Q2 2011: Interim consolidated financial information

Solid quarterly and annual growth

 

BW Offshore reports an EBITDA of USD 86.9 million in the second quarter of 2011 compared to USD 75.6 million in the previous quarter. Adjusted for currency hedges, the EBITDA in Q2 2011 was USD 93.4 million. The increase is mainly due to the contribution from the FPSO BW Pioneer.

 

Including ongoing conversions, BW Offshore's lease fleet now totals 15 FPSOs and 2 FSOs. The three ongoing FPSO conversions, BW Athena, BW Joko Tole (TSB) and P-63 (Papa Terra), are progressing in line with expectations.

 

The outlook for the energy market in general and BW Offshore's position in particular remains strong and BW Offshore is currently pursuing several prospective projects. The recent turmoil in the international financial market is not expected to have any significant effects on BW Offshore's results.

The Board has declared a cash dividend of USD 0.04 per share for the quarter.

 

Highlights: 

  • EBITDA of USD 86.9 million in the second quarter (USD 93.4 million adjusted for currency hedges)
  • Contract extension for FPSO Abo
  • Planned repairs of Ningaloo Vision successfully completed and production resumed
  • Dividend payment of USD 0.04 per share

 

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 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.