BW Offshore: Q3 2017 - Condensed interim consolidated financial information
24 November 2017 - 5:30PM
* EBITDA of USD 82.1 million in the third
quarter
* BW Catcher hooked up at the field offshore UK in
October
* Contract extensions for FPSO Sendje Berge and FPSO
Umuroa
* Closing of the agreement with ICBCL for the issuance of
preference shares in BW Catcher
EBITDA for the third quarter was USD 82.1 million,
a decrease of USD 36.5 million (USD 118.6 million). The decrease in
EBITDA was mainly as a result of a significant reversal of loss
provisions as overdues were paid by Addax during second quarter
2017.
The BW Catcher FPSO arrived at the Catcher field
in the UK on 18 October, and completed the hook up of the Submerged
Turret Production ("STP") buoy mooring system one day later, before
successfully completing a rotation test around the buoy on 20
October. The final pull-in of risers and umbilicals
is complete and commissioning activities have commenced. The
Catcher project continues to perform within budget with first oil
expected towards the end of 2017.
On 23 October, BWO signed a four-year contract
extension for the FPSO Sendje Berge with Addax Petroleum
Exploration (Nigeria) Ltd. The contract, which commenced on 6
November, includes two additional one-year extension options. The
revised and agreed commercial terms include a new day rate
partially linked to oil production volumes and oil price. The
termination notice announced on 5 May 2017 was withdrawn and the
arbitration was settled as part of the agreed terms.
On 21 November, BWO signed a one-year contract
extension for the lease and operation of the FPSO Umuroa. The FPSO
is operating on the Tui field offshore New Zealand for
Tamarind.
During third quarter BW Energy Dussafu B.V (BWE),
a subsidiary of BW Offshore, signed a Letter of Intent (LOI) for
the use of FPSO Azurite on the Dussafu field. The LOI is awaiting
final approval by the government. The Dussafu development is on
target and budget for first oil in 2H 2018.
"The Catcher hook-up was another important
milestone, confirming good execution on a complex and challenging
project. Catcher remains on track for first oil later this year and
will deliver a step-change in or our cash flow from next year",
said Carl K. Arnet, the CEO of BW Offshore. "The recent contract
extensions for Sendje Berge and Umuroa shows that our installed
FPSOs continue to offer value for our clients beyond the initial
contract period."
On 14 November, BW Offshore completed the equity
transaction for BW Catcher with ICBC as planned. This has
significantly strengthened the balance sheet and made the Company
well positioned to make new investments in an improving market.
Please see attachments for the full quarterly
report and presentation.
BW Offshore will host a presentation of the
financial results 09:00 (CET) today at Hotel Continental in 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 at www.bwoffshore.com.
For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876
About BW Offshore:
BW Offshore is a leading global
provider of floating production services to the oil and gas
industry. BW Offshore has a fleet of 15 owned FPSOs and one FSO
represented in all major oil & gas regions world-wide. BW
Offshore has a long track record on project execution and
operations. 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 available on
www.bwoffshore.com.
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
BWO Q3 2017 Presentation
BWO Q3 2017 Report
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BW Offshore via Globenewswire
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