Exhibit 99.1

 

Picture 4

 

Transocean Partners LLC Reports Fourth  Quarter and Full Year 2015  Results

 

·

Distributable cash flow attributable to controlling interest was $38 million, compared with $16 million in the third quarter of 2015;

·

A quarterly distribution of $0.3625 per unit has been declared;

·

Fleet revenue efficiency(1) was 97.5 percent, up from 78.1 percent in the previous quarter;

·

Fleet utilization(2) was 100 percent, unchanged from the third quarter of 2015;

·

Revenues were $154 million, up from $125 million in the prior quarter;

·

Operating and maintenance expenses were $54 million, down from $73  million in the previous quarter;

·

Adjusted net income attributable to controlling interest was $34 million, or $0.49 per unit. This compares with $14 million, $0.19 per unit, excluding a $148 million goodwill impairment loss in the previous quarter;

·

Net income attributable to controlling interest was $34 million, $0.49 per unit, compared with a  net loss attributable to controlling interest of $134 million, $1.94 per unit, in the previous quarter; and

·

The Annual Effective Tax Rate(3) was 6.6 percent, up sequentially from 5.5 percent.

 

LONDONFebruary 24, 2016Transocean Partners LLC (NYSE: RIGP) today reported net income attributable to controlling interest for the three months ended December 31, 2015 of $34 million, or $0.49 per unit. For the three months ended December  31, 2014, net income attributable to controlling interest was  $19 million, or $0.28 per unit.

 

Distributable cash flow attributable to controlling interest was $38 million, compared with $16 million in the prior quarter. A quarterly distribution of $0.3625 per unit, or approximately $25 million based upon the number of currently outstanding units, has been declared for the three months ended December 31, 2015.

 

Revenues for the three months ended December  31, 2015, increased $29 million sequentially to  $154  million due primarily to higher revenue efficiency on the Discoverer Inspiration.

 

Operating and maintenance expenses decreased $19 million sequentially to $54 million due primarily to lower maintenance costs associated with the Discoverer Inspiration and Discoverer Clear Leader.

 

General and administrative expenses were  $7 million,  compared with $6 million in the prior quarter.


The following information was filed by Transocean Partners Llc (RIGP) on Wednesday, February 24, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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