ) Tj ET Q q 0 0 0 rg BT 343.09 313.55 Td (muted ) Tj ET Q q 0 0 0 rg BT 373.00 313.55 Td (activity ) Tj ET Q q 0 0 0 rg BT 408.40 313.55 Td (level ) Tj ET Q q 0 0 0 rg BT 432.19 313.55 Td (is ) Tj ET Q q 0 0 0 rg BT 441.94 313.55 Td (the ) Tj ET Q q 0 0 0 rg BT 457.79 313.55 Td (fact ) Tj ET Q q 0 0 0 rg BT 476.68 313.55 Td (that ) Tj ET Q q 0 0 0 rg BT 495.59 313.55 Td (many ) Tj ET Q q 0 0 0 rg BT 522.44 313.55 Td (major ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 300.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 63.18 300.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 112.28 300.35 Td (are ) Tj ET Q q 0 0 0 rg BT 127.78 300.35 Td (working ) Tj ET Q q 0 0 0 rg BT 166.50 300.35 Td (to ) Tj ET Q q 0 0 0 rg BT 177.13 300.35 Td (improve ) Tj ET Q q 0 0 0 rg BT 215.85 300.35 Td (their ) Tj ET Q q 0 0 0 rg BT 238.07 300.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 259.68 300.35 Td (generation. ) Tj ET Q q 0 0 0 rg BT 310.92 300.35 Td ( ) Tj ET Q q 0 0 0 rg BT 312.84 300.35 Td (The ) Tj ET Q q 0 0 0 rg BT 332.00 300.35 Td (outlook ) Tj ET Q q 0 0 0 rg BT 367.68 300.35 Td (is ) Tj ET Q q 0 0 0 rg BT 377.08 300.35 Td (further ) Tj ET Q q 0 0 0 rg BT 409.08 300.35 Td (af) Tj ET Q q 0 0 0 rg BT 417.42 300.35 Td (fected ) Tj ET Q q 0 0 0 rg BT 446.36 300.35 Td (by ) Tj ET Q q 0 0 0 rg BT 459.42 300.35 Td (sublets ) Tj ET Q q 0 0 0 rg BT 492.04 300.35 Td (and ) Tj ET Q q 0 0 0 rg BT 509.99 300.35 Td (by ) Tj ET Q q 0 0 0 rg BT 523.06 300.35 Td (lower ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 287.15 Td (specification ) Tj ET Q q 0 0 0 rg BT 108.91 287.15 Td (rigs ) Tj ET Q q 0 0 0 rg BT 128.63 287.15 Td (trying ) Tj ET Q q 0 0 0 rg BT 158.12 287.15 Td (to ) Tj ET Q q 0 0 0 rg BT 169.89 287.15 Td (price ) Tj ET Q q 0 0 0 rg BT 195.09 287.15 Td (themselves ) Tj ET Q q 0 0 0 rg BT 247.19 287.15 Td (into ) Tj ET Q q 0 0 0 rg BT 267.51 287.15 Td (a ) Tj ET Q q 0 0 0 rg BT 275.61 287.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 306.93 287.15 Td (end ) Tj ET Q q 0 0 0 rg BT 326.03 287.15 Td (market. ) Tj ET Q q 0 0 0 rg BT 362.53 287.15 Td ( ) Tj ET Q q 0 0 0 rg BT 365.52 287.15 Td (The ) Tj ET Q q 0 0 0 rg BT 385.83 287.15 Td (key ) Tj ET Q q 0 0 0 rg BT 404.93 287.15 Td (question ) Tj ET Q q 0 0 0 rg BT 445.42 287.15 Td (is ) Tj ET Q q 0 0 0 rg BT 455.98 287.15 Td (when ) Tj ET Q q 0 0 0 rg BT 483.02 287.15 Td (oil ) Tj ET Q q 0 0 0 rg BT 497.85 287.15 Td (majors ) Tj ET Q q 0 0 0 rg BT 531.00 287.15 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 273.95 Td (resume ) Tj ET Q q 0 0 0 rg BT 84.06 273.95 Td (tendering ) Tj ET Q q 0 0 0 rg BT 128.40 273.95 Td (activity) Tj ET Q q 0 0 0 rg BT 160.68 273.95 Td (. ) Tj ET Q q 0 0 0 rg BT 166.23 273.95 Td ( ) Tj ET Q q 0 0 0 rg BT 168.83 273.95 Td (T) Tj ET Q q 0 0 0 rg BT 174.78 273.95 Td (o ) Tj ET Q q 0 0 0 rg BT 183.08 273.95 Td (some ) Tj ET Q q 0 0 0 rg BT 209.10 273.95 Td (degree, ) Tj ET Q q 0 0 0 rg BT 243.96 273.95 Td (the ) Tj ET Q q 0 0 0 rg BT 260.19 273.95 Td (decreased ) Tj ET Q q 0 0 0 rg BT 306.35 273.95 Td (level ) Tj ET Q q 0 0 0 rg BT 330.53 273.95 Td (of ) Tj ET Q q 0 0 0 rg BT 342.49 273.95 Td (activity ) Tj ET Q q 0 0 0 rg BT 378.28 273.95 Td (leads ) Tj ET Q q 0 0 0 rg BT 403.68 273.95 Td (to ) Tj ET Q q 0 0 0 rg BT 415.04 273.95 Td (further ) Tj ET Q q 0 0 0 rg BT 447.76 273.95 Td (delays. ) Tj ET Q q 0 0 0 rg BT 481.41 273.95 Td ( ) Tj ET Q q 0 0 0 rg BT 484.21 273.95 Td (Oil ) Tj ET Q q 0 0 0 rg BT 501.07 273.95 Td (companies ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 260.75 Td (are ) Tj ET Q q 0 0 0 rg BT 65.39 260.75 Td (trying ) Tj ET Q q 0 0 0 rg BT 94.14 260.75 Td (to ) Tj ET Q q 0 0 0 rg BT 105.16 260.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 151.60 260.75 Td (when ) Tj ET Q q 0 0 0 rg BT 177.90 260.75 Td (dayrates ) Tj ET Q q 0 0 0 rg BT 217.01 260.75 Td (will ) Tj ET Q q 0 0 0 rg BT 236.59 260.75 Td (trough, ) Tj ET Q q 0 0 0 rg BT 270.53 260.75 Td (thus ) Tj ET Q q 0 0 0 rg BT 291.33 260.75 Td (are ) Tj ET Q q 0 0 0 rg BT 307.23 260.75 Td (not ) Tj ET Q q 0 0 0 rg BT 323.75 260.75 Td (compelled ) Tj ET Q q 0 0 0 rg BT 372.03 260.75 Td (to ) Tj ET Q q 0 0 0 rg BT 383.05 260.75 Td (sign ) Tj ET Q q 0 0 0 rg BT 403.86 260.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.03 260.75 Td (if ) Tj ET Q q 0 0 0 rg BT 455.21 260.75 Td (they ) Tj ET Q q 0 0 0 rg BT 476.62 260.75 Td (feel ) Tj ET Q q 0 0 0 rg BT 495.57 260.75 Td (dayrates ) Tj ET Q q 0 0 0 rg BT 534.68 260.75 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 247.55 Td (still ) Tj ET Q q 0 0 0 rg BT 68.45 247.55 Td (declining. ) Tj ET Q q 0 0 0 rg BT 114.59 247.55 Td ( ) Tj ET Q q 0 0 0 rg BT 117.04 247.55 Td (Once ) Tj ET Q q 0 0 0 rg BT 142.69 247.55 Td (a ) Tj ET Q q 0 0 0 rg BT 150.03 247.55 Td (leading ) Tj ET Q q 0 0 0 rg BT 184.85 247.55 Td (edge ) Tj ET Q q 0 0 0 rg BT 208.07 247.55 Td (is ) Tj ET Q q 0 0 0 rg BT 217.85 247.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 253.28 247.55 Td (others ) Tj ET Q q 0 0 0 rg BT 282.62 247.55 Td (tend ) Tj ET Q q 0 0 0 rg BT 304.00 247.55 Td (to ) Tj ET Q q 0 0 0 rg BT 315.01 247.55 Td (be ) Tj ET Q q 0 0 0 rg BT 327.84 247.55 Td (compelled ) Tj ET Q q 0 0 0 rg BT 376.11 247.55 Td (to ) Tj ET Q q 0 0 0 rg BT 387.11 247.55 Td (award ) Tj ET Q q 0 0 0 rg BT 416.43 247.55 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 461.33 247.55 Td ( ) Tj ET Q q 0 0 0 rg BT 463.61 247.55 Td (T) Tj ET Q q 0 0 0 rg BT 469.56 247.55 Td (o ) Tj ET Q q 0 0 0 rg BT 477.51 247.55 Td (this ) Tj ET Q q 0 0 0 rg BT 495.85 247.55 Td (point, ) Tj ET Q q 0 0 0 rg BT 523.66 247.55 Td (in ) Tj ET Q q 0 0 0 rg BT 534.67 247.55 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 234.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 77.92 234.35 Td (weeks ) Tj ET Q q 0 0 0 rg BT 106.97 234.35 Td (we ) Tj ET Q q 0 0 0 rg BT 121.35 234.35 Td (have ) Tj ET Q q 0 0 0 rg BT 143.67 234.35 Td (seen ) Tj ET Q q 0 0 0 rg BT 164.77 234.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 207.85 234.35 Td (inquiries ) Tj ET Q q 0 0 0 rg BT 247.90 234.35 Td (by ) Tj ET Q q 0 0 0 rg BT 260.46 234.35 Td (both ) Tj ET Q q 0 0 0 rg BT 281.57 234.35 Td (majors ) Tj ET Q q 0 0 0 rg BT 313.06 234.35 Td (and ) Tj ET Q q 0 0 0 rg BT 330.50 234.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 385.81 234.35 Td (operators ) Tj ET Q q 0 0 0 rg BT 428.30 234.35 Td (following ) Tj ET Q q 0 0 0 rg BT 472.63 234.35 Td (the ) Tj ET Q q 0 0 0 rg BT 487.62 234.35 Td (establishment ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 221.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 221.15 Td (a ) Tj ET Q q 0 0 0 rg BT 69.05 221.15 Td (leading ) Tj ET Q q 0 0 0 rg BT 104.17 221.15 Td (edge ) Tj ET Q q 0 0 0 rg BT 127.69 221.15 Td (dayrate.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 201.95 Td (In ) Tj ET Q q 0 0 0 rg BT 62.84 201.95 Td (the ) Tj ET Q q 0 0 0 rg BT 80.46 201.95 Td (medium ) Tj ET Q q 0 0 0 rg BT 120.69 201.95 Td (term, ) Tj ET Q q 0 0 0 rg BT 147.78 201.95 Td (once ) Tj ET Q q 0 0 0 rg BT 172.73 201.95 Td (oil ) Tj ET Q q 0 0 0 rg BT 188.52 201.95 Td (majors ) Tj ET Q q 0 0 0 rg BT 222.64 201.95 Td (begin ) Tj ET Q q 0 0 0 rg BT 251.26 201.95 Td (contracting ) Tj ET Q q 0 0 0 rg BT 304.91 201.95 Td (activity ) Tj ET Q q 0 0 0 rg BT 342.08 201.95 Td (again, ) Tj ET Q q 0 0 0 rg BT 372.83 201.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 397.78 201.95 Td (will ) Tj ET Q q 0 0 0 rg BT 419.07 201.95 Td (be ) Tj ET Q q 0 0 0 rg BT 433.63 201.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 462.86 201.95 Td (than ) Tj ET Q q 0 0 0 rg BT 485.98 201.95 Td (the ) Tj ET Q q 0 0 0 rg BT 503.60 201.95 Td (high ) Tj ET Q q 0 0 0 rg BT 527.33 201.95 Td (rates ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 188.75 Td (experienced ) Tj ET Q q 0 0 0 rg BT 105.64 188.75 Td (in ) Tj ET Q q 0 0 0 rg BT 117.21 188.75 Td (2013. ) Tj ET Q q 0 0 0 rg BT 144.97 188.75 Td ( ) Tj ET Q q 0 0 0 rg BT 147.98 188.75 Td (Most ) Tj ET Q q 0 0 0 rg BT 173.61 188.75 Td (of ) Tj ET Q q 0 0 0 rg BT 185.79 188.75 Td (our ) Tj ET Q q 0 0 0 rg BT 203.46 188.75 Td (major ) Tj ET Q q 0 0 0 rg BT 232.13 188.75 Td (competitors ) Tj ET Q q 0 0 0 rg BT 287.08 188.75 Td (are ) Tj ET Q q 0 0 0 rg BT 303.52 188.75 Td (facing ) Tj ET Q q 0 0 0 rg BT 334.01 188.75 Td (tough ) Tj ET Q q 0 0 0 rg BT 362.08 188.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 413.36 188.75 Td (decisions ) Tj ET Q q 0 0 0 rg BT 457.31 188.75 Td (due ) Tj ET Q q 0 0 0 rg BT 476.21 188.75 Td (to ) Tj ET Q q 0 0 0 rg BT 487.77 188.75 Td (the ) Tj ET Q q 0 0 0 rg BT 504.22 188.75 Td (fact ) Tj ET Q q 0 0 0 rg BT 523.72 188.75 Td (that ) Tj ET Q q 0 0 0 rg BT 543.23 188.75 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 175.55 Td (lar) Tj ET Q q 0 0 0 rg BT 60.90 175.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 74.07 175.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 124.48 175.55 Td (of ) Tj ET Q q 0 0 0 rg BT 136.43 175.55 Td (their ) Tj ET Q q 0 0 0 rg BT 159.37 175.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 187.82 175.55 Td (are ) Tj ET Q q 0 0 0 rg BT 204.03 175.55 Td (in ) Tj ET Q q 0 0 0 rg BT 215.37 175.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 246.86 175.55 Td (of ) Tj ET Q q 0 0 0 rg BT 258.81 175.55 Td (20 ) Tj ET Q q 0 0 0 rg BT 272.59 175.55 Td (years ) Tj ET Q q 0 0 0 rg BT 298.58 175.55 Td (old ) Tj ET Q q 0 0 0 rg BT 315.42 175.55 Td (and ) Tj ET Q q 0 0 0 rg BT 334.09 175.55 Td (will ) Tj ET Q q 0 0 0 rg BT 353.99 175.55 Td (need ) Tj ET Q q 0 0 0 rg BT 377.53 175.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 426.75 175.55 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 464.96 175.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 516.02 175.55 Td (to ) Tj ET Q q 0 0 0 rg BT 527.36 175.55 Td (keep ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 162.35 Td (them ) Tj ET Q q 0 0 0 rg BT 75.00 162.35 Td (running. ) Tj ET Q q 0 0 0 rg BT 115.47 162.35 Td ( ) Tj ET Q q 0 0 0 rg BT 118.97 162.35 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 156.69 162.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 196.23 162.35 Td (is ) Tj ET Q q 0 0 0 rg BT 207.07 162.35 Td (in ) Tj ET Q q 0 0 0 rg BT 219.13 162.35 Td (the ) Tj ET Q q 0 0 0 rg BT 236.07 162.35 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 282.93 162.35 Td (position ) Tj ET Q q 0 0 0 rg BT 321.88 162.35 Td (of ) Tj ET Q q 0 0 0 rg BT 334.55 162.35 Td (not ) Tj ET Q q 0 0 0 rg BT 352.11 162.35 Td (being ) Tj ET Q q 0 0 0 rg BT 380.05 162.35 Td (forced ) Tj ET Q q 0 0 0 rg BT 411.64 162.35 Td (to ) Tj ET Q q 0 0 0 rg BT 423.70 162.35 Td (take ) Tj ET Q q 0 0 0 rg BT 445.52 162.35 Td (many ) Tj ET Q q 0 0 0 rg BT 473.46 162.35 Td (of ) Tj ET Q q 0 0 0 rg BT 486.13 162.35 Td (these ) Tj ET Q q 0 0 0 rg BT 512.23 162.35 Td (types ) Tj ET Q q 0 0 0 rg BT 538.95 162.35 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 149.15 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 95.86 149.15 Td ( ) Tj ET Q q 0 0 0 rg BT 98.53 149.15 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 135.42 149.15 Td (Partners' ) Tj ET Q q 0 0 0 rg BT 176.12 149.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 198.34 149.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 221.17 149.15 Td (profile ) Tj ET Q q 0 0 0 rg BT 253.17 149.15 Td (is ) Tj ET Q q 0 0 0 rg BT 263.17 149.15 Td (strong ) Tj ET Q q 0 0 0 rg BT 293.35 149.15 Td (due ) Tj ET Q q 0 0 0 rg BT 311.90 149.15 Td (to ) Tj ET Q q 0 0 0 rg BT 323.13 149.15 Td (a ) Tj ET Q q 0 0 0 rg BT 330.69 149.15 Td (lar) Tj ET Q q 0 0 0 rg BT 342.09 149.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 355.14 149.15 Td (contracted ) Tj ET Q q 0 0 0 rg BT 403.62 149.15 Td (backlog ) Tj ET Q q 0 0 0 rg BT 441.11 149.15 Td (with ) Tj ET Q q 0 0 0 rg BT 463.34 149.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 497.18 149.15 Td (exposure ) Tj ET Q q 0 0 0 rg BT 539.56 149.15 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 135.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 135.95 Td (current ) Tj ET Q q 0 0 0 rg BT 99.59 135.95 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 134.70 135.95 Td (weakness.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 116.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.70 116.75 Td (current ) Tj ET Q q 0 0 0 rg BT 103.94 116.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 156.52 116.75 Td (in ) Tj ET Q q 0 0 0 rg BT 168.17 116.75 Td (the ) Tj ET Q q 0 0 0 rg BT 184.71 116.75 Td (market ) Tj ET Q q 0 0 0 rg BT 218.35 116.75 Td (has ) Tj ET Q q 0 0 0 rg BT 236.11 116.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 274.02 116.75 Td (newbuilding ) Tj ET Q q 0 0 0 rg BT 332.11 116.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 374.91 116.75 Td (and ) Tj ET Q q 0 0 0 rg BT 393.89 116.75 Td (only ) Tj ET Q q 0 0 0 rg BT 416.55 116.75 Td (7 ) Tj ET Q q 0 0 0 rg BT 425.15 116.75 Td (rigs ) Tj ET Q q 0 0 0 rg BT 444.74 116.75 Td (have ) Tj ET Q q 0 0 0 rg BT 468.61 116.75 Td (now ) Tj ET Q q 0 0 0 rg BT 490.65 116.75 Td (been ) Tj ET Q q 0 0 0 rg BT 514.51 116.75 Td (ordered ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 103.60 Td (for ) Tj ET Q q 0 0 0 rg BT 64.36 103.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 88.40 103.60 Td (delivery ) Tj ET Q q 0 0 0 rg BT 126.47 103.60 Td (and ) Tj ET Q q 0 0 0 rg BT 144.39 103.60 Td (5 ) Tj ET Q q 0 0 0 rg BT 151.93 103.60 Td (for ) Tj ET Q q 0 0 0 rg BT 166.79 103.60 Td (2017. ) Tj ET Q q 0 0 0 rg BT 193.43 103.60 Td (These ) Tj ET Q q 0 0 0 rg BT 221.73 103.60 Td (numbers ) Tj ET Q q 0 0 0 rg BT 261.65 103.60 Td (exclude ) Tj ET Q q 0 0 0 rg BT 297.88 103.60 Td (the ) Tj ET Q q 0 0 0 rg BT 313.36 103.60 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 355.71 103.60 Td (built ) Tj ET Q q 0 0 0 rg BT 377.91 103.60 Td (rigs ) Tj ET Q q 0 0 0 rg BT 396.45 103.60 Td (where ) Tj ET Q q 0 0 0 rg BT 425.36 103.60 Td (a ) Tj ET Q q 0 0 0 rg BT 432.27 103.60 Td (lar) Tj ET Q q 0 0 0 rg BT 443.68 103.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 456.10 103.60 Td (degree ) Tj ET Q q 0 0 0 rg BT 487.44 103.60 Td (of ) Tj ET Q q 0 0 0 rg BT 498.64 103.60 Td (uncertainty ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 90.35 Td (remains ) Tj ET Q q 0 0 0 rg BT 87.51 90.35 Td (as ) Tj ET Q q 0 0 0 rg BT 99.87 90.35 Td (to ) Tj ET Q q 0 0 0 rg BT 111.62 90.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 141.07 90.35 Td (delivery ) Tj ET Q q 0 0 0 rg BT 180.30 90.35 Td (dates. ) Tj ET Q q 0 0 0 rg BT 208.61 90.35 Td (These ) Tj ET Q q 0 0 0 rg BT 238.07 90.35 Td (numbers ) Tj ET Q q 0 0 0 rg BT 279.14 90.35 Td (are ) Tj ET Q q 0 0 0 rg BT 295.76 90.35 Td (significantly ) Tj ET Q q 0 0 0 rg BT 353.94 90.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 382.18 90.35 Td (than ) Tj ET Q q 0 0 0 rg BT 404.31 90.35 Td (the ) Tj ET Q q 0 0 0 rg BT 420.94 90.35 Td (30 ) Tj ET Q q 0 0 0 rg BT 435.13 90.35 Td (and ) Tj ET Q q 0 0 0 rg BT 454.21 90.35 Td (19 ) Tj ET Q q 0 0 0 rg BT 468.40 90.35 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 514.35 90.35 Td (in ) Tj ET Q q 0 0 0 rg BT 526.10 90.35 Td (2014 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 77.15 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 77.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 92.88 77.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 145.31 77.15 Td (.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 789.80 Td (Looking ) Tj ET Q q 0 0 0 rg BT 88.67 789.80 Td (at ) Tj ET Q q 0 0 0 rg BT 98.51 789.80 Td (the ) Tj ET Q q 0 0 0 rg BT 113.85 789.80 Td (market ) Tj ET Q q 0 0 0 rg BT 146.29 789.80 Td (as ) Tj ET Q q 0 0 0 rg BT 157.35 789.80 Td (a ) Tj ET Q q 0 0 0 rg BT 164.13 789.80 Td (whole, ) Tj ET Q q 0 0 0 rg BT 195.66 789.80 Td (the ) Tj ET Q q 0 0 0 rg BT 211.00 789.80 Td (acute ) Tj ET Q q 0 0 0 rg BT 236.10 789.80 Td (challenges ) Tj ET Q q 0 0 0 rg BT 284.42 789.80 Td (lie ) Tj ET Q q 0 0 0 rg BT 297.32 789.80 Td (with ) Tj ET Q q 0 0 0 rg BT 318.77 789.80 Td (fourth ) Tj ET Q q 0 0 0 rg BT 347.55 789.80 Td (and ) Tj ET Q q 0 0 0 rg BT 365.33 789.80 Td (fifth ) Tj ET Q q 0 0 0 rg BT 386.17 789.80 Td (generation ) Tj ET Q q 0 0 0 rg BT 434.49 789.80 Td (assets. ) Tj ET Q q 0 0 0 rg BT 464.81 789.80 Td ( ) Tj ET Q q 0 0 0 rg BT 466.57 789.80 Td (The ) Tj ET Q q 0 0 0 rg BT 485.57 789.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 499.08 789.80 Td (companies' ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 776.60 Td (new ) Tj ET Q q 0 0 0 rg BT 72.07 776.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 133.74 776.60 Td (after ) Tj ET Q q 0 0 0 rg BT 158.13 776.60 Td (Macondo ) Tj ET Q q 0 0 0 rg BT 203.92 776.60 Td (and ) Tj ET Q q 0 0 0 rg BT 224.05 776.60 Td (the ) Tj ET Q q 0 0 0 rg BT 241.73 776.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 269.80 776.60 Td (on ) Tj ET Q q 0 0 0 rg BT 285.04 776.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 330.82 776.60 Td (water ) Tj ET Q q 0 0 0 rg BT 359.49 776.60 Td (depth ) Tj ET Q q 0 0 0 rg BT 388.17 776.60 Td (areas ) Tj ET Q q 0 0 0 rg BT 415.01 776.60 Td (have ) Tj ET Q q 0 0 0 rg BT 440.02 776.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 499.25 776.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 534.66 776.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 763.40 Td (contractibility ) Tj ET Q q 0 0 0 rg BT 114.30 763.40 Td (of ) Tj ET Q q 0 0 0 rg BT 126.55 763.40 Td (older ) Tj ET Q q 0 0 0 rg BT 152.24 763.40 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 204.52 763.40 Td ( ) Tj ET Q q 0 0 0 rg BT 207.39 763.40 Td (The ) Tj ET Q q 0 0 0 rg BT 227.58 763.40 Td (owners ) Tj ET Q q 0 0 0 rg BT 262.45 763.40 Td (will ) Tj ET Q q 0 0 0 rg BT 282.65 763.40 Td (face ) Tj ET Q q 0 0 0 rg BT 304.05 763.40 Td (the ) Tj ET Q q 0 0 0 rg BT 320.58 763.40 Td (choice ) Tj ET Q q 0 0 0 rg BT 352.38 763.40 Td (of ) Tj ET Q q 0 0 0 rg BT 364.63 763.40 Td (investing ) Tj ET Q q 0 0 0 rg BT 408.06 763.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 457.58 763.40 Td (amounts ) Tj ET Q q 0 0 0 rg BT 497.95 763.40 Td (into ) Tj ET Q q 0 0 0 rg BT 518.16 763.40 Td (twenty ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 750.20 Td (or ) Tj ET Q q 0 0 0 rg BT 61.57 750.20 Td (thirty ) Tj ET Q q 0 0 0 rg BT 88.32 750.20 Td (year ) Tj ET Q q 0 0 0 rg BT 110.16 750.20 Td (old ) Tj ET Q q 0 0 0 rg BT 127.12 750.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 155.70 750.20 Td (in ) Tj ET Q q 0 0 0 rg BT 167.16 750.20 Td (order ) Tj ET Q q 0 0 0 rg BT 193.28 750.20 Td (to ) Tj ET Q q 0 0 0 rg BT 204.75 750.20 Td (try ) Tj ET Q q 0 0 0 rg BT 219.88 750.20 Td (to ) Tj ET Q q 0 0 0 rg BT 231.35 750.20 Td (meet ) Tj ET Q q 0 0 0 rg BT 255.64 750.20 Td (the ) Tj ET Q q 0 0 0 rg BT 271.99 750.20 Td (new ) Tj ET Q q 0 0 0 rg BT 293.22 750.20 Td (demands ) Tj ET Q q 0 0 0 rg BT 335.24 750.20 Td (or ) Tj ET Q q 0 0 0 rg BT 347.31 750.20 Td (simply ) Tj ET Q q 0 0 0 rg BT 380.17 750.20 Td (just ) Tj ET Q q 0 0 0 rg BT 398.98 750.20 Td (lay ) Tj ET Q q 0 0 0 rg BT 415.33 750.20 Td (up ) Tj ET Q q 0 0 0 rg BT 429.24 750.20 Td (the ) Tj ET Q q 0 0 0 rg BT 445.59 750.20 Td (unit. ) Tj ET Q q 0 0 0 rg BT 468.36 750.20 Td ( ) Tj ET Q q 0 0 0 rg BT 471.27 750.20 Td (Some ) Tj ET Q q 0 0 0 rg BT 499.24 750.20 Td (contractors ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 737.00 Td (may ) Tj ET Q q 0 0 0 rg BT 70.94 737.00 Td (also ) Tj ET Q q 0 0 0 rg BT 91.15 737.00 Td (attempt ) Tj ET Q q 0 0 0 rg BT 126.64 737.00 Td (asset ) Tj ET Q q 0 0 0 rg BT 150.52 737.00 Td (swaps ) Tj ET Q q 0 0 0 rg BT 179.90 737.00 Td (with ) Tj ET Q q 0 0 0 rg BT 201.96 737.00 Td (new ) Tj ET Q q 0 0 0 rg BT 222.78 737.00 Td (builds ) Tj ET Q q 0 0 0 rg BT 252.17 737.00 Td (without ) Tj ET Q q 0 0 0 rg BT 288.28 737.00 Td (a ) Tj ET Q q 0 0 0 rg BT 295.66 737.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 333.58 737.00 Td (for ) Tj ET Q q 0 0 0 rg BT 348.91 737.00 Td (older ) Tj ET Q q 0 0 0 rg BT 374.01 737.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 402.17 737.00 Td (on ) Tj ET Q q 0 0 0 rg BT 415.66 737.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 461.54 737.00 Td (commitments, ) Tj ET Q q 0 0 0 rg BT 526.67 737.00 Td (in ) Tj ET Q q 0 0 0 rg BT 537.72 737.00 Td (an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 723.80 Td (attempt ) Tj ET Q q 0 0 0 rg BT 85.20 723.80 Td (to ) Tj ET Q q 0 0 0 rg BT 96.47 723.80 Td (secure ) Tj ET Q q 0 0 0 rg BT 127.27 723.80 Td (work ) Tj ET Q q 0 0 0 rg BT 152.59 723.80 Td (for ) Tj ET Q q 0 0 0 rg BT 168.12 723.80 Td (their ) Tj ET Q q 0 0 0 rg BT 190.99 723.80 Td (premium ) Tj ET Q q 0 0 0 rg BT 233.42 723.80 Td (units ) Tj ET Q q 0 0 0 rg BT 257.52 723.80 Td (while ) Tj ET Q q 0 0 0 rg BT 284.67 723.80 Td (saving ) Tj ET Q q 0 0 0 rg BT 316.10 723.80 Td (cost ) Tj ET Q q 0 0 0 rg BT 336.53 723.80 Td (on ) Tj ET Q q 0 0 0 rg BT 350.24 723.80 Td (lar) Tj ET Q q 0 0 0 rg BT 361.65 723.80 Td (ge ) Tj ET Q q 0 0 0 rg BT 374.74 723.80 Td (capex ) Tj ET Q q 0 0 0 rg BT 403.10 723.80 Td (upgrades. ) Tj ET Q q 0 0 0 rg BT 448.07 723.80 Td (This ) Tj ET Q q 0 0 0 rg BT 470.34 723.80 Td (results ) Tj ET Q q 0 0 0 rg BT 501.77 723.80 Td (in ) Tj ET Q q 0 0 0 rg BT 513.03 723.80 Td (the ) Tj ET Q q 0 0 0 rg BT 529.18 723.80 Td (near ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 710.60 Td (term ) Tj ET Q q 0 0 0 rg BT 72.35 710.60 Td (potential ) Tj ET Q q 0 0 0 rg BT 113.54 710.60 Td (for ) Tj ET Q q 0 0 0 rg BT 129.06 710.60 Td (more ) Tj ET Q q 0 0 0 rg BT 154.35 710.60 Td (stacking ) Tj ET Q q 0 0 0 rg BT 193.71 710.60 Td (of ) Tj ET Q q 0 0 0 rg BT 205.56 710.60 Td (older ) Tj ET Q q 0 0 0 rg BT 230.86 710.60 Td (units. ) Tj ET Q q 0 0 0 rg BT 257.70 710.60 Td ( ) Tj ET Q q 0 0 0 rg BT 259.80 710.60 Td (According ) Tj ET Q q 0 0 0 rg BT 308.92 710.60 Td (to ) Tj ET Q q 0 0 0 rg BT 320.17 710.60 Td (Fearnley) Tj ET Q q 0 0 0 rg BT 361.71 710.60 Td (s ) Tj ET Q q 0 0 0 rg BT 368.69 710.60 Td (a ) Tj ET Q q 0 0 0 rg BT 376.27 710.60 Td (total ) Tj ET Q q 0 0 0 rg BT 398.51 710.60 Td (of ) Tj ET Q q 0 0 0 rg BT 410.37 710.60 Td (51 ) Tj ET Q q 0 0 0 rg BT 424.06 710.60 Td (units ) Tj ET Q q 0 0 0 rg BT 448.15 710.60 Td (older ) Tj ET Q q 0 0 0 rg BT 473.45 710.60 Td (than ) Tj ET Q q 0 0 0 rg BT 495.08 710.60 Td (25 ) Tj ET Q q 0 0 0 rg BT 508.78 710.60 Td (years ) Tj ET Q q 0 0 0 rg BT 534.68 710.60 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 697.40 Td (required ) Tj ET Q q 0 0 0 rg BT 88.97 697.40 Td (to ) Tj ET Q q 0 0 0 rg BT 100.35 697.40 Td (under) Tj ET Q q 0 0 0 rg BT 125.19 697.40 Td (go ) Tj ET Q q 0 0 0 rg BT 139.01 697.40 Td (their ) Tj ET Q q 0 0 0 rg BT 161.99 697.40 Td (special ) Tj ET Q q 0 0 0 rg BT 195.35 697.40 Td (survey ) Tj ET Q q 0 0 0 rg BT 227.50 697.40 Td (in ) Tj ET Q q 0 0 0 rg BT 238.88 697.40 Td (the ) Tj ET Q q 0 0 0 rg BT 255.14 697.40 Td (next ) Tj ET Q q 0 0 0 rg BT 276.90 697.40 Td (24 ) Tj ET Q q 0 0 0 rg BT 290.72 697.40 Td (months. ) Tj ET Q q 0 0 0 rg BT 328.68 697.40 Td ( ) Tj ET Q q 0 0 0 rg BT 331.51 697.40 Td (It ) Tj ET Q q 0 0 0 rg BT 341.05 697.40 Td (has ) Tj ET Q q 0 0 0 rg BT 358.53 697.40 Td (been ) Tj ET Q q 0 0 0 rg BT 382.12 697.40 Td (shown ) Tj ET Q q 0 0 0 rg BT 413.66 697.40 Td (from ) Tj ET Q q 0 0 0 rg BT 437.87 697.40 Td (the ) Tj ET Q q 0 0 0 rg BT 454.13 697.40 Td (prior ) Tj ET Q q 0 0 0 rg BT 478.33 697.40 Td (cycles ) Tj ET Q q 0 0 0 rg BT 508.63 697.40 Td (that ) Tj ET Q q 0 0 0 rg BT 527.95 697.40 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 684.20 Td (upgrades ) Tj ET Q q 0 0 0 rg BT 91.11 684.20 Td (carried ) Tj ET Q q 0 0 0 rg BT 123.54 684.20 Td (out ) Tj ET Q q 0 0 0 rg BT 139.49 684.20 Td (by ) Tj ET Q q 0 0 0 rg BT 152.39 684.20 Td (several ) Tj ET Q q 0 0 0 rg BT 185.44 684.20 Td (of ) Tj ET Q q 0 0 0 rg BT 196.50 684.20 Td (our ) Tj ET Q q 0 0 0 rg BT 213.06 684.20 Td (competitors ) Tj ET Q q 0 0 0 rg BT 266.89 684.20 Td (has ) Tj ET Q q 0 0 0 rg BT 283.45 684.20 Td (had ) Tj ET Q q 0 0 0 rg BT 301.23 684.20 Td (a ) Tj ET Q q 0 0 0 rg BT 308.02 684.20 Td (materially ) Tj ET Q q 0 0 0 rg BT 354.51 684.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 381.45 684.20 Td (return ) Tj ET Q q 0 0 0 rg BT 409.61 684.20 Td (than ) Tj ET Q q 0 0 0 rg BT 430.45 684.20 Td (Seadrill's ) Tj ET Q q 0 0 0 rg BT 472.83 684.20 Td (focus ) Tj ET Q q 0 0 0 rg BT 498.55 684.20 Td (on ) Tj ET Q q 0 0 0 rg BT 511.45 684.20 Td (building ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 671.00 Td (a ) Tj ET Q q 0 0 0 rg BT 57.13 671.00 Td (modern ) Tj ET Q q 0 0 0 rg BT 93.48 671.00 Td (high ) Tj ET Q q 0 0 0 rg BT 115.79 671.00 Td (specification ) Tj ET Q q 0 0 0 rg BT 174.74 671.00 Td (fleet.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 49.50 651.80 Td (Ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 125.57 651.80 Td (floaters ) Tj ET Q q 0 0 0 rg BT 161.93 651.80 Td (\(>7,500 ) Tj ET Q q 0 0 0 rg BT 200.52 651.80 Td (ft ) Tj ET Q q 0 0 0 rg BT 209.38 651.80 Td (water ) Tj ET Q q 0 0 0 rg BT 237.19 651.80 Td (depth\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 632.60 Td (Ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 124.29 632.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 160.61 632.60 Td (continues ) Tj ET Q q 0 0 0 rg BT 206.10 632.60 Td (to ) Tj ET Q q 0 0 0 rg BT 217.99 632.60 Td (be ) Tj ET Q q 0 0 0 rg BT 231.70 632.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 263.13 632.60 Td (by ) Tj ET Q q 0 0 0 rg BT 277.46 632.60 Td (the ) Tj ET Q q 0 0 0 rg BT 294.23 632.60 Td (Golden ) Tj ET Q q 0 0 0 rg BT 334.59 632.60 Td (T) Tj ET Q q 0 0 0 rg BT 340.92 632.60 Td (riangle ) Tj ET Q q 0 0 0 rg BT 379.68 632.60 Td (of ) Tj ET Q q 0 0 0 rg BT 392.17 632.60 Td (the ) Tj ET Q q 0 0 0 rg BT 408.94 632.60 Td (US ) Tj ET Q q 0 0 0 rg BT 426.33 632.60 Td (Gulf ) Tj ET Q q 0 0 0 rg BT 449.83 632.60 Td (of ) Tj ET Q q 0 0 0 rg BT 462.32 632.60 Td (Mexico, ) Tj ET Q q 0 0 0 rg BT 502.01 632.60 Td (Brazil ) Tj ET Q q 0 0 0 rg BT 532.22 632.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 619.40 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 619.40 Td (est ) Tj ET Q q 0 0 0 rg BT 73.90 619.40 Td (Africa. ) Tj ET Q q 0 0 0 rg BT 108.18 619.40 Td ( ) Tj ET Q q 0 0 0 rg BT 111.61 619.40 Td (Since ) Tj ET Q q 0 0 0 rg BT 139.49 619.40 Td (the ) Tj ET Q q 0 0 0 rg BT 156.36 619.40 Td (year ) Tj ET Q q 0 0 0 rg BT 178.72 619.40 Td (2000 ) Tj ET Q q 0 0 0 rg BT 204.16 619.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 271.13 619.40 Td (8 ) Tj ET Q q 0 0 0 rg BT 280.07 619.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 312.23 619.40 Td (boe ) Tj ET Q q 0 0 0 rg BT 331.55 619.40 Td (have ) Tj ET Q q 0 0 0 rg BT 355.75 619.40 Td (been ) Tj ET Q q 0 0 0 rg BT 379.95 619.40 Td (discovered ) Tj ET Q q 0 0 0 rg BT 431.03 619.40 Td (in ) Tj ET Q q 0 0 0 rg BT 443.02 619.40 Td (the ) Tj ET Q q 0 0 0 rg BT 459.90 619.40 Td (ultra-deepwater) Tj ET Q q 0 0 0 rg BT 528.47 619.40 Td (, ) Tj ET Q q 0 0 0 rg BT 534.66 619.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 606.20 Td (majority ) Tj ET Q q 0 0 0 rg BT 90.00 606.20 Td (of ) Tj ET Q q 0 0 0 rg BT 102.39 606.20 Td (which ) Tj ET Q q 0 0 0 rg BT 132.50 606.20 Td (have ) Tj ET Q q 0 0 0 rg BT 156.49 606.20 Td (been ) Tj ET Q q 0 0 0 rg BT 180.48 606.20 Td (in ) Tj ET Q q 0 0 0 rg BT 192.27 606.20 Td (the ) Tj ET Q q 0 0 0 rg BT 208.94 606.20 Td (golden ) Tj ET Q q 0 0 0 rg BT 242.10 606.20 Td (triangle. ) Tj ET Q q 0 0 0 rg BT 281.68 606.20 Td ( ) Tj ET Q q 0 0 0 rg BT 284.90 606.20 Td (Over ) Tj ET Q q 0 0 0 rg BT 310.12 606.20 Td (the ) Tj ET Q q 0 0 0 rg BT 326.79 606.20 Td (same ) Tj ET Q q 0 0 0 rg BT 352.62 606.20 Td (time ) Tj ET Q q 0 0 0 rg BT 375.40 606.20 Td (period ) Tj ET Q q 0 0 0 rg BT 406.73 606.20 Td (only ) Tj ET Q q 0 0 0 rg BT 429.51 606.20 Td (500 ) Tj ET Q q 0 0 0 rg BT 449.24 606.20 Td (million ) Tj ET Q q 0 0 0 rg BT 484.25 606.20 Td (boe ) Tj ET Q q 0 0 0 rg BT 503.36 606.20 Td (have ) Tj ET Q q 0 0 0 rg BT 527.35 606.20 Td (been ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 593.00 Td (produced ) Tj ET Q q 0 0 0 rg BT 92.60 593.00 Td (from ) Tj ET Q q 0 0 0 rg BT 116.16 593.00 Td (ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 187.35 593.00 Td (regions. ) Tj ET Q q 0 0 0 rg BT 224.66 593.00 Td ( ) Tj ET Q q 0 0 0 rg BT 226.67 593.00 Td (This ) Tj ET Q q 0 0 0 rg BT 248.41 593.00 Td (represents ) Tj ET Q q 0 0 0 rg BT 295.17 593.00 Td (a ) Tj ET Q q 0 0 0 rg BT 302.23 593.00 Td (reserve ) Tj ET Q q 0 0 0 rg BT 336.16 593.00 Td (to ) Tj ET Q q 0 0 0 rg BT 346.89 593.00 Td (production ) Tj ET Q q 0 0 0 rg BT 396.72 593.00 Td (ratio ) Tj ET Q q 0 0 0 rg BT 419.06 593.00 Td (of ) Tj ET Q q 0 0 0 rg BT 430.40 593.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 496.10 593.00 Td (16 ) Tj ET Q q 0 0 0 rg BT 509.28 593.00 Td (for ) Tj ET Q q 0 0 0 rg BT 524.28 593.00 Td (ultra-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 579.80 Td (deepwater ) Tj ET Q q 0 0 0 rg BT 97.30 579.80 Td (projects. ) Tj ET Q q 0 0 0 rg BT 137.47 579.80 Td ( ) Tj ET Q q 0 0 0 rg BT 139.89 579.80 Td (This ) Tj ET Q q 0 0 0 rg BT 162.05 579.80 Td (bodes ) Tj ET Q q 0 0 0 rg BT 190.32 579.80 Td (quite ) Tj ET Q q 0 0 0 rg BT 214.92 579.80 Td (well ) Tj ET Q q 0 0 0 rg BT 236.46 579.80 Td (for ) Tj ET Q q 0 0 0 rg BT 251.89 579.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 293.58 579.80 Td (future ) Tj ET Q q 0 0 0 rg BT 322.45 579.80 Td (activity ) Tj ET Q q 0 0 0 rg BT 358.05 579.80 Td (as ) Tj ET Q q 0 0 0 rg BT 369.82 579.80 Td (the ) Tj ET Q q 0 0 0 rg BT 385.86 579.80 Td (addition ) Tj ET Q q 0 0 0 rg BT 424.51 579.80 Td (of ) Tj ET Q q 0 0 0 rg BT 436.28 579.80 Td (reserves ) Tj ET Q q 0 0 0 rg BT 474.92 579.80 Td (is ) Tj ET Q q 0 0 0 rg BT 484.86 579.80 Td (a ) Tj ET Q q 0 0 0 rg BT 492.35 579.80 Td (key ) Tj ET Q q 0 0 0 rg BT 510.84 579.80 Td (strategic ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 566.60 Td (objective ) Tj ET Q q 0 0 0 rg BT 93.02 566.60 Td (for ) Tj ET Q q 0 0 0 rg BT 109.05 566.60 Td (major ) Tj ET Q q 0 0 0 rg BT 137.92 566.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 152.74 566.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 205.73 566.60 Td ( ) Tj ET Q q 0 0 0 rg BT 208.71 566.60 Td (The ) Tj ET Q q 0 0 0 rg BT 229.02 566.60 Td (proving ) Tj ET Q q 0 0 0 rg BT 266.44 566.60 Td (of ) Tj ET Q q 0 0 0 rg BT 278.81 566.60 Td (reserves ) Tj ET Q q 0 0 0 rg BT 318.05 566.60 Td (in ) Tj ET Q q 0 0 0 rg BT 329.82 566.60 Td (these ) Tj ET Q q 0 0 0 rg BT 355.62 566.60 Td (areas ) Tj ET Q q 0 0 0 rg BT 381.42 566.60 Td (will ) Tj ET Q q 0 0 0 rg BT 401.74 566.60 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 440.99 566.60 Td (declines ) Tj ET Q q 0 0 0 rg BT 480.24 566.60 Td (in ) Tj ET Q q 0 0 0 rg BT 492.00 566.60 Td (the ) Tj ET Q q 0 0 0 rg BT 508.65 566.60 Td (R/P) Tj ET Q q 0 0 0 rg BT 524.75 566.60 Td ( ) Tj ET Q q 0 0 0 rg BT 527.96 566.60 Td (ratio ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 553.40 Td (following ) Tj ET Q q 0 0 0 rg BT 95.53 553.40 Td (this ) Tj ET Q q 0 0 0 rg BT 114.68 553.40 Td (period ) Tj ET Q q 0 0 0 rg BT 146.04 553.40 Td (of ) Tj ET Q q 0 0 0 rg BT 158.46 553.40 Td (inactivity) Tj ET Q q 0 0 0 rg BT 199.30 553.40 Td (. ) Tj ET Q q 0 0 0 rg BT 205.30 553.40 Td ( ) Tj ET Q q 0 0 0 rg BT 208.56 553.40 Td (From ) Tj ET Q q 0 0 0 rg BT 235.66 553.40 Td (an ) Tj ET Q q 0 0 0 rg BT 249.30 553.40 Td (economic ) Tj ET Q q 0 0 0 rg BT 295.31 553.40 Td (standpoint, ) Tj ET Q q 0 0 0 rg BT 347.15 553.40 Td (the ) Tj ET Q q 0 0 0 rg BT 363.85 553.40 Td (average ) Tj ET Q q 0 0 0 rg BT 401.30 553.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 422.28 553.40 Td (of ) Tj ET Q q 0 0 0 rg BT 434.70 553.40 Td (supply ) Tj ET Q q 0 0 0 rg BT 467.29 553.40 Td (in ) Tj ET Q q 0 0 0 rg BT 479.11 553.40 Td (ultra-deepwater ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 540.20 Td (regions ) Tj ET Q q 0 0 0 rg BT 84.88 540.20 Td (is ) Tj ET Q q 0 0 0 rg BT 95.22 540.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 161.75 540.20 Td ($56 ) Tj ET Q q 0 0 0 rg BT 181.25 540.20 Td (per ) Tj ET Q q 0 0 0 rg BT 198.29 540.20 Td (barrel. ) Tj ET Q q 0 0 0 rg BT 229.69 540.20 Td ( ) Tj ET Q q 0 0 0 rg BT 232.47 540.20 Td (This ) Tj ET Q q 0 0 0 rg BT 255.02 540.20 Td (is ) Tj ET Q q 0 0 0 rg BT 265.36 540.20 Td (very ) Tj ET Q q 0 0 0 rg BT 287.90 540.20 Td (attractive ) Tj ET Q q 0 0 0 rg BT 331.82 540.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 378.18 540.20 Td (to ) Tj ET Q q 0 0 0 rg BT 389.74 540.20 Td (the ) Tj ET Q q 0 0 0 rg BT 406.18 540.20 Td (mar) Tj ET Q q 0 0 0 rg BT 423.08 540.20 Td (ginal ) Tj ET Q q 0 0 0 rg BT 448.07 540.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 468.79 540.20 Td (of ) Tj ET Q q 0 0 0 rg BT 480.95 540.20 Td (supply ) Tj ET Q q 0 0 0 rg BT 513.29 540.20 Td (onshore ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 527.00 Td (North ) Tj ET Q q 0 0 0 rg BT 77.71 527.00 Td (America ) Tj ET Q q 0 0 0 rg BT 118.85 527.00 Td (of ) Tj ET Q q 0 0 0 rg BT 131.28 527.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 198.09 527.00 Td ($65 ) Tj ET Q q 0 0 0 rg BT 217.86 527.00 Td (per ) Tj ET Q q 0 0 0 rg BT 235.18 527.00 Td (barrel. ) Tj ET Q q 0 0 0 rg BT 266.84 527.00 Td ( ) Tj ET Q q 0 0 0 rg BT 270.12 527.00 Td (Over ) Tj ET Q q 0 0 0 rg BT 295.38 527.00 Td (the ) Tj ET Q q 0 0 0 rg BT 312.09 527.00 Td (long ) Tj ET Q q 0 0 0 rg BT 334.91 527.00 Td (term, ) Tj ET Q q 0 0 0 rg BT 361.09 527.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 393.68 527.00 Td (will ) Tj ET Q q 0 0 0 rg BT 414.06 527.00 Td (be ) Tj ET Q q 0 0 0 rg BT 427.71 527.00 Td (focused ) Tj ET Q q 0 0 0 rg BT 465.19 527.00 Td (on ) Tj ET Q q 0 0 0 rg BT 479.46 527.00 Td (more ) Tj ET Q q 0 0 0 rg BT 505.34 527.00 Td (profitable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 513.80 Td (projects, ) Tj ET Q q 0 0 0 rg BT 89.82 513.80 Td (which ) Tj ET Q q 0 0 0 rg BT 119.45 513.80 Td (are ) Tj ET Q q 0 0 0 rg BT 135.63 513.80 Td (found ) Tj ET Q q 0 0 0 rg BT 164.04 513.80 Td (in ) Tj ET Q q 0 0 0 rg BT 175.35 513.80 Td (the ) Tj ET Q q 0 0 0 rg BT 191.54 513.80 Td (ultra-deepwater) Tj ET Q q 0 0 0 rg BT 259.94 513.80 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 494.60 Td (In ) Tj ET Q q 0 0 0 rg BT 62.22 494.60 Td (addition ) Tj ET Q q 0 0 0 rg BT 101.83 494.60 Td (to ) Tj ET Q q 0 0 0 rg BT 113.94 494.60 Td (the ) Tj ET Q q 0 0 0 rg BT 130.93 494.60 Td (traditional ) Tj ET Q q 0 0 0 rg BT 179.70 494.60 Td (ultra-deepwater ) Tj ET Q q 0 0 0 rg BT 252.26 494.60 Td (regions, ) Tj ET Q q 0 0 0 rg BT 290.95 494.60 Td (Mexico ) Tj ET Q q 0 0 0 rg BT 328.11 494.60 Td (presents ) Tj ET Q q 0 0 0 rg BT 367.71 494.60 Td (a ) Tj ET Q q 0 0 0 rg BT 376.15 494.60 Td (particularly ) Tj ET Q q 0 0 0 rg BT 430.40 494.60 Td (interesting ) Tj ET Q q 0 0 0 rg BT 480.39 494.60 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 535.28 494.60 Td (for ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 481.40 Td (future ) Tj ET Q q 0 0 0 rg BT 79.23 481.40 Td (work. ) Tj ET Q q 0 0 0 rg BT 108.05 481.40 Td ( ) Tj ET Q q 0 0 0 rg BT 111.51 481.40 Td (Legislation ) Tj ET Q q 0 0 0 rg BT 164.46 481.40 Td (is ) Tj ET Q q 0 0 0 rg BT 175.26 481.40 Td (moving ) Tj ET Q q 0 0 0 rg BT 212.33 481.40 Td (forward ) Tj ET Q q 0 0 0 rg BT 250.61 481.40 Td (at ) Tj ET Q q 0 0 0 rg BT 262.01 481.40 Td (an ) Tj ET Q q 0 0 0 rg BT 275.85 481.40 Td (impressive ) Tj ET Q q 0 0 0 rg BT 326.97 481.40 Td (pace ) Tj ET Q q 0 0 0 rg BT 350.58 481.40 Td (and ) Tj ET Q q 0 0 0 rg BT 369.93 481.40 Td (we ) Tj ET Q q 0 0 0 rg BT 386.21 481.40 Td (expect ) Tj ET Q q 0 0 0 rg BT 418.38 481.40 Td (the ) Tj ET Q q 0 0 0 rg BT 435.28 481.40 Td (opening ) Tj ET Q q 0 0 0 rg BT 474.18 481.40 Td (up ) Tj ET Q q 0 0 0 rg BT 488.64 481.40 Td (of ) Tj ET Q q 0 0 0 rg BT 501.27 481.40 Td (projects ) Tj ET Q q 0 0 0 rg BT 539.55 481.40 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 468.20 Td (potentially ) Tj ET Q q 0 0 0 rg BT 99.37 468.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 132.13 468.20 Td (2015 ) Tj ET Q q 0 0 0 rg BT 156.96 468.20 Td (demand. ) Tj ET Q q 0 0 0 rg BT 197.36 468.20 Td ( ) Tj ET Q q 0 0 0 rg BT 200.18 468.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 237.22 468.20 Td (has ) Tj ET Q q 0 0 0 rg BT 254.71 468.20 Td (operated ) Tj ET Q q 0 0 0 rg BT 295.41 468.20 Td (the ) Tj ET Q q 0 0 0 rg BT 311.47 468.20 Td (W) Tj ET Q q 0 0 0 rg BT 320.97 468.20 Td (est ) Tj ET Q q 0 0 0 rg BT 336.01 468.20 Td (Pegasus ) Tj ET Q q 0 0 0 rg BT 374.28 468.20 Td (in ) Tj ET Q q 0 0 0 rg BT 385.67 468.20 Td (Mexico ) Tj ET Q q 0 0 0 rg BT 422.10 468.20 Td (for ) Tj ET Q q 0 0 0 rg BT 437.75 468.20 Td (the ) Tj ET Q q 0 0 0 rg BT 454.01 468.20 Td (last ) Tj ET Q q 0 0 0 rg BT 472.12 468.20 Td (2.5 ) Tj ET Q q 0 0 0 rg BT 488.69 468.20 Td (years ) Tj ET Q q 0 0 0 rg BT 514.73 468.20 Td (and ) Tj ET Q q 0 0 0 rg BT 533.44 468.20 Td (has ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 455.00 Td (developed ) Tj ET Q q 0 0 0 rg BT 98.99 455.00 Td (a ) Tj ET Q q 0 0 0 rg BT 108.15 455.00 Td (solid ) Tj ET Q q 0 0 0 rg BT 133.83 455.00 Td (operational ) Tj ET Q q 0 0 0 rg BT 187.59 455.00 Td (track ) Tj ET Q q 0 0 0 rg BT 213.85 455.00 Td (record ) Tj ET Q q 0 0 0 rg BT 246.23 455.00 Td (and ) Tj ET Q q 0 0 0 rg BT 266.39 455.00 Td (good ) Tj ET Q q 0 0 0 rg BT 292.67 455.00 Td (working ) Tj ET Q q 0 0 0 rg BT 333.62 455.00 Td (relationship ) Tj ET Q q 0 0 0 rg BT 389.83 455.00 Td (with ) Tj ET Q q 0 0 0 rg BT 413.67 455.00 Td (Pemex. ) Tj ET Q q 0 0 0 rg BT 450.64 455.00 Td ( ) Tj ET Q q 0 0 0 rg BT 454.61 455.00 Td (The ) Tj ET Q q 0 0 0 rg BT 476.00 455.00 Td (results ) Tj ET Q q 0 0 0 rg BT 509.00 455.00 Td (from ) Tj ET Q q 0 0 0 rg BT 534.66 455.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 441.80 Td (exploration ) Tj ET Q q 0 0 0 rg BT 103.82 441.80 Td (drilling ) Tj ET Q q 0 0 0 rg BT 140.44 441.80 Td (campaign ) Tj ET Q q 0 0 0 rg BT 187.42 441.80 Td (have ) Tj ET Q q 0 0 0 rg BT 212.42 441.80 Td (been ) Tj ET Q q 0 0 0 rg BT 237.41 441.80 Td (very ) Tj ET Q q 0 0 0 rg BT 261.18 441.80 Td (encouraging. ) Tj ET Q q 0 0 0 rg BT 322.52 441.80 Td (It ) Tj ET Q q 0 0 0 rg BT 333.47 441.80 Td (is ) Tj ET Q q 0 0 0 rg BT 345.03 441.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 388.35 441.80 Td (that ) Tj ET Q q 0 0 0 rg BT 409.07 441.80 Td (the ) Tj ET Q q 0 0 0 rg BT 426.73 441.80 Td (first ) Tj ET Q q 0 0 0 rg BT 448.68 441.80 Td (Mexican ) Tj ET Q q 0 0 0 rg BT 491.39 441.80 Td (deal ) Tj ET Q q 0 0 0 rg BT 513.94 441.80 Td (with ) Tj ET Q q 0 0 0 rg BT 537.72 441.80 Td (an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 428.60 Td (international ) Tj ET Q q 0 0 0 rg BT 108.07 428.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 122.67 428.60 Td (major ) Tj ET Q q 0 0 0 rg BT 151.31 428.60 Td (will ) Tj ET Q q 0 0 0 rg BT 171.40 428.60 Td (be ) Tj ET Q q 0 0 0 rg BT 184.77 428.60 Td (concluded ) Tj ET Q q 0 0 0 rg BT 232.95 428.60 Td (in ) Tj ET Q q 0 0 0 rg BT 244.49 428.60 Td (the ) Tj ET Q q 0 0 0 rg BT 260.91 428.60 Td (second ) Tj ET Q q 0 0 0 rg BT 294.44 428.60 Td (half ) Tj ET Q q 0 0 0 rg BT 314.52 428.60 Td (of ) Tj ET Q q 0 0 0 rg BT 326.67 428.60 Td (2014. ) Tj ET Q q 0 0 0 rg BT 354.40 428.60 Td ( ) Tj ET Q q 0 0 0 rg BT 356.73 428.60 Td (As ) Tj ET Q q 0 0 0 rg BT 371.93 428.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 404.23 428.60 Td (from ) Tj ET Q q 0 0 0 rg BT 428.60 428.60 Td (major ) Tj ET Q q 0 0 0 rg BT 457.24 428.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 471.83 428.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 521.85 428.60 Td (enters ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 415.40 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 415.40 Td (country) Tj ET Q q 0 0 0 rg BT 98.58 415.40 Td (, ) Tj ET Q q 0 0 0 rg BT 104.08 415.40 Td (demand ) Tj ET Q q 0 0 0 rg BT 141.65 415.40 Td (for ) Tj ET Q q 0 0 0 rg BT 157.22 415.40 Td (rigs ) Tj ET Q q 0 0 0 rg BT 176.47 415.40 Td (is ) Tj ET Q q 0 0 0 rg BT 186.56 415.40 Td (likely ) Tj ET Q q 0 0 0 rg BT 214.36 415.40 Td (to ) Tj ET Q q 0 0 0 rg BT 225.67 415.40 Td (follow) Tj ET Q q 0 0 0 rg BT 253.67 415.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 396.20 Td (Customers ) Tj ET Q q 0 0 0 rg BT 99.13 396.20 Td (continue ) Tj ET Q q 0 0 0 rg BT 139.58 396.20 Td (to ) Tj ET Q q 0 0 0 rg BT 150.71 396.20 Td (focus ) Tj ET Q q 0 0 0 rg BT 177.11 396.20 Td (their ) Tj ET Q q 0 0 0 rg BT 199.84 396.20 Td (bidding ) Tj ET Q q 0 0 0 rg BT 236.03 396.20 Td (activity ) Tj ET Q q 0 0 0 rg BT 271.59 396.20 Td (on ) Tj ET Q q 0 0 0 rg BT 285.17 396.20 Td (units ) Tj ET Q q 0 0 0 rg BT 309.14 396.20 Td (that ) Tj ET Q q 0 0 0 rg BT 328.20 396.20 Td (can ) Tj ET Q q 0 0 0 rg BT 346.04 396.20 Td (provide ) Tj ET Q q 0 0 0 rg BT 382.22 396.20 Td (dual ) Tj ET Q q 0 0 0 rg BT 403.73 396.20 Td (BOP) Tj ET Q q 0 0 0 rg BT 428.19 396.20 Td (s, ) Tj ET Q q 0 0 0 rg BT 437.79 396.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 481.90 396.20 Td (deck ) Tj ET Q q 0 0 0 rg BT 505.23 396.20 Td (space ) Tj ET Q q 0 0 0 rg BT 532.24 396.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 383.00 Td (high ) Tj ET Q q 0 0 0 rg BT 71.81 383.00 Td (variable ) Tj ET Q q 0 0 0 rg BT 109.98 383.00 Td (deck ) Tj ET Q q 0 0 0 rg BT 133.49 383.00 Td (load ) Tj ET Q q 0 0 0 rg BT 155.18 383.00 Td (capacity) Tj ET Q q 0 0 0 rg BT 191.11 383.00 Td (.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 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 (The first quarter of 2014 has been an active one for the Company) Tj ET Q q 0 0 0 rg BT 335.91 770.80 Td (, executing its second follow on equity of) Tj ET Q q 0 0 0 rg BT 517.78 770.80 Td (fering ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 757.60 Td (to finance the acquisition of the ) Tj ET Q q 0 0 0 rg BT 191.03 757.60 Td (W) Tj ET Q q 0 0 0 rg BT 200.54 757.60 Td (est ) Tj ET Q q 0 0 0 rg BT 214.90 757.60 Td (Auriga and successfully completing its term loan B refinancing. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 744.40 Td (Distributions have grown 14% during the first quarter) Tj ET Q q 0 0 0 rg BT 285.82 744.40 Td (, and taking into account the distribution increase ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 731.20 Td (recommended by management in connection with the most recent acquisition, distributions will have grown ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 718.00 Td (approximately 40% since IPO in October 2012. ) Tj ET Q q 0 0 0 rg BT 261.31 718.00 Td (This growth exceeds the Board's anticipated annual growth rate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 704.80 Td (of 15% at the time of the Company's initial public of) Tj ET Q q 0 0 0 rg BT 281.02 704.80 Td (fering in October 2012.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 685.60 Td (The Board believes this demonstrates the Company) Tj ET Q q 0 0 0 rg BT 279.23 685.60 Td (s commitment to growth and is fully focused on continuing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 672.40 Td (this aggressive growth strategy) Tj ET Q q 0 0 0 rg BT 185.34 672.40 Td (. ) Tj ET Q q 0 0 0 rg BT 190.64 672.40 Td (This growth will be driven primarily by acquisitions from Seadrill) Tj ET Q q 0 0 0 rg BT 484.84 672.40 Td (s long term ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 659.20 Td (contracted premium ultra-deepwater rig fleet as well as the acquisition of additional units in Seadrill Partners' ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 646.00 Td (operating companies. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 626.80 Td (The term loan B refinancing completed in February is an important step towards rationalizing Seadrill Partners' ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 613.60 Td (debt structure, in particular to lower debt amortization so it can use replacement capital expenditure cash ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 600.40 Td (reserves more ef) Tj ET Q q 0 0 0 rg BT 121.98 600.40 Td (ficiently and to create a capital structure independent of Seadrill. ) Tj ET Q q 0 0 0 rg BT 408.78 600.40 Td (As noted above the transaction ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 587.20 Td (has been successful and the Company anticipates using this market again in the future to refinance debt on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 574.00 Td (existing units and future acquisitions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 554.80 Td (The term loan B facility) Tj ET Q q 0 0 0 rg BT 154.47 554.80 Td (, compared to traditional rig financing, will result in higher interest cost of approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 541.60 Td (US$22 million per annum and at the same time reduce installments by approximately US$162 million per ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 528.40 Td (annum. ) Tj ET Q q 0 0 0 rg BT 87.49 528.40 Td (The net ef) Tj ET Q q 0 0 0 rg BT 131.88 528.40 Td (fect will be an increase in free cash generation after finance of approximately US$140 million ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 515.20 Td (annually for the four rigs supported by this facility) Tj ET Q q 0 0 0 rg BT 271.18 515.20 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 496.00 Td (The Company now has access to debt capital markets and strong financial position with a relatively low net debt ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 482.80 Td (to EBITDA) Tj ET Q q 0 0 0 rg BT 100.53 482.80 Td ( ratio. ) Tj ET Q q 0 0 0 rg BT 128.73 482.80 Td (The Board therefore believes the Company has the flexibility to acquire additional accretive ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 469.60 Td (assets even without using the equity market) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 450.40 Td (Operationally) Tj ET Q q 0 0 0 rg BT 109.26 450.40 Td (, the Board and management team are not satisfied with the performance year to date. ) Tj ET Q q 0 0 0 rg BT 490.86 450.40 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 437.20 Td (utilization rate of 82% is below the standards set for the Company) Tj ET Q q 0 0 0 rg BT 339.91 437.20 Td (. ) Tj ET Q q 0 0 0 rg BT 347.96 437.20 Td (The ) Tj ET Q q 0 0 0 rg BT 367.61 437.20 Td (W) Tj ET Q q 0 0 0 rg BT 377.12 437.20 Td (est ) Tj ET Q q 0 0 0 rg BT 391.48 437.20 Td (Aquarius and ) Tj ET Q q 0 0 0 rg BT 452.99 437.20 Td (W) Tj ET Q q 0 0 0 rg BT 462.49 437.20 Td (est Capricorn have ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 424.00 Td (experienced a collective 77 days of downtime. ) Tj ET Q q 0 0 0 rg BT 258.73 424.00 Td (Although equipment failures are partly to blame, uptime needs to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 410.80 Td (be improved. Developments thus far during the second quarter confirms the Company has returned to solid ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 397.60 Td (operational performance with overall economic utilization rate averaging around 97% to date. ) Tj ET Q q 0 0 0 rg BT 465.00 397.60 Td (W) Tj ET Q q 0 0 0 rg BT 474.94 397.60 Td (ith continued ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 384.40 Td (good performance the Company's coverage ratio should be back up to tar) Tj ET Q q 0 0 0 rg BT 371.09 384.40 Td (get levels of 1.1 in the second quarter) Tj ET Q q 0 0 0 rg BT 535.43 384.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 365.20 Td (Distributable cash flow for the second quarter of 2014 will be positively impacted by the cash contribution for ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 352.00 Td (the full quarter from the ) Tj ET Q q 0 0 0 rg BT 157.73 352.00 Td (W) Tj ET Q q 0 0 0 rg BT 167.23 352.00 Td (est ) Tj ET Q q 0 0 0 rg BT 181.60 352.00 Td (Auriga and the return to normal operations on the ) Tj ET Q q 0 0 0 rg BT 402.25 352.00 Td (W) Tj ET Q q 0 0 0 rg BT 411.75 352.00 Td (est ) Tj ET Q q 0 0 0 rg BT 426.12 352.00 Td (Aquarius and ) Tj ET Q q 0 0 0 rg BT 487.63 352.00 Td (W) Tj ET Q q 0 0 0 rg BT 497.13 352.00 Td (est ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 338.80 Td (Capricorn.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 319.60 Td (The acquisition of the ) Tj ET Q q 0 0 0 rg BT 148.27 319.60 Td (W) Tj ET Q q 0 0 0 rg BT 157.78 319.60 Td (est ) Tj ET Q q 0 0 0 rg BT 172.14 319.60 Td (Auriga has increased revenue backlog to approximately $5.5 billion and average ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 306.40 Td (contract term to 3.74 years. ) Tj ET Q q 0 0 0 rg BT 172.40 306.40 Td (This puts the Company in a strong position with regards to short-term negative ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 293.20 Td (market developments.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 274.00 Td (The ) Tj ET Q q 0 0 0 rg BT 69.34 274.00 Td (Board ) Tj ET Q q 0 0 0 rg BT 98.95 274.00 Td (remains ) Tj ET Q q 0 0 0 rg BT 136.51 274.00 Td (committed ) Tj ET Q q 0 0 0 rg BT 186.29 274.00 Td (to ) Tj ET Q q 0 0 0 rg BT 197.58 274.00 Td (its ) Tj ET Q q 0 0 0 rg BT 210.70 274.00 Td (high ) Tj ET Q q 0 0 0 rg BT 232.99 274.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 266.89 274.00 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 317.89 274.00 Td (strategy ) Tj ET Q q 0 0 0 rg BT 355.45 274.00 Td (in ) Tj ET Q q 0 0 0 rg BT 366.74 274.00 Td (order ) Tj ET Q q 0 0 0 rg BT 392.68 274.00 Td (to ) Tj ET Q q 0 0 0 rg BT 403.97 274.00 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 452.53 274.00 Td (the ) Tj ET Q q 0 0 0 rg BT 468.70 274.00 Td (fleet ) Tj ET Q q 0 0 0 rg BT 490.97 274.00 Td (composition, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 260.80 Td (diversify ) Tj ET Q q 0 0 0 rg BT 90.37 260.80 Td (the ) Tj ET Q q 0 0 0 rg BT 105.58 260.80 Td (customer ) Tj ET Q q 0 0 0 rg BT 147.67 260.80 Td (base, ) Tj ET Q q 0 0 0 rg BT 171.74 260.80 Td (and ) Tj ET Q q 0 0 0 rg BT 189.39 260.80 Td (increase ) Tj ET Q q 0 0 0 rg BT 227.19 260.80 Td (backlog. ) Tj ET Q q 0 0 0 rg BT 266.53 260.80 Td ( ) Tj ET Q q 0 0 0 rg BT 268.17 260.80 Td (The ) Tj ET Q q 0 0 0 rg BT 287.04 260.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 337.85 260.80 Td (modern ) Tj ET Q q 0 0 0 rg BT 373.22 260.80 Td (best ) Tj ET Q q 0 0 0 rg BT 392.71 260.80 Td (in ) Tj ET Q q 0 0 0 rg BT 403.04 260.80 Td (class ) Tj ET Q q 0 0 0 rg BT 426.19 260.80 Td (fleet ) Tj ET Q q 0 0 0 rg BT 447.50 260.80 Td (and ) Tj ET Q q 0 0 0 rg BT 465.15 260.80 Td (long ) Tj ET Q q 0 0 0 rg BT 486.48 260.80 Td (term ) Tj ET Q q 0 0 0 rg BT 508.41 260.80 Td (contracts ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 247.60 Td (protect ) Tj ET Q q 0 0 0 rg BT 83.30 247.60 Td (the ) Tj ET Q q 0 0 0 rg BT 100.01 247.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 146.05 247.60 Td (from ) Tj ET Q q 0 0 0 rg BT 170.69 247.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 219.78 247.60 Td (negative ) Tj ET Q q 0 0 0 rg BT 260.30 247.60 Td (market ) Tj ET Q q 0 0 0 rg BT 294.11 247.60 Td (sentiment ) Tj ET Q q 0 0 0 rg BT 340.14 247.60 Td (and ) Tj ET Q q 0 0 0 rg BT 359.29 247.60 Td (position ) Tj ET Q q 0 0 0 rg BT 398.00 247.60 Td (it ) Tj ET Q q 0 0 0 rg BT 407.38 247.60 Td (to ) Tj ET Q q 0 0 0 rg BT 419.20 247.60 Td ( ) Tj ET Q q 0 0 0 rg BT 422.46 247.60 Td (potentially ) Tj ET Q q 0 0 0 rg BT 472.77 247.60 Td (be ) Tj ET Q q 0 0 0 rg BT 486.42 247.60 Td (re-contracting ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 234.40 Td (rigs ) Tj ET Q q 0 0 0 rg BT 68.75 234.40 Td (into ) Tj ET Q q 0 0 0 rg BT 88.61 234.40 Td (a ) Tj ET Q q 0 0 0 rg BT 96.24 234.40 Td (rising ) Tj ET Q q 0 0 0 rg BT 124.05 234.40 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 159.17 234.40 Td (environment ) Tj ET Q q 0 0 0 rg BT 217.51 234.40 Td (in ) Tj ET Q q 0 0 0 rg BT 228.82 234.40 Td (the ) Tj ET Q q 0 0 0 rg BT 245.01 234.40 Td (future.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 188.80 Td (May ) Tj ET Q q 0 0 0 rg BT 72.41 188.80 Td (28, ) Tj ET Q q 0 0 0 rg BT 88.91 188.80 Td (2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 175.60 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 175.60 Td (Board ) Tj ET Q q 0 0 0 rg BT 98.98 175.60 Td (of ) Tj ET Q q 0 0 0 rg BT 110.90 175.60 Td (Directors) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 162.40 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 86.46 162.40 Td (Partners ) Tj ET Q q 0 0 0 rg BT 125.26 162.40 Td (LLC) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 149.20 Td (London, ) Tj ET Q q 0 0 0 rg BT 89.22 149.20 Td (UK.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 122.80 Td (Questions ) Tj ET Q q 0 0 0 rg BT 96.25 122.80 Td (should ) Tj ET Q q 0 0 0 rg BT 128.34 122.80 Td (be ) Tj ET Q q 0 0 0 rg BT 141.47 122.80 Td (directed ) Tj ET Q q 0 0 0 rg BT 179.64 122.80 Td (to:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 109.60 Td (Graham ) Tj ET Q q 0 0 0 rg BT 87.68 109.60 Td (Robjohns: ) Tj ET Q q 0 0 0 rg BT 135.66 109.60 Td (Chief ) Tj ET Q q 0 0 0 rg BT 162.85 109.60 Td (Executive ) Tj ET Q q 0 0 0 rg BT 209.57 109.60 Td (Of) Tj ET Q q 0 0 0 rg BT 220.98 109.60 Td (ficer) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 96.40 Td (Rune ) Tj ET Q q 0 0 0 rg BT 75.47 96.40 Td (Magnus ) Tj ET Q q 0 0 0 rg BT 113.66 96.40 Td (Lundetrae: ) Tj ET Q q 0 0 0 rg BT 164.05 96.40 Td (Chief ) Tj ET Q q 0 0 0 rg BT 191.24 96.40 Td (Financial ) Tj ET Q q 0 0 0 rg BT 234.93 96.40 Td (Of) Tj ET Q q 0 0 0 rg BT 246.33 96.40 Td (ficer) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 790.00 Td (FOR) Tj ET Q q 0 0 0 rg BT 72.33 790.00 Td (W) Tj ET Q q 0 0 0 rg BT 82.11 790.00 Td (ARD ) Tj ET Q q 0 0 0 rg BT 108.69 790.00 Td (LOOKING ) Tj ET Q q 0 0 0 rg BT 165.23 790.00 Td (ST) Tj ET Q q 0 0 0 rg BT 177.87 790.00 Td (A) Tj ET Q q 0 0 0 rg BT 185.00 790.00 Td (TEMENTS ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 769.30 Td (This ) Tj ET Q q 0 0 0 rg BT 71.67 769.30 Td (news ) Tj ET Q q 0 0 0 rg BT 96.89 769.30 Td (release ) Tj ET Q q 0 0 0 rg BT 130.03 769.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 169.30 769.30 Td (forward ) Tj ET Q q 0 0 0 rg BT 206.73 769.30 Td (looking ) Tj ET Q q 0 0 0 rg BT 242.96 769.30 Td (statements. ) Tj ET Q q 0 0 0 rg BT 294.75 769.30 Td (Such ) Tj ET Q q 0 0 0 rg BT 319.37 769.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 368.41 769.30 Td (are ) Tj ET Q q 0 0 0 rg BT 384.45 769.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 427.99 769.30 Td (not ) Tj ET Q q 0 0 0 rg BT 444.66 769.30 Td (historical ) Tj ET Q q 0 0 0 rg BT 488.21 769.30 Td (in ) Tj ET Q q 0 0 0 rg BT 499.38 769.30 Td (nature, ) Tj ET Q q 0 0 0 rg BT 532.22 769.30 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 756.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 102.49 756.10 Td (include ) Tj ET Q q 0 0 0 rg BT 137.16 756.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 185.89 756.10 Td (about ) Tj ET Q q 0 0 0 rg BT 212.63 756.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.36 756.10 Td (Company) Tj ET Q q 0 0 0 rg BT 274.19 756.10 Td (s ) Tj ET Q q 0 0 0 rg BT 280.77 756.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 309.03 756.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 355.62 756.10 Td (business ) Tj ET Q q 0 0 0 rg BT 395.19 756.10 Td (prospects, ) Tj ET Q q 0 0 0 rg BT 441.78 756.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 479.50 756.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.68 756.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 526.86 756.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.71 756.10 Td (its ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 742.90 Td (business ) Tj ET Q q 0 0 0 rg BT 89.72 742.90 Td (and ) Tj ET Q q 0 0 0 rg BT 108.55 742.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.93 742.90 Td (markets ) Tj ET Q q 0 0 0 rg BT 162.69 742.90 Td (in ) Tj ET Q q 0 0 0 rg BT 174.19 742.90 Td (which ) Tj ET Q q 0 0 0 rg BT 204.01 742.90 Td (it ) Tj ET Q q 0 0 0 rg BT 213.07 742.90 Td (operates. ) Tj ET Q q 0 0 0 rg BT 255.41 742.90 Td ( ) Tj ET Q q 0 0 0 rg BT 258.35 742.90 Td (In ) Tj ET Q q 0 0 0 rg BT 270.45 742.90 Td (particular) Tj ET Q q 0 0 0 rg BT 312.15 742.90 Td (, ) Tj ET Q q 0 0 0 rg BT 317.85 742.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 367.22 742.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 412.31 742.90 Td (the ) Tj ET Q q 0 0 0 rg BT 428.69 742.90 Td (Company) Tj ET Q q 0 0 0 rg BT 474.52 742.90 Td (s ) Tj ET Q q 0 0 0 rg BT 481.74 742.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 512.79 742.90 Td (to ) Tj ET Q q 0 0 0 rg BT 524.29 742.90 Td (make ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 729.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 72.11 729.70 Td (distributions, ) Tj ET Q q 0 0 0 rg BT 132.92 729.70 Td (the ) Tj ET Q q 0 0 0 rg BT 149.42 729.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 191.56 729.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 250.20 729.70 Td (of ) Tj ET Q q 0 0 0 rg BT 262.42 729.70 Td (the ) Tj ET Q q 0 0 0 rg BT 278.92 729.70 Td (drilling ) Tj ET Q q 0 0 0 rg BT 314.37 729.70 Td (rigs ) Tj ET Q q 0 0 0 rg BT 333.93 729.70 Td (in ) Tj ET Q q 0 0 0 rg BT 345.55 729.70 Td (OPCO) Tj ET Q q 0 0 0 rg BT 377.94 729.70 Td (s ) Tj ET Q q 0 0 0 rg BT 385.28 729.70 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 410.63 729.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 455.85 729.70 Td (duration ) Tj ET Q q 0 0 0 rg BT 495.56 729.70 Td (of ) Tj ET Q q 0 0 0 rg BT 507.79 729.70 Td (customer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 716.50 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 95.16 716.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 133.78 716.50 Td (dayrate ) Tj ET Q q 0 0 0 rg BT 169.35 716.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 209.83 716.50 Td (and ) Tj ET Q q 0 0 0 rg BT 228.91 716.50 Td (the ) Tj ET Q q 0 0 0 rg BT 245.55 716.50 Td (Company) Tj ET Q q 0 0 0 rg BT 291.39 716.50 Td (s ) Tj ET Q q 0 0 0 rg BT 298.87 716.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 330.18 716.50 Td (to ) Tj ET Q q 0 0 0 rg BT 341.94 716.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 384.23 716.50 Td (drilling ) Tj ET Q q 0 0 0 rg BT 419.82 716.50 Td (rigs ) Tj ET Q q 0 0 0 rg BT 439.52 716.50 Td (from ) Tj ET Q q 0 0 0 rg BT 464.11 716.50 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 501.52 716.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 539.55 716.50 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 703.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.86 703.30 Td (future ) Tj ET Q q 0 0 0 rg BT 93.05 703.30 Td (are ) Tj ET Q q 0 0 0 rg BT 108.40 703.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 157.98 703.30 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 231.99 703.30 Td (statements. ) Tj ET Q q 0 0 0 rg BT 282.96 703.30 Td (These ) Tj ET Q q 0 0 0 rg BT 311.15 703.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 359.50 703.30 Td (are ) Tj ET Q q 0 0 0 rg BT 374.86 703.30 Td (made ) Tj ET Q q 0 0 0 rg BT 400.60 703.30 Td (based ) Tj ET Q q 0 0 0 rg BT 427.57 703.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 451.50 703.30 Td (management) Tj ET Q q 0 0 0 rg BT 510.75 703.30 Td (s ) Tj ET Q q 0 0 0 rg BT 516.96 703.30 Td (current ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 690.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 77.26 690.10 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 136.78 690.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 192.97 690.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.64 690.10 Td (beliefs ) Tj ET Q q 0 0 0 rg BT 241.76 690.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 292.42 690.10 Td (future ) Tj ET Q q 0 0 0 rg BT 320.47 690.10 Td (events ) Tj ET Q q 0 0 0 rg BT 350.37 690.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 396.15 690.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.38 690.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 455.95 690.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.62 690.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 515.11 690.10 Td (involve ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 676.90 Td (a ) Tj ET Q q 0 0 0 rg BT 58.05 676.90 Td (number ) Tj ET Q q 0 0 0 rg BT 95.31 676.90 Td (of ) Tj ET Q q 0 0 0 rg BT 108.14 676.90 Td (risks, ) Tj ET Q q 0 0 0 rg BT 135.34 676.90 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 195.20 676.90 Td (and ) Tj ET Q q 0 0 0 rg BT 214.75 676.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 272.80 676.90 Td (that ) Tj ET Q q 0 0 0 rg BT 292.96 676.90 Td (could ) Tj ET Q q 0 0 0 rg BT 321.06 676.90 Td (cause ) Tj ET Q q 0 0 0 rg BT 349.16 676.90 Td (actual ) Tj ET Q q 0 0 0 rg BT 379.08 676.90 Td (results ) Tj ET Q q 0 0 0 rg BT 411.46 676.90 Td (to ) Tj ET Q q 0 0 0 rg BT 423.69 676.90 Td (dif) Tj ET Q q 0 0 0 rg BT 435.71 676.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 451.58 676.90 Td (materially ) Tj ET Q q 0 0 0 rg BT 499.83 676.90 Td (from ) Tj ET Q q 0 0 0 rg BT 524.88 676.90 Td (those ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 663.70 Td (expressed ) Tj ET Q q 0 0 0 rg BT 96.79 663.70 Td (or ) Tj ET Q q 0 0 0 rg BT 109.88 663.70 Td (implied ) Tj ET Q q 0 0 0 rg BT 147.41 663.70 Td (in ) Tj ET Q q 0 0 0 rg BT 159.89 663.70 Td (the ) Tj ET Q q 0 0 0 rg BT 177.25 663.70 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 253.26 663.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 306.37 663.70 Td (which ) Tj ET Q q 0 0 0 rg BT 337.17 663.70 Td (speak ) Tj ET Q q 0 0 0 rg BT 366.14 663.70 Td (only ) Tj ET Q q 0 0 0 rg BT 389.62 663.70 Td (as ) Tj ET Q q 0 0 0 rg BT 402.70 663.70 Td (of ) Tj ET Q q 0 0 0 rg BT 415.79 663.70 Td (the ) Tj ET Q q 0 0 0 rg BT 433.15 663.70 Td (date ) Tj ET Q q 0 0 0 rg BT 455.39 663.70 Td (of ) Tj ET Q q 0 0 0 rg BT 468.48 663.70 Td (this ) Tj ET Q q 0 0 0 rg BT 488.29 663.70 Td (news ) Tj ET Q q 0 0 0 rg BT 514.82 663.70 Td (release. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 650.50 Td (Important ) Tj ET Q q 0 0 0 rg BT 95.71 650.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 128.47 650.50 Td (that ) Tj ET Q q 0 0 0 rg BT 147.79 650.50 Td (could ) Tj ET Q q 0 0 0 rg BT 175.06 650.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 202.32 650.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 231.41 650.50 Td (results ) Tj ET Q q 0 0 0 rg BT 262.96 650.50 Td (to ) Tj ET Q q 0 0 0 rg BT 274.34 650.50 Td (dif) Tj ET Q q 0 0 0 rg BT 286.37 650.50 Td (fer ) Tj ET Q q 0 0 0 rg BT 301.40 650.50 Td (materially ) Tj ET Q q 0 0 0 rg BT 348.83 650.50 Td (from ) Tj ET Q q 0 0 0 rg BT 373.04 650.50 Td (those ) Tj ET Q q 0 0 0 rg BT 399.09 650.50 Td (in ) Tj ET Q q 0 0 0 rg BT 410.48 650.50 Td (the ) Tj ET Q q 0 0 0 rg BT 426.74 650.50 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 501.67 650.50 Td (statements ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 637.30 Td (include, ) Tj ET Q q 0 0 0 rg BT 88.20 637.30 Td (but ) Tj ET Q q 0 0 0 rg BT 105.83 637.30 Td (are ) Tj ET Q q 0 0 0 rg BT 122.83 637.30 Td (not ) Tj ET Q q 0 0 0 rg BT 140.47 637.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 175.20 637.30 Td (to ) Tj ET Q q 0 0 0 rg BT 187.33 637.30 Td (the ) Tj ET Q q 0 0 0 rg BT 204.35 637.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 263.50 637.30 Td (of ) Tj ET Q q 0 0 0 rg BT 276.23 637.30 Td (the ) Tj ET Q q 0 0 0 rg BT 293.25 637.30 Td (drilling ) Tj ET Q q 0 0 0 rg BT 329.21 637.30 Td (rigs ) Tj ET Q q 0 0 0 rg BT 349.29 637.30 Td (in ) Tj ET Q q 0 0 0 rg BT 361.42 637.30 Td (the ) Tj ET Q q 0 0 0 rg BT 378.43 637.30 Td (Company) Tj ET Q q 0 0 0 rg BT 424.26 637.30 Td (s ) Tj ET Q q 0 0 0 rg BT 432.12 637.30 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 457.98 637.30 Td (delay ) Tj ET Q q 0 0 0 rg BT 485.38 637.30 Td (in ) Tj ET Q q 0 0 0 rg BT 497.51 637.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 538.96 637.30 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 89.18 624.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.37 624.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 163.34 624.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 218.90 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.09 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.15 624.10 Td (international ) Tj ET Q q 0 0 0 rg BT 307.37 624.10 Td (price ) Tj ET Q q 0 0 0 rg BT 332.98 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.77 624.10 Td (oil, ) Tj ET Q q 0 0 0 rg BT 363.76 624.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 402.82 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.00 624.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 479.10 624.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 531.61 624.10 Td (that ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 610.90 Td (af) Tj ET Q q 0 0 0 rg BT 57.85 610.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 76.28 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 91.66 610.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 136.38 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 147.49 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 162.88 610.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 210.64 610.90 Td (of ) Tj ET Q q 0 0 0 rg BT 221.75 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 237.13 610.90 Td (Company) Tj ET Q q 0 0 0 rg BT 282.97 610.90 Td (s ) Tj ET Q q 0 0 0 rg BT 289.19 610.90 Td (fleet, ) Tj ET Q q 0 0 0 rg BT 313.43 610.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 356.90 610.90 Td (competition ) Tj ET Q q 0 0 0 rg BT 411.40 610.90 Td (in ) Tj ET Q q 0 0 0 rg BT 421.90 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 437.28 610.90 Td (of) Tj ET Q q 0 0 0 rg BT 446.25 610.90 Td (fshore ) Tj ET Q q 0 0 0 rg BT 475.68 610.90 Td (drilling ) Tj ET Q q 0 0 0 rg BT 510.01 610.90 Td (industry) Tj ET Q q 0 0 0 rg BT 545.36 610.90 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 597.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.59 597.70 Td (general ) Tj ET Q q 0 0 0 rg BT 102.16 597.70 Td (economic, ) Tj ET Q q 0 0 0 rg BT 149.88 597.70 Td (political ) Tj ET Q q 0 0 0 rg BT 188.13 597.70 Td (and ) Tj ET Q q 0 0 0 rg BT 206.22 597.70 Td (business ) Tj ET Q q 0 0 0 rg BT 245.70 597.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 293.74 597.70 Td (globally) Tj ET Q q 0 0 0 rg BT 329.08 597.70 Td (. ) Tj ET Q q 0 0 0 rg BT 334.03 597.70 Td ( ) Tj ET Q q 0 0 0 rg BT 336.24 597.70 Td (Consequently) Tj ET Q q 0 0 0 rg BT 396.02 597.70 Td (, ) Tj ET Q q 0 0 0 rg BT 400.98 597.70 Td (no ) Tj ET Q q 0 0 0 rg BT 414.18 597.70 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 488.48 597.70 Td (statement ) Tj ET Q q 0 0 0 rg BT 532.84 597.70 Td (can ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 584.50 Td (be ) Tj ET Q q 0 0 0 rg BT 62.67 584.50 Td (guaranteed. ) Tj ET Q q 0 0 0 rg BT 116.46 584.50 Td ( ) Tj ET Q q 0 0 0 rg BT 119.05 584.50 Td (When ) Tj ET Q q 0 0 0 rg BT 148.10 584.50 Td (considering ) Tj ET Q q 0 0 0 rg BT 202.21 584.50 Td (these ) Tj ET Q q 0 0 0 rg BT 227.60 584.50 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 302.48 584.50 Td (statements, ) Tj ET Q q 0 0 0 rg BT 354.45 584.50 Td (you ) Tj ET Q q 0 0 0 rg BT 373.74 584.50 Td (should ) Tj ET Q q 0 0 0 rg BT 405.87 584.50 Td (keep ) Tj ET Q q 0 0 0 rg BT 429.42 584.50 Td (in ) Tj ET Q q 0 0 0 rg BT 440.77 584.50 Td (mind ) Tj ET Q q 0 0 0 rg BT 466.17 584.50 Td (the ) Tj ET Q q 0 0 0 rg BT 482.40 584.50 Td (risks ) Tj ET Q q 0 0 0 rg BT 505.97 584.50 Td (described ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 571.30 Td (from ) Tj ET Q q 0 0 0 rg BT 73.87 571.30 Td (time ) Tj ET Q q 0 0 0 rg BT 96.41 571.30 Td (to ) Tj ET Q q 0 0 0 rg BT 107.95 571.30 Td (time ) Tj ET Q q 0 0 0 rg BT 130.49 571.30 Td (in ) Tj ET Q q 0 0 0 rg BT 142.04 571.30 Td (the ) Tj ET Q q 0 0 0 rg BT 158.46 571.30 Td (Company) Tj ET Q q 0 0 0 rg BT 204.29 571.30 Td (s ) Tj ET Q q 0 0 0 rg BT 211.56 571.30 Td (filings ) Tj ET Q q 0 0 0 rg BT 242.66 571.30 Td (with ) Tj ET Q q 0 0 0 rg BT 265.21 571.30 Td (the ) Tj ET Q q 0 0 0 rg BT 281.63 571.30 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 307.54 571.30 Td ( ) Tj ET Q q 0 0 0 rg BT 310.32 571.30 Td (The ) Tj ET Q q 0 0 0 rg BT 330.40 571.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 376.17 571.30 Td (undertakes ) Tj ET Q q 0 0 0 rg BT 426.80 571.30 Td (no ) Tj ET Q q 0 0 0 rg BT 440.79 571.30 Td (obligation ) Tj ET Q q 0 0 0 rg BT 488.39 571.30 Td (to ) Tj ET Q q 0 0 0 rg BT 499.93 571.30 Td (update ) Tj ET Q q 0 0 0 rg BT 532.24 571.30 Td (any ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 558.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 86.90 558.10 Td (looking ) Tj ET Q q 0 0 0 rg BT 123.10 558.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 172.12 558.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.26 558.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 213.93 558.10 Td (events ) Tj ET Q q 0 0 0 rg BT 244.62 558.10 Td (or ) Tj ET Q q 0 0 0 rg BT 256.37 558.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 321.26 558.10 Td (after ) Tj ET Q q 0 0 0 rg BT 344.00 558.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.02 558.10 Td (date ) Tj ET Q q 0 0 0 rg BT 380.93 558.10 Td (on ) Tj ET Q q 0 0 0 rg BT 394.52 558.10 Td (which ) Tj ET Q q 0 0 0 rg BT 423.98 558.10 Td (such ) Tj ET Q q 0 0 0 rg BT 446.73 558.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 491.47 558.10 Td (is ) Tj ET Q q 0 0 0 rg BT 501.40 558.10 Td (made ) Tj ET Q q 0 0 0 rg BT 527.80 558.10 Td (or ) Tj ET Q q 0 0 0 rg BT 539.55 558.10 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 544.90 Td (reflect ) Tj ET Q q 0 0 0 rg BT 80.37 544.90 Td (the ) Tj ET Q q 0 0 0 rg BT 96.59 544.90 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 147.61 544.90 Td (of ) Tj ET Q q 0 0 0 rg BT 159.55 544.90 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 221.59 544.90 Td (events. ) Tj ET Q q 0 0 0 rg BT 255.22 544.90 Td (New ) Tj ET Q q 0 0 0 rg BT 278.78 544.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 311.49 544.90 Td (emer) Tj ET Q q 0 0 0 rg BT 333.27 544.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 346.44 544.90 Td (from ) Tj ET Q q 0 0 0 rg BT 370.60 544.90 Td (time ) Tj ET Q q 0 0 0 rg BT 392.93 544.90 Td (to ) Tj ET Q q 0 0 0 rg BT 404.27 544.90 Td (time, ) Tj ET Q q 0 0 0 rg BT 429.35 544.90 Td (and ) Tj ET Q q 0 0 0 rg BT 448.02 544.90 Td (it ) Tj ET Q q 0 0 0 rg BT 456.91 544.90 Td (is ) Tj ET Q q 0 0 0 rg BT 467.03 544.90 Td (not ) Tj ET Q q 0 0 0 rg BT 483.87 544.90 Td (possible ) Tj ET Q q 0 0 0 rg BT 522.71 544.90 Td (for ) Tj ET Q q 0 0 0 rg BT 538.32 544.90 Td (us ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 531.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.59 531.70 Td (predict ) Tj ET Q q 0 0 0 rg BT 93.66 531.70 Td (all ) Tj ET Q q 0 0 0 rg BT 107.18 531.70 Td (of ) Tj ET Q q 0 0 0 rg BT 118.88 531.70 Td (these ) Tj ET Q q 0 0 0 rg BT 144.01 531.70 Td (factors. ) Tj ET Q q 0 0 0 rg BT 179.22 531.70 Td (Further) Tj ET Q q 0 0 0 rg BT 211.16 531.70 Td (, ) Tj ET Q q 0 0 0 rg BT 216.44 531.70 Td (the ) Tj ET Q q 0 0 0 rg BT 232.41 531.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 277.72 531.70 Td (cannot ) Tj ET Q q 0 0 0 rg BT 309.57 531.70 Td (assess ) Tj ET Q q 0 0 0 rg BT 338.99 531.70 Td (the ) Tj ET Q q 0 0 0 rg BT 354.96 531.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 387.43 531.70 Td (of ) Tj ET Q q 0 0 0 rg BT 399.12 531.70 Td (each ) Tj ET Q q 0 0 0 rg BT 421.80 531.70 Td (such ) Tj ET Q q 0 0 0 rg BT 444.49 531.70 Td (factor ) Tj ET Q q 0 0 0 rg BT 472.67 531.70 Td (on ) Tj ET Q q 0 0 0 rg BT 486.20 531.70 Td (its ) Tj ET Q q 0 0 0 rg BT 499.13 531.70 Td (business ) Tj ET Q q 0 0 0 rg BT 538.94 531.70 Td (or ) 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 65.83 518.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 95.60 518.50 Td (to ) Tj ET Q q 0 0 0 rg BT 107.05 518.50 Td (which ) Tj ET Q q 0 0 0 rg BT 136.83 518.50 Td (any ) Tj ET Q q 0 0 0 rg BT 155.60 518.50 Td (factor) Tj ET Q q 0 0 0 rg BT 180.81 518.50 Td (, ) Tj ET Q q 0 0 0 rg BT 186.45 518.50 Td (or ) Tj ET Q q 0 0 0 rg BT 198.51 518.50 Td (combination ) Tj ET Q q 0 0 0 rg BT 256.39 518.50 Td (of ) Tj ET Q q 0 0 0 rg BT 268.45 518.50 Td (factors, ) Tj ET Q q 0 0 0 rg BT 304.02 518.50 Td (may ) Tj ET Q q 0 0 0 rg BT 325.85 518.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 353.17 518.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 382.33 518.50 Td (results ) Tj ET Q q 0 0 0 rg BT 413.94 518.50 Td (to ) Tj ET Q q 0 0 0 rg BT 425.39 518.50 Td (be ) Tj ET Q q 0 0 0 rg BT 438.67 518.50 Td (materially ) Tj ET Q q 0 0 0 rg BT 486.15 518.50 Td (dif) Tj ET Q q 0 0 0 rg BT 498.17 518.50 Td (ferent ) Tj ET Q q 0 0 0 rg BT 526.71 518.50 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 505.30 Td (those ) Tj ET Q q 0 0 0 rg BT 75.47 505.30 Td (contained ) Tj ET Q q 0 0 0 rg BT 120.98 505.30 Td (in ) Tj ET Q q 0 0 0 rg BT 132.28 505.30 Td (any ) Tj ET Q q 0 0 0 rg BT 150.92 505.30 Td (forward ) Tj ET Q q 0 0 0 rg BT 188.48 505.30 Td (looking ) Tj ET Q q 0 0 0 rg BT 224.84 505.30 Td (statement.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.80 790.50 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 780 m 369.3 780 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 780 m 458.3 780 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 780 m 547.3 780 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 756 m 369.3 756 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 756 m 458.3 756 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 756 m 547.3 756 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 726 m 369.3 726 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 726 m 458.3 726 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 726 m 547.3 726 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 667 m 280.3 667 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 653 m 280.3 653 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 667 m 369.3 667 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 653 m 369.3 653 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 667 m 458.3 667 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 653 m 458.3 653 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 667 m 547.3 667 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 653 m 547.3 653 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 575 m 280.3 575 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 561 m 280.3 561 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 575 m 369.3 575 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 561 m 369.3 561 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 575 m 458.3 575 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 561 m 458.3 561 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 575 m 547.3 575 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 561 m 547.3 561 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 556 m 280.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 542 m 280.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 556 m 369.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 542 m 369.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 556 m 458.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 542 m 458.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 556 m 547.3 556 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 542 m 547.3 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 464 m 280.3 464 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 450 m 280.3 450 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 464 m 369.3 464 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.3 450 m 369.3 450 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 464 m 458.3 464 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 450 m 458.3 450 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 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w 0 i [] 0 d 0 J 0 j 3 M 369.3 413 m 458.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.3 399 m 458.3 399 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 413 m 547.3 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.3 399 m 547.3 399 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 770.68 Td (CONSOLIDATED AND COMBINED CARVE-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 760.68 Td (OUT STATEMENTS OF OPERATIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.45 765.73 Td (Three months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.80 745.71 Td (\(US$ millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.60 745.68 Td (March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.20 745.67 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.20 745.67 Td (March 31, 2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 302.60 730.68 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.15 730.71 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 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51.80 672.57 Td (Amount due from related party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 672.57 Td (510.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 672.57 Td (248.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 657.57 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 657.57 Td (49.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 657.57 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 642.58 Td (Total current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.95 642.58 Td (990.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 642.58 Td (568.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 612.58 Td (Non-current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 597.57 Td (Drilling units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.45 597.57 Td (4,491.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.45 597.57 Td (3,448.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 582.57 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 582.57 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 582.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 567.57 Td (Mobilization revenue receivable long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 567.57 Td (115.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 567.57 Td (43.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 552.57 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 552.57 Td (9.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 552.57 Td (9.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 537.57 Td (Other non-current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 537.57 Td (102.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 537.57 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 522.58 Td (Total non-current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 522.58 Td (4,723.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 522.58 Td (3,504.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 507.58 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 507.58 Td (5,713.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 507.58 Td (4,072.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 477.58 Td (LIABILITIES AND MEMBERS CAPITAL/OWNERS EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 462.58 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 447.57 Td (Current portion of long-term interest bearing debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 447.57 Td (58.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 447.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 432.57 Td (Current portion of long-term related party payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 432.57 Td (91.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 432.57 Td (108.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 417.57 Td (Related party revolving credit facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.45 417.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 417.57 Td (125.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 402.57 Td (Trade accounts payable and accruals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 402.57 Td (90.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 402.57 Td (80.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 387.57 Td (Deferred mobilization revenue short-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 387.57 Td (14.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 387.57 Td (20.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 372.57 Td (Related party payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 372.57 Td (614.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 372.57 Td (292.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 357.57 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 357.57 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 357.57 Td (27.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 342.58 Td (Total current liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.95 342.58 Td (919.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 342.58 Td (654.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 312.58 Td (Non-current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 297.57 Td (Long-term interest bearing debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.45 297.57 Td (2,180.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 297.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 282.57 Td (Long-term related party payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 282.57 Td (709.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.45 282.57 Td (1,826.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 267.57 Td (Related party loan notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 267.57 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 267.57 Td (299.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 252.57 Td (Deferred mobilization revenue long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 252.57 Td (34.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 252.57 Td (37.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 238.58 Td (Total non-current liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 238.58 Td (3,024.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 238.58 Td (2,163.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 209.58 Td (Total Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 209.58 Td (3,944.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 209.58 Td (2,818) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 181.58 Td (Total equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 181.58 Td (1,769.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 181.58 Td (1,254.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 167.58 Td (Total liabilities and equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 167.58 Td (5,713.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 167.58 Td (4,072.6) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 790.00 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 (MEASURE) 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 (Distributable ) Tj ET Q q 0 0 0 rg BT 110.63 751.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.88 751.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 157.74 751.60 Td (represents ) Tj ET Q q 0 0 0 rg BT 206.03 751.60 Td (net ) Tj ET Q q 0 0 0 rg BT 223.16 751.60 Td (income ) Tj ET Q q 0 0 0 rg BT 259.24 751.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 299.59 751.60 Td (for ) Tj ET Q q 0 0 0 rg BT 316.12 751.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 374.18 751.60 Td (and ) Tj ET Q q 0 0 0 rg BT 393.76 751.60 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 455.80 751.60 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 505.30 751.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 532.22 751.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 738.40 Td (losses ) Tj ET Q q 0 0 0 rg BT 80.68 738.40 Td (from ) Tj ET Q q 0 0 0 rg BT 106.96 738.40 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 162.87 738.40 Td (unrealised ) Tj ET Q q 0 0 0 rg BT 212.97 738.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 249.63 738.40 Td (exchange ) Tj ET Q q 0 0 0 rg BT 296.06 738.40 Td (gains ) Tj ET Q q 0 0 0 rg BT 324.17 738.40 Td (and ) Tj ET Q q 0 0 0 rg BT 344.95 738.40 Td (losses, ) Tj ET Q q 0 0 0 rg BT 378.88 738.40 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 439.36 738.40 Td (and ) Tj ET Q q 0 0 0 rg BT 460.14 738.40 Td (replacement ) Tj ET Q q 0 0 0 rg BT 518.78 738.40 Td (capital ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 725.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 109.53 725.20 Td (and ) Tj ET Q q 0 0 0 rg BT 129.24 725.20 Td (other ) Tj ET Q q 0 0 0 rg BT 155.68 725.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.05 725.20 Td (and ) Tj ET Q q 0 0 0 rg BT 198.76 725.20 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 242.30 725.20 Td (items. ) Tj ET Q q 0 0 0 rg BT 272.71 725.20 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 333.35 725.20 Td (and ) Tj ET Q q 0 0 0 rg BT 353.06 725.20 Td (replacement ) Tj ET Q q 0 0 0 rg BT 410.63 725.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 443.78 725.20 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 506.56 725.20 Td (including ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 712.00 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 104.04 712.00 Td (on ) Tj ET Q q 0 0 0 rg BT 117.66 712.00 Td (classification, ) Tj ET Q q 0 0 0 rg BT 181.06 712.00 Td (represent ) Tj ET Q q 0 0 0 rg BT 223.99 712.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 255.93 712.00 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 314.75 712.00 Td (required ) Tj ET Q q 0 0 0 rg BT 354.01 712.00 Td (to ) Tj ET Q q 0 0 0 rg BT 365.19 712.00 Td (maintain ) Tj ET Q q 0 0 0 rg BT 406.30 712.00 Td (over ) Tj ET Q q 0 0 0 rg BT 428.46 712.00 Td (the ) Tj ET Q q 0 0 0 rg BT 444.52 712.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 490.51 712.00 Td (the ) Tj ET Q q 0 0 0 rg BT 506.57 712.00 Td (operating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 698.80 Td (capacity ) Tj ET Q q 0 0 0 rg BT 88.89 698.80 Td (of ) Tj ET Q q 0 0 0 rg BT 100.80 698.80 Td (or ) Tj ET Q q 0 0 0 rg BT 112.72 698.80 Td (the ) Tj ET Q q 0 0 0 rg BT 128.91 698.80 Td (revenue ) Tj ET Q q 0 0 0 rg BT 166.47 698.80 Td (generated ) Tj ET Q q 0 0 0 rg BT 211.96 698.80 Td (by ) Tj ET Q q 0 0 0 rg BT 225.71 698.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 262.68 698.80 Td (Partners) Tj ET Q q 0 0 0 rg BT 301.57 698.80 Td ( ) Tj ET Q q 0 0 0 rg BT 304.32 698.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 336.39 698.80 Td (assets. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 679.60 Td (Distributable ) Tj ET Q q 0 0 0 rg BT 110.69 679.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.98 679.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 157.90 679.60 Td (is ) Tj ET Q q 0 0 0 rg BT 168.99 679.60 Td (a ) Tj ET Q q 0 0 0 rg BT 177.62 679.60 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 233.30 679.60 Td (standard ) Tj ET Q q 0 0 0 rg BT 274.32 679.60 Td (used ) Tj ET Q q 0 0 0 rg BT 298.23 679.60 Td (by ) Tj ET Q q 0 0 0 rg BT 312.98 679.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 356.46 679.60 Td (in ) Tj ET Q q 0 0 0 rg BT 368.76 679.60 Td (publicly ) Tj ET Q q 0 0 0 rg BT 408.57 679.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 439.80 679.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 497.32 679.60 Td (and ) Tj ET Q q 0 0 0 rg BT 516.95 679.60 Td (limited ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 666.40 Td (liability ) Tj ET Q q 0 0 0 rg BT 86.64 666.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 136.60 666.40 Td (to ) Tj ET Q q 0 0 0 rg BT 148.08 666.40 Td (assist ) Tj ET Q q 0 0 0 rg BT 174.83 666.40 Td (in ) Tj ET Q q 0 0 0 rg BT 186.31 666.40 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 235.05 666.40 Td (such ) Tj ET Q q 0 0 0 rg BT 258.13 666.40 Td (entities) Tj ET Q q 0 0 0 rg BT 292.75 666.40 Td ( ) Tj ET Q q 0 0 0 rg BT 295.67 666.40 Td (ability ) Tj ET Q q 0 0 0 rg BT 326.69 666.40 Td (to ) Tj ET Q q 0 0 0 rg BT 338.17 666.40 Td (make ) Tj ET Q q 0 0 0 rg BT 364.91 666.40 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 407.54 666.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 430.00 666.40 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 490.68 666.40 Td (Distributable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 653.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 72.16 653.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 95.44 653.20 Td (is ) Tj ET Q q 0 0 0 rg BT 105.89 653.20 Td (a ) Tj ET Q q 0 0 0 rg BT 113.88 653.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 163.59 653.20 Td ( ) Tj ET Q q 0 0 0 rg BT 166.70 653.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.29 653.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 248.05 653.20 Td (and ) Tj ET Q q 0 0 0 rg BT 267.05 653.20 Td (should ) Tj ET Q q 0 0 0 rg BT 299.50 653.20 Td (not ) Tj ET Q q 0 0 0 rg BT 316.67 653.20 Td (be ) Tj ET Q q 0 0 0 rg BT 330.17 653.20 Td (considered ) Tj ET Q q 0 0 0 rg BT 380.93 653.20 Td (as ) Tj ET Q q 0 0 0 rg BT 393.20 653.20 Td (an ) Tj ET Q q 0 0 0 rg BT 406.70 653.20 Td (alternative ) Tj ET Q q 0 0 0 rg BT 456.23 653.20 Td (to ) Tj ET Q q 0 0 0 rg BT 467.90 653.20 Td (net ) Tj ET Q q 0 0 0 rg BT 484.45 653.20 Td (income ) Tj ET Q q 0 0 0 rg BT 519.94 653.20 Td (or ) Tj ET Q q 0 0 0 rg BT 532.22 653.20 Td (any ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 640.00 Td (other ) Tj ET Q q 0 0 0 rg BT 74.61 640.00 Td (indicator ) Tj ET Q q 0 0 0 rg BT 116.21 640.00 Td (of ) Tj ET Q q 0 0 0 rg BT 127.87 640.00 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 164.59 640.00 Td (Partner) Tj ET Q q 0 0 0 rg BT 196.77 640.00 Td () Tj ET Q q 0 0 0 rg BT 199.82 640.00 Td (s ) Tj ET Q q 0 0 0 rg BT 206.61 640.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 264.69 640.00 Td (calculated ) Tj ET Q q 0 0 0 rg BT 311.77 640.00 Td (in ) Tj ET Q q 0 0 0 rg BT 322.83 640.00 Td (accordance ) Tj ET Q q 0 0 0 rg BT 374.79 640.00 Td (with ) Tj ET Q q 0 0 0 rg BT 396.85 640.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 425.58 640.00 Td (. ) Tj ET Q q 0 0 0 rg BT 430.66 640.00 Td (The ) Tj ET Q q 0 0 0 rg BT 450.26 640.00 Td (table ) Tj ET Q q 0 0 0 rg BT 474.14 640.00 Td (below ) Tj ET Q q 0 0 0 rg BT 503.53 640.00 Td (reconciles ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 626.80 Td (distributable ) Tj ET Q q 0 0 0 rg BT 107.24 626.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 129.53 626.80 Td (flow ) Tj ET Q q 0 0 0 rg BT 152.45 626.80 Td (to ) Tj ET Q q 0 0 0 rg BT 163.75 626.80 Td (net ) Tj ET Q q 0 0 0 rg BT 179.94 626.80 Td (income, ) Tj ET Q q 0 0 0 rg BT 217.82 626.80 Td (the ) Tj ET Q q 0 0 0 rg BT 234.01 626.80 Td (most ) Tj ET Q q 0 0 0 rg BT 258.15 626.80 Td (directly ) Tj ET Q q 0 0 0 rg BT 294.50 626.80 Td (comparable ) Tj ET Q q 0 0 0 rg BT 348.55 626.80 Td (GAAP) Tj ET Q q 0 0 0 rg BT 378.09 626.80 Td ( ) Tj ET Q q 0 0 0 rg BT 380.84 626.80 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 66.96 607.60 Td (accounting ) Tj ET Q q 0 0 0 rg BT 117.40 607.60 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 161.44 607.60 Td (in ) Tj ET Q q 0 0 0 rg BT 172.18 607.60 Td (accordance ) Tj ET Q q 0 0 0 rg BT 223.82 607.60 Td (with ) Tj ET Q q 0 0 0 rg BT 245.56 607.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 267.30 607.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 296.03 607.60 Td (, ) Tj ET Q q 0 0 0 rg BT 300.96 607.60 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 337.36 607.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 375.59 607.60 Td (is ) Tj ET Q q 0 0 0 rg BT 385.11 607.60 Td (required ) Tj ET Q q 0 0 0 rg BT 423.94 607.60 Td (to ) Tj ET Q q 0 0 0 rg BT 434.67 607.60 Td (recognize ) Tj ET Q q 0 0 0 rg BT 479.61 607.60 Td (in ) Tj ET Q q 0 0 0 rg BT 490.34 607.60 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 (distributable ) Tj ET Q q 0 0 0 rg BT 119.15 541.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 141.45 541.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 164.36 541.60 Td (\(DCF\) ) Tj ET Q q 0 0 0 rg BT 205.60 541.60 Td (as ) Tj ET Q q 0 0 0 rg BT 217.51 541.60 Td (described ) Tj ET Q q 0 0 0 rg BT 262.41 541.60 Td (below) Tj ET Q q 0 0 0 rg BT 288.58 541.60 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 446.9 m 343.3 446.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 422.9 m 343.3 422.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 446.9 m 445.3 446.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 422.9 m 445.3 422.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 446.9 m 547.3 446.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 422.9 m 547.3 422.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 422.9 m 445.3 422.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 307.9 m 445.3 307.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 307.9 m 547.3 307.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 307.9 m 343.3 307.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 293.9 m 343.3 293.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 307.9 m 445.3 307.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 293.9 m 445.3 293.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 307.9 m 547.3 307.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 293.9 m 547.3 293.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 278.9 m 343.3 278.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 264.9 m 343.3 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 278.9 m 445.3 278.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 264.9 m 445.3 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 278.9 m 547.3 278.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 264.9 m 547.3 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 189.89999999999998 m 343.3 189.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 175.89999999999998 m 343.3 175.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 189.89999999999998 m 445.3 189.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 175.89999999999998 m 445.3 175.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 189.89999999999998 m 547.3 189.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 175.89999999999998 m 547.3 175.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 160.89999999999998 m 343.3 160.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.3 146.89999999999998 m 343.3 146.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 160.89999999999998 m 445.3 160.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.3 146.89999999999998 m 445.3 146.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 160.89999999999998 m 547.3 160.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.3 146.89999999999998 m 547.3 146.89999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 502.63 Td (DISTRIBUT) Tj ET Q q 0 0 0 rg BT 106.08 502.63 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 135.81 502.63 Td (CASH ) Tj ET Q q 0 0 0 rg BT 166.09 502.63 Td (FLOW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.95 490.58 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.70 478.58 Td (March 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.95 490.58 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.45 478.58 Td (December 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.80 463.61 Td (\(in ) Tj ET Q q 0 0 0 rg BT 65.41 463.61 Td (US$ ) Tj ET Q q 0 0 0 rg BT 85.13 463.61 Td (millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.65 463.61 Td (Unaudited) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.65 463.61 Td (Unaudited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 427.58 Td (Net income attributable to Seadrill Partners LLC members) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.95 437.63 Td (19.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 437.63 Td (29.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 412.57 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.60 413.52 Td (\(0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 413.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 413.52 Td (\(2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 413.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 387.57 Td (Interest expense \(including interest rate swap settlement amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 398.47 Td (28.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 398.47 Td (28.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 372.57 Td (\(Gain\)/Loss on derivative financial instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 373.47 Td (49.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 373.52 Td (\(16.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 373.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 357.57 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 358.47 Td (39.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 358.47 Td (37.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 342.57 Td (Currency exchange loss/\(gain\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.60 343.52 Td (\(1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 343.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 343.47 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 327.57 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 328.47 Td (4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 328.47 Td (9.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 312.57 Td (Non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 313.47 Td (24.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.95 313.47 Td (84.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 298.58 Td (EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.95 298.63 Td (163.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 298.63 Td (171.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 283.57 Td (Less: Amortization of mobilization revenue and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.60 284.52 Td (\(4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 284.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 284.52 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 284.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 269.58 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.95 269.63 Td (158.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.95 269.63 Td (168.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 254.57 Td (Cash interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 255.47 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 255.47 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 239.57 Td (Cash interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 240.52 Td (\(28.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 240.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 240.52 Td (\(23.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 240.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 224.57 Td (Cash tax paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 225.52 Td (\(10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 225.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.60 225.52 Td (\(6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 225.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 209.57 Td (Pre-acquisition balances relating to T-16/West Leo and West Sirius) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.45 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 210.52 Td (\(54.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 210.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 194.57 Td (Estimated maintenance and replacement capital expenditure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 195.52 Td (\(33.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 195.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 195.52 Td (\(23.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 195.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 180.58 Td (Cash flow available for distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.95 180.63 Td (87.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 180.63 Td (62.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 165.57 Td (Cash flow attributable to non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 166.52 Td (\(57.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 166.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 166.52 Td (\(38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 166.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 151.58 Td (Distributable cash flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.95 151.63 Td (30.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 151.63 Td (23.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.80 136.58 Td (Distribution declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.95 137.63 Td (38.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.95 137.63 Td (27.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.80 121.57 Td (Coverage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 122.47 Td (0.77x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.30 122.47 Td (0.86x) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 91.48 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.42 87.40 Td ( ) Tj ET Q q 0 0 0 rg BT 54.29 87.40 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.15 87.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 106.00 87.40 Td (agreement ) Tj ET Q q 0 0 0 rg BT 145.33 87.40 Td (requires ) Tj ET Q q 0 0 0 rg BT 176.18 87.40 Td (that ) Tj ET Q q 0 0 0 rg BT 191.54 87.40 Td (an ) Tj ET Q q 0 0 0 rg BT 201.90 87.40 Td (estimate ) Tj ET Q q 0 0 0 rg BT 233.75 87.40 Td (of ) Tj ET Q q 0 0 0 rg BT 243.11 87.40 Td (the ) Tj ET Q q 0 0 0 rg BT 255.97 87.40 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 303.30 87.40 Td (and ) Tj ET Q q 0 0 0 rg BT 318.16 87.40 Td (replacement ) Tj ET Q q 0 0 0 rg BT 363.99 87.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 389.84 87.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 437.69 87.40 Td (necessary ) Tj ET Q q 0 0 0 rg BT 474.53 87.40 Td (to ) Tj ET Q q 0 0 0 rg BT 483.39 87.40 Td (maintain ) Tj ET Q q 0 0 0 rg BT 516.75 87.40 Td (our ) Tj ET Q q 0 0 0 rg BT 530.61 87.40 Td (asset ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 76.60 Td (base ) Tj ET Q q 0 0 0 rg BT 67.69 76.60 Td (be ) Tj ET Q q 0 0 0 rg BT 78.39 76.60 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 117.58 76.60 Td (from ) Tj ET Q q 0 0 0 rg BT 137.28 76.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.47 76.60 Td (surplus ) Tj ET Q q 0 0 0 rg BT 201.67 76.60 Td (each ) Tj ET Q q 0 0 0 rg BT 220.36 76.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 245.48 76.60 Td (, ) Tj ET Q q 0 0 0 rg BT 249.93 76.60 Td (as ) Tj ET Q q 0 0 0 rg BT 259.63 76.60 Td (apposed ) Tj ET Q q 0 0 0 rg BT 291.33 76.60 Td (to ) Tj ET Q q 0 0 0 rg BT 300.53 76.60 Td (amounts ) Tj ET Q q 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(estimated ) Tj ET Q q 0 0 0 rg BT 313.28 791.20 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 360.58 791.20 Td (and ) Tj ET Q q 0 0 0 rg BT 375.39 791.20 Td (replacement ) Tj ET Q q 0 0 0 rg BT 421.19 791.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 447.00 791.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 494.80 791.20 Td (from ) Tj ET Q q 0 0 0 rg BT 514.12 791.20 Td (operating ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 780.40 Td (surplus, ) Tj ET Q q 0 0 0 rg BT 79.22 780.40 Td (which ) Tj ET Q q 0 0 0 rg BT 102.68 780.40 Td (may ) Tj ET Q q 0 0 0 rg BT 119.64 780.40 Td (result ) Tj ET Q q 0 0 0 rg BT 141.09 780.40 Td (in ) Tj ET Q q 0 0 0 rg BT 149.56 780.40 Td (less ) Tj ET Q q 0 0 0 rg BT 164.52 780.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 181.98 780.40 Td (available ) Tj ET Q q 0 0 0 rg BT 215.92 780.40 Td (to ) Tj ET Q q 0 0 0 rg BT 224.39 780.40 Td (unit ) Tj ET Q q 0 0 0 rg BT 239.85 780.40 Td (holders ) Tj ET Q q 0 0 0 rg BT 267.81 780.40 Td (than ) Tj ET Q q 0 0 0 rg BT 284.77 780.40 Td 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Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 750.88 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.42 746.80 Td ( ) Tj ET Q q 0 0 0 rg BT 54.48 746.80 Td ( ) Tj ET Q q 0 0 0 rg BT 56.40 746.80 Td (The ) Tj ET Q q 0 0 0 rg BT 72.45 746.80 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 130.50 746.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 159.05 746.80 Td (comprises ) Tj ET Q q 0 0 0 rg BT 197.60 746.80 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 208.16 746.80 Td (the ) Tj ET Q q 0 0 0 rg BT 221.21 746.80 Td (70% ) Tj ET Q q 0 0 0 rg BT 239.77 746.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 269.82 746.80 Td (Limited ) Tj ET Q q 0 0 0 rg BT 300.38 746.80 Td (partner ) Tj ET Q q 0 0 0 rg BT 327.92 746.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 356.47 746.80 Td (in ) Tj ET Q q 0 0 0 rg BT 365.53 746.80 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 395.58 746.80 Td (Operating ) Tj ET Q q 0 0 0 rg BT 433.63 746.80 Td (LP) Tj ET Q q 0 0 0 rg BT 443.14 746.80 Td (, ) Tj ET Q q 0 0 0 rg BT 447.45 746.80 Td (which ) Tj ET Q q 0 0 0 rg BT 471.50 746.80 Td (owns ) Tj ET Q q 0 0 0 rg BT 492.56 746.80 Td (an ) Tj ET Q q 0 0 0 rg BT 503.12 746.80 Td (approximate ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 736.00 Td (56% ) Tj ET Q q 0 0 0 rg BT 68.34 736.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 97.18 736.00 Td (in ) Tj ET Q q 0 0 0 rg BT 106.52 736.00 Td (the ) Tj ET Q q 0 0 0 rg BT 119.87 736.00 Td (entity ) Tj ET Q q 0 0 0 rg BT 142.71 736.00 Td (that ) Tj ET Q q 0 0 0 rg BT 158.55 736.00 Td (owns ) Tj ET Q q 0 0 0 rg BT 179.90 736.00 Td (and ) Tj ET Q q 0 0 0 rg BT 195.24 736.00 Td (operates ) Tj ET Q q 0 0 0 rg BT 227.57 736.00 Td (the ) Tj ET Q q 0 0 0 rg BT 240.74 736.00 Td (W) Tj ET Q q 0 0 0 rg BT 248.51 736.00 Td (est ) Tj ET Q q 0 0 0 rg BT 260.85 736.00 Td (Capella ) Tj ET Q q 0 0 0 rg BT 290.69 736.00 Td (and ) Tj ET Q q 0 0 0 rg BT 306.03 736.00 Td (a ) Tj ET Q q 0 0 0 rg BT 312.37 736.00 Td (100% ) Tj ET Q q 0 0 0 rg BT 335.71 736.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 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(\(ii\) ) Tj ET Q q 0 0 0 rg BT 202.13 725.20 Td (the ) Tj ET Q q 0 0 0 rg BT 215.82 725.20 Td (49% ) Tj ET Q q 0 0 0 rg BT 235.01 725.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 265.69 725.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 293.88 725.20 Td (liability ) Tj ET Q q 0 0 0 rg BT 324.56 725.20 Td (company ) Tj ET Q q 0 0 0 rg BT 360.24 725.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 389.43 725.20 Td (in ) Tj ET Q q 0 0 0 rg BT 399.12 725.20 Td (Seadrill ) Tj ET Q q 0 0 0 rg BT 429.80 725.20 Td (Capricorn ) Tj ET Q q 0 0 0 rg BT 468.48 725.20 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 504.17 725.20 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 526.11 725.20 Td (which ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 714.40 Td (owns ) Tj ET Q q 0 0 0 rg BT 71.06 714.40 Td (100% ) Tj ET Q q 0 0 0 rg BT 94.62 714.40 Td (entities ) Tj ET Q q 0 0 0 rg BT 123.17 714.40 Td (that ) Tj ET Q q 0 0 0 rg BT 139.23 714.40 Td (own ) Tj ET Q q 0 0 0 rg BT 157.29 714.40 Td (and ) Tj ET Q q 0 0 0 rg BT 172.84 714.40 Td (operate ) 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703.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 127.07 703.60 Td (There ) Tj ET Q q 0 0 0 rg BT 150.31 703.60 Td (is ) Tj ET Q q 0 0 0 rg BT 158.56 703.60 Td (no ) Tj ET Q q 0 0 0 rg BT 169.81 703.60 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 228.05 703.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 256.79 703.60 Td (existing ) Tj ET Q q 0 0 0 rg BT 287.54 703.60 Td (for ) Tj ET Q q 0 0 0 rg BT 300.28 703.60 Td (the ) Tj ET Q q 0 0 0 rg BT 313.37 703.60 Td (T) Tj ET Q q 0 0 0 rg BT 318.04 703.60 Td (-15 ) Tj ET Q q 0 0 0 rg BT 332.28 703.60 Td (rig ) Tj ET Q q 0 0 0 rg BT 344.53 703.60 Td (and ) Tj ET Q q 0 0 0 rg BT 359.61 703.60 Td (T) Tj ET Q q 0 0 0 rg BT 364.28 703.60 Td (-16 ) Tj ET Q q 0 0 0 rg BT 378.53 703.60 Td (rig.) 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