BW Offshore: Q2 2016 - Condensed interim consolidated financial information
- EBITDA of USD 84.6 million
- Long-term financial platform established in July
- Contract extension for FPSO Espoir Ivoirien
- BW Pioneer subsea mooring replacement campaign completed
EBITDA for the second quarter amounted to USD 84.6 million, a decrease of USD 12.8 million (USD 97.4 million). EBITDA was lower, mainly because the loss of hire insurance for Cidade de São Mateus ended in mid-May and the downtime related to shutdown of BW Pioneer. Operating profit for the quarter amounted to USD 24.9 million, a decrease of USD 11.3 million (USD 36.2 million).
With strong support from all financial stakeholders, the company successfully completed all of its previously announced financing initiatives in July 2016. The new long-term financial platform is expected to contribute more than USD 500 million in improved liquidity in the period through 2020. This initiative, as well as the continued strong operating cash flow, is expected to cover all of the medium-term liquidity requirements. Further, all of the Company`s capital commitments are fully financed.
"We have reduced costs and increased efficiency while maintaining focus on operations, delivering on the Catcher project and strengthening our ability to provide cost-effective production solutions to the oil and gas industry."
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:
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore is the world's second largest contractor with a fleet of 14 FPSOs represented in all major oil 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. Further information is also available on www.bwoffshore.com
 Figures presented are compared to previous quarter (first quarter of 2016 in brackets)