John Fredriksen’s Seadrill Partners has taken a red pen to its investor payouts.
The MLP cut its distribution from $0.25 per unit to $0.10 per unit, it announced today.
It explains the decision follows the cancellation of a contract for the West Capella and an extended standby period rate for the West Capricorn.
Seadrill Partners has a contract backlog of $3.4bn.
