BW Offshore: Q2 2012 - Interim consolidated financial information
(Thomson Reuters ONE) -
BW Offshore's operating revenues for Q2 2012 amounted to USD 222.5 million, an
increase of USD 5.0 million compared to USD 217.5 million in Q1 2012.
EBITDA for Q2 2012 amounted to USD 26.9 million, a decrease of USD 42.3 million
compared to USD 69.2 million in the previous quarter. The decrease is mainly a
result of negative contribution from the Papa Terra project by USD 50.0 million
due to the revision of the forecasted cost for completing the project as a
consequence of extended yard stay and additional work scope. The commencement of
operation on FPSO BW Athena and FPSO BW Joko Tole during the quarter has reduced
the negative impact from the Papa Terra project. The negative impact has been
further reduced by an insurance settlement related to FPSO Ningaloo Vision, with
a positive quarterly effect of USD 8.0 million.
Net debt amounted to USD 1,754.6 million at 30 June 2012, compared to USD
1,734.4 million at 31 March 2012.
Net cash inflow from operating activities was USD 82.2 million compared to USD
20.3 million in the previous quarter. Net cash outflow from investing activities
was USD 63.1 million compared to USD 8.2 million in the previous quarter.
OPERATIONS AND PROJECTS
FPSO BW Joko Tole commenced operation as the unit successfully completed the
final acceptance tests and has received day rate from late May 2012. FPSO BW
Athena commenced operation after completing final acceptance tests and received
hire from early June 2012.
The contract for FPSO Petróleo Nautipa has been extended by five years, with
options for additional two years.
BW Offshore has signed a five year contract with Statoil for the operation of
the FPSO Peregrino, with options for additional 15 years.
BW Offshore's fleet consists of 14 FPSOs and 2 FSOs.
The operating units had high and stable performance during the second quarter
with an average uptime of 98.1%.
The EPC conversion project P-63 (Papa Terra) is under construction in China
being readied for departure before final hookup and commissioning in Brazil. As
a consequence of increased and changed work scope in China compared with initial
plans, the departure of the unit has been delayed. A review of the consequences
of the extended yard stay and the additional scope has resulted in a revision of
the forecasted cost for completing the project. A net loss of USD 50.0 million
has been reported for the project in the quarter, based on information available
at this time.
OUTLOOK
The outlook for the energy market in general and BW Offshore's position in
particular remains good. Based on BW Offshore's diversification, presence,
financial scale and competence, the Company's aim is to continue to play its
role in the FPSO market with profitable growth.
BW Offshore's cash flow from the operating vessels is secure and based on long
term contracts with national oil companies and independent oil companies.
The commencement of operation for the FPSOs BW Athena, BW Joko Tole, as well as
the recent commencement of production from BW Pioneer, will contribute to
growing the EBITDA in the second half of 2012 and beyond.
BW Offshore is currently pursuing several prospective projects that meet the
Company's financial targets. This includes both contract extensions for existing
units, as well as contracts for new FPSO projects.
The Board has declared a cash dividend of USD 0.01 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
(Investors/analysts)
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 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 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 acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q2 2012 presentation:
http://hugin.info/136844/R/1637233/526357.pdf
Q2 2012 report:
http://hugin.info/136844/R/1637233/526358.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#1637233]
Unternehmensinformation / Kurzprofil:
Datum: 30.08.2012 - 07:31 Uhr
Sprache: Deutsch
News-ID 178953
Anzahl Zeichen: 6138
contact information:
Town:
Oslo
Kategorie:
Business News
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