BW Offshore: Half-year and second quarter results 2019

HIGHLIGHTS

  • EBITDA of USD 378.4 million in the first half-year and USD 191.6 million in Q2
  • Approved as operator by ANP in Brazil
  • Gross production from Tortue of 1.1 million bbls in Q2
  • One lifting completed in Q2, 615k bbls net to BW Energy
  • Full-year production forecast increased to 4.1 - 4.4 million barrels of oil
  • Contract extensions for BW Cidade de São Vicente and Petróleo Nautipa
  • Announced listing of BW Energy

             
Operating revenues for the first half-year of 2019 amounted to USD 582.4 million, an increase of USD 189.7 million (USD 392.7 million). EBITDA for the period was USD 378.4 million (USD 213.9 million). EBITDA for the second quarter of 2019 was USD 191.6 million, an increase from USD 186.8 million in the previous quarter.

The record EBITDA for both periods reflects high uptime for the FPSO fleet and a strong performance from BW Catcher under the excess production scheme and the full contribution from BW Adolo. The Dussafu licence have continued to produce above expectations and the 2019 full-year production forecast has been lifted to 4.1 - 4.4 million barrels of oil. The Hibiscus exploration well was spudded in early August. The main well bore has been completed and hydrocarbons encountered. Well logging is ongoing together with planning for drilling of a side-track.  

"We are very pleased to report another strong quarter and record EBITDA which reflects the full impact of the successful FPSO and field development investments we have made through BW Catcher, BW Adolo and the Tortue development on Dussafu. They are now fully operational and create significant cash flow and long-term value for our shareholders,” said Marco Beenen, the CEO of BW Offshore.

“Tortue phase 1 has been a success producing above original guidance and we recently received an independent report confirming increased reserves. We have proven the attractiveness of our phased field development strategy with redeployment of our own FPSOs, reducing time to first oil and enabling us to capture further upsides in the subsequent development phases. We are ready to replicate this success in the future development phases of the Dussafu and Maromba licenses,” Marco Beenen said.

Please see attachments for the Half-Year Report and Presentation. The Earnings Tables are available at: www.bwoffshore.com/ir

BW Offshore will host a presentation of the financial results 09:00 (CEST) today at Hotel Continental in Oslo, Norway. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

The presentation will be broadcasted via webcast and will also be available for replay. Please visit www.bwoffshore.com for details.

For further information, please contact:

Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

IR@bwoffshore.com

About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

 

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