2013-02-19 07:32:47 -
* EBITDA of USD 116.7 million in the fourth quarter and USD 247.9 million for
the year 2012
* Stable operations with an uptime of 99.3%
* Papa Terra arrived Rio Grande 28 January 2013
* Handover of operations of FPSO Peregrino from Maersk to BW Offshore
* Reversal of previous impairment of USD 75 million
* Dividend payment of USD 0.02 per share
BW Offshore's operating revenues for Q4 2012 amounted to USD 233.5 million, a
decrease of USD 2.4 million compared to USD 235.9 million in Q3 2012.
EBITDA for Q4 2012 amounted to USD 116.7 million, an increase of USD 81.6
million compared to USD 35.1 million in the
previous quarter. The Q3 2012 EBITDA
was negatively impacted by a negative contribution of USD 75.0 million on the
Depreciation amounted to USD 63.2 million compared to USD 63.9 million in the
third quarter of 2012.
Operating profit for the quarter amounted to USD 126.6 million compared to a
loss of USD 30.0 million in the previous quarter. The improvement of USD 156.6
million is mainly due to reversal of impairment on vessel by USD 75.0 million
and the previous quarter's Papa Terra loss of USD 75.0 million.
Net profit amounted to USD 105.9 million for the quarter compared to a net loss
of USD 59.6 million in the previous quarter.
Total equity at 31 December 2012 amounted to USD 1,127.1 million, an increase of
USD 102.1 million compared to USD 1,025.0 million at 30 September 2012. The
equity ratio was 32.9% at the end of the quarter. Total available liquidity as
of 31 December 2012 amounted to USD 231.3 million.
Net debt amounted to USD 1,676.8 million at 31 December 2012, compared to USD
1,662.4 million at 30 September 2012.
Net cash inflow from operating activities was USD 57.0 million compared to USD
50.6 million in the previous quarter. Net cash outflow from investing activities
was USD 41.2 million compared to cash inflow of USD 74.8 million in the previous
quarter. Net cash outflow from financing activities was USD 1.8 million compared
to cash outflow of USD 146.5 million in the previous quarter.
OPERATIONS AND PROJECTS
BW Offshore`s fleet consists of 14 FPSOs and one FSO. All experienced stable
performance with an average uptime of 99.3% during the fourth quarter. BW
Offshore has from 1 January 2013 successfully taken over the operation of FPSO
Peregrino after a planned transition period of six months. The unit is owned by
Statoil and is operating on the Peregrino oil field offshore Brazil.
The Papa Terra (P-63) EPC project arrived 28 January 2013 in QUIP`s Rio Grande
yard in Brazil for the integration of the remaining six modules. The FPSO is
then expected to be installed on the field and commence operation. All possible
efforts are being made by BW Offshore and its Brazilian partner, QUIP, to meet
the overall project schedule requirements from Petrobras for a July 2013 start-
The outlook for the energy market in general and FPSO business in particular
remains good. Based on BW Offshore's products offering, geographical presence,
scale and competence, the Company is very 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 oil companies and independent oil
The commencement of operation for the FPSOs BW Pioneer, BW Athena and BW Joko
Tole, as well as the recent extensions of contracts for Petróleo Nautipa, Berge
Helene and Espoir Ivoirien will contribute to significant growth in EBITDA for
2013 and beyond.
BW Offshore is currently evaluating several projects that may 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 is committed to deliver total shareholder return at or above peers
in our sector. The Board wants to highlight a positive development in operating
earnings through the course of the year. Efforts are being made to improve
operational performance across the fleet. Steps have also been taken to
strengthen engineering and project execution capabilities.
The Board has declared a cash dividend of USD 0.02 per share for the quarter
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 '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
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.
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 36 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.
Q4 2012 presentation:
Q4 2012 report:
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