BW Offshore: Q2 2017 - Condensed interim consolidated financial information
August 29 2017 - 12:30AM
-
EBITDA of USD 118.6 million in the second
quarter and EBITDA of USD 180.6 million in the first half- year
2017
-
Payment of outstanding day rates received from
Addax
-
BW Catcher in transit to the field in the UK
North Sea
-
Closing of the acquisitions of the ownership in
the Dussafu field
-
Termination notice for the contract on Sendje
Berge
EBITDA for the second quarter was
USD 118.6 million, an increase of USD 56.6 million (USD 62.0
million). The increase in EBITDA was mainly as a result of reversal
of loss provisions related to overdues being paid from Addax during
second quarter. The underlying EBITDA excluding the one-off
adjustment of loss provision was USD 73.1 million (USD 75.7
million). EBITDA decreased by USD 1.4 million to USD 180.6 million
(USD 182.0 million) in the first-half year of 2017.
On 5 May, Sendje Berge Limited
received termination notice for the FPSO Sendje Berge operating
under a contract with Addax Petroleum Exploration Nigeria Limited
(Addax) on the Okwori field offshore Nigeria. The termination will
have effect from 6 November 2017 and Addax has requested BW
Offshore to provide a demobilisation plan for the FPSO. The Company
has during the second quarter received payment for all outstanding
day rates.
BW Energy Gabon Pte. Ltd ("BWEG"),
a subsidiary of BW Offshore, completed in April the acquisition of
a 66.667% interest in the Dussafu production sharing contract
offshore Gabon from Harvest Energia B.V., a subsidiary of Harvest
Natural Resources, Inc. Later in April, BWEG also completed
the acquisition of 25% working interest in the Dussafu field from
Pan-Petroleum Gabon B.V., a subsidiary of Panoro Energy ASA.
The FPSO Azurite fits well with the approved field
development plan specifications for the Dussafu field in
Gabon. The FPSO has been moved to the Keppel yard where the
necessary upgrades can be undertaken.
BW Catcher left Singapore 26
August and is now in transit to the field in the UK. The FPSO will
be connected to the already pre-installed mooring system upon
arrival at the field. The Catcher project continue to perform
within budget with first oil expected in the fourth quarter of
2017.
"The Catcher yard-completion
within time and budget, and the subsequent sail-away, were
important milestones for us and a reflection of good execution on a
complex and challenging project. Catcher remains on track for first
oil later this year," said Carl K. Arnet, the CEO of BW Offshore.
"We successfully addressed overdues on Sendje Berge, and maintained
good operational performance across the fleet and
organisation."
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 has a fleet of 14 owned FPSOs and one FSO
represented in all major oil & gas 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.
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
BWO Q2 2017 Report
BWO Q2 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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