Q4 2011 and preliminary results 2011
Construction completed on BW Athena and BW Joko Tole
BW Offshore reports an EBITDA of USD 72.8 million in the fourth quarter of 2011 compared to USD 76.7 million in the previous quarter. The decrease resulted mainly from the lower revenues from the OSX project as the project is completed.
BW Offshore reports an EBITDA of USD 311.9 million in 2011 compared to USD 152.3 million in 2010. The increase is mainly due to the consolidation of the Prosafe Production fleet from October 2010 and commencement of dayrates for BW Pioneer from March 2011.
Construction of the FPSOs BW Athena and BW Joko Tole is completed and the units are currently in the final phase of commissioning before sail-away. The EPC project P-63/Papa Terra is under completion in China until planned departure end of Q2 2012.
The FPSO Ningaloo Vision has been sold to Apache in January 2012 for USD 185 million.
The Purchase price allocation (PPA) has been concluded during Q4 2011. An impairment of USD 138.5 million (non-cash) has been recognised in Q4 2011.
The outlook for the energy market in general and BW Offshore's position in particular remains strong. Based on BW Offshore's diversification, presence, financial scale and competence, BW Offshore's aim is to continue to play a significant role in the FPSO market with profitable growth. BW Offshore is currently pursuing several prospective projects.
The ongoing turmoil in the international financial market has not affected BW Offshore's results nor the number of prospective projects.
The Board has declared a cash dividend of USD 0.02 per share for the quarter.
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 14 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