Q1 2011: Interim consolidated financial information
(Thomson Reuters ONE) -
First quarterly dividend payment
BW Offshore reports an EBITDA of USD 75.6 million in the first quarter of 2011
compared to USD 38.9 million in the previous quarter. FPSO BW Pioneer was
accepted for operation and has been receiving stand-by day rate since the end of
March 2011.
On 12 May 2011, the Company's dividend policy was approved at the Annual General
Meeting, an important milestone for the company in its objective to achieve
class leading shareholder return. Based on the financial performance in the
first quarter, as well as the commencement of day rates for BW Pioneer, the
Board has declared a cash dividend of USD 0.04 per share for the first quarter
2011.
The outlook remains strong and BW Offshore is pursuing several prospective
projects. BW Offshore has the resources and capabilities to grow the business at
improved terms.
Key events:
* EBITDA of USD 75.6 million in the first quarter
* FPSO BW Pioneer on day rate from end March 2011
* Contract extensions for FPSO Espoir Ivorien and FSO Endeavor
* FPSO conversions are progressing in line with expectations
* Quarterly dividend of USD 0.04 per share
* Completion of the USD 2.4 billion credit facility
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, VP Finance & IR, +47 9509 2322 (Analysts/investors)
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the
oil and gas industry. With the acquisition of Prosafe Production in 2010, the
company has become the world's second largest contractor with a fleet of 15
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 30 years of
production, BW Offshore has successfully executed more than 30 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.
Q1 2011 presentation:
http://hugin.info/136844/R/1518101/454618.pdf
Q1 2011 report:
http://hugin.info/136844/R/1518101/454617.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#1518101]
Unternehmensinformation / Kurzprofil:
Datum: 24.05.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 54919
Anzahl Zeichen: 3781
contact information:
Town:
Oslo
Kategorie:
Business News
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"Q1 2011: Interim consolidated financial information"
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