Q4 2009 and preliminary results 2009
(Thomson Reuters ONE) -
* EBITDA of USD 30.5 million in the fourth quarter and USD 134.2 million for
the year 2009, before results from associates
* FPSO BW Pioneer on its way to the Cascade & Chinook fields in the US Gulf of
Mexico
* Signed contract for the Papa Terra FPSO with Petrobras
* Signed contract with major oil company for harsh environment offshore
loading system
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.
Operating revenue amounted to USD 78.0 million (USD 126.4 million) in the fourth
quarter 2009. The decrease in operating revenue is a result of lower activity in
the APL segment.
Operating expenses in the fourth quarter amounted to USD 47.5 million (USD
111.7 million), a decrease resulting from both lower activity level in the APL
segment amounting to USD 38.2 million and lower operating expenses in the
Floating Production (FPSO) segment amounting to USD 26.0 million.
EBITDA was USD 19.8 million (USD -43.2 million) in the fourth quarter. EBITDA
(EBITDA before share of profit related to associates and before write down and
gain on shares) was USD 30.5 million (USD 14.7 million). Changes in market
values of currency derivative instruments amounting to USD -0.1 million (USD
0.0 million) related to operating cash flows are included in the EBITDA.
Share of profit / loss (-) of associates was USD -10.7 million (USD -45.4
million) in the fourth quarter and relates to the investments in Prosafe
Production Limited (PROD) and Nexus Floating Production Ltd (Nexus). Share of
profit from PROD amounted to USD -10.7 million. As the book value of Nexus is
USD 0.0 million, and there is no further obligation to be met, losses do not
reduce the investment further; consequently the share of profit from Nexus is
USD 0.0 million in the fourth quarter (USD 0.0 million). At 31 December 2009,
the Company owned 23.9% of the shares in PROD and 49.7% of the shares in Nexus.
Net financial items for the fourth quarter were USD -1.3 million (USD -44.9
million). Interest expense was USD 5.3 million (USD 11.2 million) in the fourth
quarter. The decrease in interest expenses is mainly a result of reduced
interest rates. Interest income was USD 1.8 million (USD 5.0 million). Net
financial items includes a reduction in the fair value of USD -0.2 million (USD
-40.0 million) on interest derivative contracts.
Result before tax was USD -1.1 million in the fourth quarter (USD -273.0
million). Income tax expense amounted to USD 6.2 million (USD 6.0 million) in
the fourth quarter.
At 31 December 2009, total assets amounted to USD 2,393.5 million (USD 2,301.4
million) and the total equity amounted to USD 920.9 million (USD 923.4 million).
The increase in total assets is primarily a result of increased book value of
conversion projects.
Net cash inflow from operating activities was USD 121.1 million (USD 15.0
million). Net cash outflow from investing activities was USD 96.7 million (USD
143.1 million). Cash flow from investing activities relates mainly to the
conversion projects in the FPSO segment. Net cash inflow from financing
activities was USD 1.2 million (cash inflow USD 26.1 million), mainly arising
from a net drawdown of USD 5.0 million (USD 50.0 million) on the loan facility.
At 31 December 2009, the Company held USD 68.0 million (USD 67.7 million) in
cash and deposits. Currently, the Company has drawn down USD 893.3 million on
the USD 1,500 million credit facility. Net debt amounted to USD 849.3 million at
31 December 2009 (USD 870.0 million).
Floating Production
Revenues in the fourth quarter were USD 57.7 million (USD 55.8 million). EBITDA
was USD 20.6 million (USD -42.0 million). Cash flow from operating activities
in the fourth quarter was USD 123.5 million (USD 13.7 million).
The FPSOs YÙUM K`AK`NÀAB, BW Cidade de São Vicente, Berge Helene and Sendje
Berge had stable performance during the fourth quarter resulting in an oil
process uptime of 99.6% during the period.
The FPSO BW Carmen was in lay up for the entire quarter and is being marketed
for new projects.
The FPSO BW Pioneer is currently on its way for operation on the Cascade &
Chinook fields in the US Gulf of Mexico. The sail away from Singapore was
delayed by approximately two months but the vessel is still expected to arrive
on field within the contractual obligations.
The Papa Terra Joint Venture (Petrobras (operator) and Chevron), has concluded
the contracting and negotiation process with the consortium of BW Offshore and
the Brazilian industrial group QUIP for the FPSO P-63 for the Papa Terra field.
The contract was signed 29 January 2010.
APL
The revenues in the fourth quarter were USD 30.4 million (USD 112.2 million)
with an EBITDA of USD 4.0 million (USD -2.5 million), resulting in a
EBITDA-margin of 13.2% in the fourth quarter. The negative EBITDA in the fourth
quarter 2008 included a share of negative results from associates of USD 12.5
million. Cash flow from operating activities in the fourth quarter was USD -2.4
million (USD 1.3 million).
The projects Cascade & Chinook for the FPSO division, two SAL harsh environment
terminal systems for a Oil Major, Pazflor for Total and Peregrino for Maersk,
are all progressing according to schedule.
Outlook
The market activity has continued to pick up through the course of the fourth
quarter in line with BW Offshore expectations. We expect the increase in
activity to continue in 2010.
BW Offshore is fully funded for all ongoing projects. The operating cash flow
from existing vessels is secure and long term, and arises from national oil
companies. Additional financial capacity is available for new projects if they
should meet the Company's targeted returns.
The Company's FPSO BW Pioneer is expected to arrive in US waters in March 2010.
The vessel will contribute to a significant growth in the EBITDA for the FPSO
segment. The APL segment, although still affected by the reduction in the
Exploration & Production activity, is experiencing the improved activity level.
It is expected that this will result in improved business prospects
materializing in 2010.
Bermuda, 23 February 2010
For further information, please contact:
Carl K. Arnet, CEO BW Offshore, +65 9630 3290
Knut R. Sæthre, CFO BW Offshore, +47 9111 7876
BW Offshore is one of the world`s leading FPSO contractors and a market leader
within advanced offshore loading and production systems to the oil and gas
industry. BW Offshore has more than 25 years' experience and has successfully
delivered 14 FPSO projects and 50 turrets and offshore terminals. BW Offshore's
technology division APL has delivered solutions for production vessels, storage
vessels and tankers in a wide range of field developments. Adapting through
competence, in-house technology, solid project execution and operational
excellence, BW Offshore ensures that customer needs are met through versatile
solutions for offshore oil and gas projects. BW Offshore has a global network
with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore
has 1,100 employees and is listed on the Oslo Stock Exchange. For more
information, please visit www.bwoffshore.com and www.apl.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1387230]
Q4 2009 report: http://hugin.info/136844/R/1387230/345632.pdf
Q4 2009 presentation: http://hugin.info/136844/R/1387230/345633.pdf
Unternehmensinformation / Kurzprofil:
Datum: 23.02.2010 - 07:31 Uhr
Sprache: Deutsch
News-ID 12825
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contact information:
Town:
Oslo
Kategorie:
Business News
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"Q4 2009 and preliminary results 2009"
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