BW Offshore: First quarter results 2019
23 May 2019 - 3:30PM
HIGHLIGHTS
-
EBITDA of USD 186.8 million for the
quarter
-
Acquisition of the Maromba field offshore
Brazil
-
Gross production from Tortue of 1.1 million
bbls
-
Two liftings completed, totalling 1.2 million
bbls net to BW Energy
-
Reached agreement with Gabon Oil Company for
farm-in in the Dussafu license
-
Extensions signed for BW Cidade de São Vicente
in April
-
Closed new corporate facility of USD 672.5
million in May
-
Contemplated listing of BW Energy (see separate
announcement)
-
Carl K. Arnet to step down as CEO, Marco Beenen
appointed new CEO from 1 July 2019
-
Knut R. Sæthre to step down as CFO, Ståle
Andreassen appointed new CFO from 1 July 2019
EBITDA for the first quarter of
2019 was USD 186.8 million, an increase from USD 148.9 million in
the fourth quarter 2018. This increase was largely due to two
liftings from the Tortue field. In addition, the excess-production
revenue from BW Catcher contributed to the improved result.
BW Offshore signed agreements to
acquire the Maromba field offshore Brazil for a total acquisition
cost of USD 115 million from Petrobras (70%) and Chevron (30%).
Closing of the transactions is subject to fulfilment or waiver of
conditions precedents, including regulatory approvals and BW
Offshore being approved as an operator in Brazil. The acquisition
price will be paid over three milestones as the development
progresses towards first oil.
The Company has signed an
agreement to extend the lease for the BW Cidade de São Vicente by
one year.
Gross production from Tortue
averaged 12,500 bbls per day in the first quarter. The total gross
production from the Tortue field was 1.1 million bbls of oil. Two
liftings were completed in the first quarter, yielding net 1.2
million bbls to BW Energy at a realised price of USD 59 (January)
and USD 66 (March) per barrel. Production cost (excluding royalty)
averaged USD 20.8 per barrel in the quarter.
"We have had a good quarter with
continued high uptime for the FPSO fleet led by BW Catcher and we
signed a new extension for BW Cidade de São Vicente. Production was
at a high level from the Tortue field and we are preparing to start
phase two of the Dussafu development with an exploration well in
the Ruche area to identify additional resources. We are also
pleased to have executed the Maromba field acquisition, which
offers a very good fit to our proven E&P strategy," said Carl
K. Arnet, CEO of BW Offshore.
Separately BW Offshore today
announced its plans to establish BW Energy as a separate company
and seek a listing in 2019. As part of this process, Carl K. Arnet
and Knut R. Sæthre to step down as CEO and CFO respectively, from
30 June 2019. They will assume the same positions at BW Energy from
1 July 2019.
Please see
attachments for the full press release and presentation. The
Earnings Tables are available at: www.bwoffshore.com/ir
BW Offshore will host a
presentation of the financial results 09:00 (CEST) 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. Please visit www.bwoffshore.com for details.
For further
information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876
About BW
Offshore:
BW Offshore is a leading provider of floating production services
to the oil and gas industry. The company also participates in
developing proven offshore hydrocarbon reservoirs. BW Offshore is
represented in all major oil and gas regions world-wide with a
fleet of 15 owned FPSOs. The company has more than 30 years of
production track record, having executed 40 FPSO and FSO projects.
BW Offshore is listed on the Oslo Stock Exchange.
This information is subject to the
disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.
2019 Q1 Press Release
BW Offshore Planned listing of BW Energy
2019 Q1 Presentation
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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