Q2 2011: Interim consolidated financial information
(Thomson Reuters ONE) -
Solid quarterly and annual growth
BW Offshore reports an EBITDA of USD 86.9 million in the second quarter of 2011
compared to USD 75.6 million in the previous quarter. Adjusted for currency
hedges, the EBITDA in Q2 2011 was USD 93.4 million. The increase is mainly due
to the contribution from the FPSO BW Pioneer.
Including ongoing conversions, BW Offshore's lease fleet now totals 15 FPSOs and
2 FSOs. The three ongoing FPSO conversions, BW Athena, BW Joko Tole (TSB) and P-
63 (Papa Terra), are progressing in line with expectations.
The outlook for the energy market in general and BW Offshore's position in
particular remains strong and BW Offshore is currently pursuing several
prospective projects. The recent turmoil in the international financial market
is not expected to have any significant effects on BW Offshore's results.
The Board has declared a cash dividend of USD 0.04 per share for the quarter.
Highlights:
* EBITDA of USD 86.9 million in the second quarter (USD 93.4 million adjusted
for currency hedges)
* Contract extension for FPSO Abo
* Planned repairs of Ningaloo Vision successfully completed and production
resumed
* Dividend payment of USD 0.04 per share
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
(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.
Q2 2011 presentation:
http://hugin.info/136844/R/1542115/472007.pdf
Q2 2011 report:
http://hugin.info/136844/R/1542115/472006.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#1542115]
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