Q1 2011: Interim consolidated financial information
First quarterly dividend payment
BW Offshore reports an EBITDA of USD 75.6 million in the first quarter of 2011 compared to USD 38.9 million in the previous quarter. FPSO BW Pioneer was accepted for operation and has been receiving stand-by day rate since the end of March 2011.
On 12 May 2011, the Company's dividend policy was approved at the Annual General Meeting, an important milestone for the company in its objective to achieve class leading shareholder return. Based on the financial performance in the first quarter, as well as the commencement of day rates for BW Pioneer, the Board has declared a cash dividend of USD 0.04 per share for the first quarter 2011.
The outlook remains strong and BW Offshore is pursuing several prospective projects. BW Offshore has the resources and capabilities to grow the business at improved terms.
- EBITDA of USD 75.6 million in the first quarter
- FPSO BW Pioneer on day rate from end March 2011
- Contract extensions for FPSO Espoir Ivorien and FSO Endeavor
- FPSO conversions are progressing in line with expectations
- Quarterly dividend of USD 0.04 per share
- Completion of the USD 2.4 billion credit facility
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, VP Finance & IR, +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.