2013-08-29 07:33:02 -
* EBITDA of USD 107.7 million in Q2 2013 and EBITDA of USD 224.7 million in
* Stable operations with an uptime of 99.6% in Q2 2013 and 98.9% in 1H 2013
* Papa Terra project (P-63) negative contribution of USD 14.8 million included
* Positive one off effects on the fleet of USD 10 million included in EBITDA
* USD 284.6 million financing facility agreement signed for FPSO Joko Tole
* Short term extension for FPSO Sendje Berge
* Dividend payment of USD 0.03 per share
Operating revenues for Q2 2013 amounted to USD 255.1 million, compared to USD
222.2 million in Q1 2013. EBITDA
for Q2 2013 amounted to USD 107.7 million,
compared to USD 117.0 million in Q1 2013. The decrease is mainly a result of
negative contribution from the Papa Terra project by USD 14.8 million due to the
revision of the forecasted cost for completing the project as a consequence of
extended yard stay and additional work scope. On the positive side, certain one
off positives from closure of various discussions with clients amounted to USD
Operating profit for the quarter amounted to USD 41.5 million compared to USD
52.2 million in the previous quarter. Net profit amounted to USD 22.3 million
for the quarter compared to USD 29.1 million in the previous quarter.
Total equity at 30 June 2013 amounted to USD 1,143.0 million. The equity ratio
was 34.0% at the end of the quarter, up from 33.7% last quarter.
Total available liquidity as of 30 June 2013 amounted to USD 227.9 million.
Net debt amounted to USD 1,649,7 million at 30 June 2013, compared to USD
1,673.9 million at 31 March 2013.
Net cash inflow from operating activities was USD 95.9 million compared to USD
46.2 million in the previous quarter. Net cash outflow from investing activities
was USD 21.3 million compared to cash outflow of USD 19.6 million in the
previous quarter. The majority of this is related to capital expenditures for
life extension on vessels which amounted to USD 21.8 million, compared to USD
19.8 million in the previous quarter. Net cash outflow from financing activities
was USD 52.8 million compared to cash outflow of USD 26.5 million in the
previous quarter. The main reason for the increase is that dividends for fourth
quarter 2012 and first quarter 2013 were paid out during second quarter 2013.
OPERATIONS AND PROJECTS
BW Offshore`s fleet consists of 14 FPSOs and one FSO. All units experienced
stable performance with an average uptime of 99.6% during the second quarter. BW
Offshore also operates FPSO Peregrino. The unit is owned by Statoil and
Sinochem, and is operating on the Peregrino oil field offshore Brazil.
During the quarter BW Offshore agreed a second short term extension for FPSO
Sendje Berge with Addax Petroleum Exploration. The extension has been agreed to
secure operational continuity while joint work to detail longer term program for
investment and production is completed.
The Papa Terra (P-63) EPC project has been in QUIP`s Rio Grande yard in Brazil
for final testing and commissioning since January 2013. The FPSO received
certificate for substantial completion on 17 June 2013. Subsequently the FPSO
was mobilised to be moored at an offshore location and is now awaiting
instructions to further mobilise to the field by Petrobras.
The outlook for the energy market in general and FPSO business in particular
remains good. Based on BW Offshore's products, geographical presence, scale and
competence, the Company is well positioned to grow its core business.
BW Offshore's cash flow from the operating units is secure and based on long
term contracts with national and independent oil companies. The fleet of BW
Offshore will continue to generate an increasing cash flow in the time ahead
providing a sound basis for dividend payments as well as for further investments
in new assets.
BW Offshore is currently evaluating several projects likely to meet the
Company's financial targets. This includes both contract extensions for existing
units, as well as contracts for new units and operations. BW Offshore expects to
grow selectively and intends to see an improvement in the risk and reward
balance for new FPSO projects. The company will carry on with the efforts to
improve safety, efficiency, planning, disciplined execution and financial
The Board has declared a cash dividend of USD 0.03 per share for Q2 2013.
Please see the attachments for the full quarterly report and presentation.
BW Offshore hosts a presentation of the financial results at 09:00 (CET) today
at 'Hotel Continental` (Stortingsgaten, Oslo, Norway). The presentation will be
given by CEO Carl K. Arnet and CFO Knut R. Sæthre. The presentation will be
broadcasted via webcast, and will also be available for replay. Please visit
www.bwoffshore.com for link and login details.
For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876 (Media)
Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the
oil and gas industry. BW Offshore is the world's second largest contractor with
a fleet of 14 FPSOs and 1 FSO represented in all major oil regions world-wide.
The company also operates additional 2 FPSOs. BW Offshore has a long track
record on project execution and operations, as well as a robust balance sheet
and strong financial capabilities. In more than 30 years of production, BW
Offshore has executed 38 FPSO and FSO projects. The company is listed on the
Oslo Stock Exchange. Further information is also available on www.bwoffshore.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q2 2013 report:
Q2 2013 presentation:
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: BW Offshore via Thomson Reuters ONE