Q3 2011: Interim consolidated financial information

Stable fleet performance and solid outlook

  • EBITDA of USD 76.7 million in the third quarter
  • The OSX project successfully completed
  • Dividend payment of USD 0.04 per share

BW Offshore reports an EBITDA of USD 76.7 million in the third quarter of 2011 compared to USD 86.9 million in the previous quarter. The change is mainly due to lower contribution from the Papa Terra and the OSX projects, partly offset by increased contribution from FPSO Ningaloo Vision.

Operating profit for the quarter amounted to 44.1 million, an increase of USD 1.2 million compared to USD 42.9 million in the previous quarter. Gains from the sale of the conversion candidates M/T Takama and BW Ara have been included in the operating profit.

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 has so far not had any significant effects on BW Offshore's results or prospects.

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

Please see the 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.