BW Offshore: Q3 2013 - Interim consolidated financial information
(Thomson Reuters ONE) -
* EBITDA of USD 115.5 million in Q3 2013 and EBITDA of USD 340.2 million YTD
* Stable operations with an uptime of 99.4%
* First oil achieved on FPSO P-63 (Papa Terra project)
* Dividend payment of USD 0.03 per share
Operating revenues for Q3 2013 amounted to USD 238.4 million, compared to USD
255.1 million in Q2 2013. EBITDA for Q3 2013 amounted to USD 115.5 million,
compared to USD 107.7 million in Q1 2013. The increase in EBITDA is reflecting
stable operation in the quarter from the fleet as well as no further changes to
the cost estimate for the completion of the Papa Terra project.
Operating profit for Q3 2013 amounted to USD 48.6 million compared to USD 41.5
million in the previous quarter. Net profit amounted to USD 18.0 million for the
quarter compared to USD 22.3 million in the previous quarter.
Total equity at 30 September 2013 amounted to USD 1,141.4 million. The equity
ratio was 34.3% at the end of the quarter, up from 34.0% last quarter.
Total available liquidity as of 30 September 2013 amounted to USD 400.7 million.
During the quarter the Company successfully completed a USD 284.6 million
financing facility related to BW Joko Tole.
Net debt amounted to USD 1,628.8 million at 30 September 2013, compared to USD
1,649.7 million at 30 June 2013.
Net cash inflow from operating activities was USD 95.5 million compared to USD
95.9 million in the previous quarter. Net cash outflow from investing activities
was USD 33.3 million compared to cash outflow of USD 21.3 million in the
previous quarter. This is mostly related to capital expenditures for life
extension activities. Net cash outflow from financing activities was USD 73.8
million compared to cash outflow of USD 52.8 million in the previous quarter.
OPERATIONS AND PROJECTS
BW Offshore`s fleet consists of 14 FPSOs and one FSO. All units experienced
stable performance with an average uptime of 99.4% during the third quarter.
BW Offshore also operates the FPSO Peregrino and is beginning operation for the
FPSO P-63 in November. The FPSO Peregrino is owned by Statoil and Sinochem, and
is operating on the Peregrino oil field offshore Brazil. The FPSO P-63 is owned
by Petrobras and Chevron and is operating on the Papa Terra field offshore
Brazil.
BW Offshore has received notice of termination on the contract with Murphy West
Africa Limited for FDPSO Azurite. The termination is to be effective from 1 May
2014.
During the quarter BW Offshore agreed a third short term extension for FPSO
Sendje Berge with Addax Petroleum Exploration until end Q1 2014. The extension
has been agreed to secure operational continuity while joint work to detail
longer term program for investment and production is completed.
The FPSO Abo is on a one year extension for Nigerian Agip Exploration until 31
December 2013. BW Offshore is currently negotiating for a long term contract
extension of the unit.
OUTLOOK
The outlook for the energy market in general and FPSO business in particular
remains good. Based on BW Offshore's products, geographical presence, scale and
competence, the Company is 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 and independent oil companies. The fleet of BW
Offshore will continue to generate a steady cash flow in the time ahead
providing a sound basis for dividend payments as well as for further investments
in new assets.
BW Offshore is currently evaluating several projects likely to 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 expects to
grow selectively and intends to see an improvement in the risk and reward
balance for new FPSO projects. The company will carry on with the efforts to
improve safety, efficiency, planning, disciplined execution and financial
control.
The Board has declared a cash dividend of USD 0.03 per share for Q3 2013.
Please see the attachments for the full quarterly report and presentation.
In connection with the earnings release, BW Offshore will hold a conference call
and Q&A session with CEO Carl K. Arnet and CFO Knut R. Sæthre.
Time: Thursday 21 November 2013 at 13.00 (CET)
Norway: +47 2350 0486
UK: +44 (0) 20 3427 1918
US: +1 212 444 0896
Singapore: +65 6622 1942
Conference code: 5199295
The participants will be asked for their name, company and conference code.
If you are unable to participate in the conference call, there are two
alternatives for replay: Dial-in or recording available on our website post the
call. Please visit www.bwoffshore.com/ir for 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 1 FSO represented in all major oil regions world-wide.
The company also operates additional 2 FPSOs. 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 38 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.
Q3 2013 presentation:
http://hugin.info/136844/R/1744768/587142.pdf
Q3 2013 report:
http://hugin.info/136844/R/1744768/587141.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#1744768]
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