BW Offshore: Q1 2017 - Condensed interim consolidated financial information
May 29 2017 - 12:30AM
-
EBITDA of USD 62.0 million (USD 75.7 million
before loss provision)
-
Catcher project progressing on schedule for
first oil in Q4 2017
-
Agreement for insurance settlement for FPSO
Cidade de São Mateus
-
Sendje Berge arbitration award
-
Contract extension for Abo FPSO
-
Short-term extension for Berge Helene
-
Signed cooperation agreement with ICBC Financial
Leasing Co. Ltd in April
-
Closing of the acquisitions of the ownership in
the Dussafu field in April
-
Termination notice for the contract on Sendje
Berge received in May
EBITDA for the first quarter of 2017 was USD 62.0
million, a decrease of USD 102.5 million (USD 164.5 million) from
the fourth quarter of 2016. The decrease in EBITDA was mainly a
result of the insurance settlement for FPSO Cidade de São Mateus
recorded in fourth quarter 2016 and an adjustment to loss
provisions recorded in first quarter. The underlying EBITDA
excluding the one-off loss provision was USD 75.7 million.
During the quarter, BW Offshore signed an
extension agreement for the Abo FPSO with Nigerian Agip Exploration
Ltd, a subsidiary of ENI S.p.A., until 31 March 2018 with options
until 2023. The Company also agreed to extend the contract for the
FPSO Berge Helene beyond the original termination date in May 2017,
with 75 days' termination notice.
BW Offshore received an arbitration award relating
to the claim against Addax Petroleum Exploration (Addax) for the
payment of all outstanding day rates in respect of the hire of
Sendje Berge, currently operating in Nigeria. Prior to the award,
the Company received partial payment of approximately USD 18.7
million. On 5 May, BW Offshore received termination notice for the
FPSO Sendje Berge from Addax with effect from 6 November 2017. BW
Offshore will continue the process with the enforcement of the
arbitration award for all outstanding claims against Addax. The
outstanding gross claim at the end of the first quarter 2017 was
USD 61.8 million.
FPSO Cidade de São Mateus remains in lay-up. An
agreement with insurers for an early repair-cost settlement of
approximately USD 250 million was signed in January 2017, and the
proceeds were received later in the quarter.
The Catcher project continue to perform within
budget with first oil expected in the fourth quarter of 2017.
In April, BW Offshore signed a cooperation
agreement with the world-leading financial leasing firm ICBC
Financial Leasing Co., Ltd. (ICBCL) with the intention to establish
a long-term strategic partnership to jointly pursue large
international infrastructure projects with a focus on FPSOs. The
first joint project, subject to both parties' final approval, is
ICBCL's equity participation in the BW Catcher FPSO through the
subscription of preference shares.
"We continued to develop our project
portfolio during the quarter and established a new partnership with
ICBCL, which will enable BW Offshore to address new growth
opportunities as market activity picks up," said Carl K. Arnet, the
CEO of BW Offshore. "We are moving ahead with the Dussafu project,
Catcher remains on track for first oil later this year, and we
maintained a very good operation performance across the fleet and
organization."
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:
Knut R. Sæthre, CFO, +47 9111 7876
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. The
company also operates additional 2 FPSOs. 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.
Q1 2017 Report
Q1 2017 Presentation
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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