BW Offshore: Q2 2016 - Condensed interim consolidated financial information
(Thomson Reuters ONE) -
* EBITDA of USD 84.6 million
* Long-term financial platform established in July
* Contract extension for FPSO Espoir Ivoirien
* BW Pioneer subsea mooring replacement campaign completed
EBITDA for the second quarter amounted to USD 84.6 million, a decrease of USD
12.8 million (USD 97.4 million[1]). EBITDA was lower, mainly because the loss of
hire insurance for Cidade de São Mateus ended in mid-May and the downtime
related to shutdown of BW Pioneer. Operating profit for the quarter amounted to
USD 24.9 million, a decrease of USD 11.3 million (USD 36.2 million).
With strong support from all financial stakeholders, the company successfully
completed all of its previously announced financing initiatives in July 2016.
The new long-term financial platform is expected to contribute more than USD
500 million in improved liquidity in the period through 2020. This initiative,
as well as the continued strong operating cash flow, is expected to cover all of
the medium-term liquidity requirements. Further, all of the Company`s capital
commitments are fully financed.
"BW Offshore has successfully established a long-term financial platform giving
the company a significant runway until an expected market recovery," said Carl
K. Arnet, the CEO of BW Offshore.
"We have reduced costs and increased efficiency while maintaining focus on
operations, delivering on the Catcher project and strengthening our ability to
provide cost-effective production solutions to the oil and gas industry."
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. Please visit www.bwoffshore.com for login-details.
For further information, please contact:
IR(at)bwoffshore.com
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 represented in all major oil 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 also
available on www.bwoffshore.com
[1] Figures presented are compared to previous quarter (first quarter of 2016 in
brackets)
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q2 2016 report:
http://hugin.info/136844/R/2037699/759299.pdf
Q2 2016 presentation:
http://hugin.info/136844/R/2037699/759300.pdf
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
Unternehmensinformation / Kurzprofil:
Datum: 29.08.2016 - 07:30 Uhr
Sprache: Deutsch
News-ID 491423
Anzahl Zeichen: 3636
contact information:
Town:
Oslo
Kategorie:
Business News
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"BW Offshore: Q2 2016 - Condensed interim consolidated financial information"
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