2012-02-14 07:37:11 -
Construction completed on BW Athena and BW Joko Tole
BW Offshore reports an EBITDA of USD 72.8 million in the fourth quarter of 2011
compared to USD 76.7 million in the previous quarter. The decrease resulted
mainly from the lower revenues from the OSX project as the project is completed.
BW Offshore reports an EBITDA of USD 311.9 million in 2011 compared to USD
152.3 million in 2010. The increase is mainly due to the consolidation of the
Prosafe Production fleet from October 2010 and commencement of dayrates for BW
Pioneer from March 2011.
Construction of the FPSOs BW Athena and BW Joko Tole is completed and the units
are currently in the final phase of commissioning before sail-away. The EPC
project P-63/Papa Terra is under completion in China until
planned departure end
of Q2 2012.
The FPSO Ningaloo Vision has been sold to Apache in January 2012 for USD 185
million.
The Purchase price allocation (PPA) has been concluded during Q4 2011. An
impairment of USD 138.5 million (non-cash) has been recognised in Q4 2011.
The outlook for the energy market in general and BW Offshore's position in
particular remains strong. Based on BW Offshore's diversification, presence,
financial scale and competence, BW Offshore's aim is to continue to play a
significant role in the FPSO market with profitable growth. BW Offshore is
currently pursuing several prospective projects.
The ongoing turmoil in the international financial market has not affected BW
Offshore's results nor the number of prospective projects.
The Board has declared a cash dividend of USD 0.02 per share for the quarter.
Please see attachments for the full quarterly report and presentation.
BW Offshore hosts a presentation of the financial results at 09:00 (CET) today
at 'Shippingklubben` (Haakon VII gt 1, 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
(Analysts/investors)
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the
oil and gas industry. With the acquisition of Prosafe Production in 2010, the
company has become the world's second largest contractor with a fleet of 14
FPSOs and 2 FSOs represented in all major oil regions world-wide. BW Offshore
has an excellent track record on project execution and operations, as well as a
robust balance sheet and strong financial capabilities. In 30 years of
production, BW Offshore has successfully executed more than 30 FPSO and FSO
projects. The company is listed on the Oslo Stock Exchange. Further information
is also available on www.bwoffshore.com
Q4 2011 presentation:
hugin.info/136844/R/1585291/496286.pdf
Q4 2011 report:
hugin.info/136844/R/1585291/496283.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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
[HUG#1585291]
