A Look at Seadrill Partners’ Backlog and New Contracts




Seadrill Partners’ (SDLP) backlog was $1.3 billion on May 24. It fell from $1.5 billion in February. A company’s backlog helps investors to gauge what its revenue might be in the future.

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Backlog for 2018

In the chart above, we can see that Seadrill Partners’ backlog for the rest of 2018 is ~$490 million. If the company isn’t able to secure new contracts, its 2018 revenue could fall significantly from its 2017 revenue. In 2017, its revenue was 29.4% lower year-over-year.

New contract

In March, Seadrill Partners secured a one-well contract for its West Capella rig with Repsol Aruba. This contract is expected to commence in June, and its backlog is expected to be ~6.4 million.

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Contract status

Seadrill Partners owns 11 rigs. Of these, seven rigs are contracted. Two of the contracts will end in 2018, three will extend to 2019, and two will extend to 2020. Seadrill Partners’ rigs are contracted with BP, Chevron, and Repsol.


Let’s take a look at the backlog details for other offshore drillers (XLE):

  • Rowan Companies (RDC) had a backlog of $379 million in April, down from $456 million in February.
  • On March 31, Ensco (ESV) had a total contracted backlog of $2.7 billion compared to $3.8 billion on December 31, 2017.
  • On April 18, Transocean (RIG) had a backlog of $12.5 billion, down from $12.8 billion in February.

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