BW Offshore: Q3 2016 - Condensed interim consolidated financial information
November 28 2016 - 12:30AM
-
EBITDA of USD 76.9 million
-
Long term financial platform implemented
-
Catcher project on track for first oil in second
half of 2017
-
Cost reduction and efficiency program
progressing as planned
-
Arbitration process vs Addax due to overdue
receivables
-
Berge Helene and Peregrino contracts ending in
May and June 2017
EBITDA for the third quarter was USD 76.9 million,
a decline of USD 7.7 million (9%) (USD 84.6 million). The reduction
in EBITDA for the third quarter compared with the previous quarter
was mainly a result of no further loss of hire insurance for Cidade
de São Mateus which ended in May. Operating profit for the quarter
amounted to USD 19.2 million, a decrease of USD 5.7 million (23%)
(USD 24.9 million).
Addax Petroleum Exploration Limited has for some
time not paid the Company the full contractual rate for the FPSO
Sendje Berge. BW Offshore considers the arguments for not paying
the full rate unjustified and has started an arbitration process.
During third quarter, the Company submitted a claim to the
arbitration tribunal of USD 52.6 million.
BW Offshore received notice in November 2016 that
that the contract with Petronas for the FPSO Berge Helene will not
be extended beyond May 2017. During the third quarter, BW Offshore
was notified that Statoil will not exercise options for extension
of contract beyond June 2017 due to a change in the operating model
on the Peregrino field. The Catcher project remains within budget
with first oil expected in the second half of 2017.
"We are pleased to see positive
developments in several of our focus areas", said Carl K. Arnet,
the CEO of BW Offshore. "The Catcher project is progressing well,
the fleet performance is good, and our cost cutting initiatives are
paying off with full effect from 2017. BW Offshore has established
a solid runway and is well positioned to pursue value creating
opportunities."
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@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
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
Q3 2016 presentation
Q3 2016 report
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
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