Sitemap Search About us Our business Investor relations Press room HSSEQ Careers Contact HomeNewsFirst quarter 2013 results BW Offshore’s operating revenues for Q1 2013 amounted to USD 222.2 million compared to USD 233.5 million in Q4 2012. EBITDA for the first quarter amounted to USD 117.0 million compared to USD 118.8 million in the previous quarter. Operating profit for the quarter amounted to USD 52.2 million compared to USD 128.7 million in the previous quarter. The high operating profit in the previous quarter is mainly due to the favourable impact of the reversal of impairment on vessel by USD 75.0 million. Net profit amounted to USD 29.1 million for the quarter compared to USD 108.0 million in the previous quarter. Total equity at 31 March 2013 amounted to USD 1,137.7 million, an increase of USD 7.3 million compared to USD 1,130.4 million at 30 December 2012. The equity ratio was 33.7% at the end of the quarter. Total available liquidity as of 31 March 2013 amounted to USD 206.2 million. Net debt amounted to USD 1,673,9 million at 31 March 2013, compared to USD 1,676.8 million at 31 December 2012. During the quarter, BW Offshore successfully completed the placement of a new NOK 500 million senior unsecured bond with maturity date in March 2018. The proceeds from this loan will be used for general corporate purposes. Net cash inflow from operating activities was USD 46.2 million compared to USD 57.0 million in the previous quarter. Net cash outflow from investing activities was USD 19.6 million compared to cash outflow of USD 41.2 million in the previous quarter. Capital expenditures on vessels amounted to USD 19.8 million, compared to USD 45.6 million in the previous quarter. Net cash outflow from financing activities was USD 26.5 million compared to cash outflow of USD 1.8 million in the previous quarter. OPERATIONS AND PROJECTS BW Offshore`s fleet consists of 14 FPSOs and one FSO. All experienced stable performance with an average uptime of 98.2% during the first quarter. BW Offshore has from 1 January 2013 taken over the operation of FPSO Peregrino after a planned transition period of six months. The unit is owned by Statoil and Sinochem, and is operating on the Peregrino oil field offshore Brazil. BW Offshore has agreed an extension for FPSO Abo with Nigerian Agip Exploration Ltd of nine months and an extension for FPSO Sendje Berge with Addax Petroleum Exploration Ltd of three months. These extensions have been agreed to secure operational continuity while joint work to detail longer term programs for investment and production is progressing. The Papa Terra (P-63) EPC project arrived in January 2013 in QUIP`s Rio Grande yard in Brazil for final testing and commisioning. The FPSO is then expected to be installed on the field and commence operation. All efforts are being made by BW Offshore and its Brazilian partner, QUIP, to meet the overall project schedule requirements from Petrobras for a July 2013 start-up. OUTLOOK The outlook for the energy market in general and FPSO business in particular remains good. Based on BW Offshore’s products offering, geographical presence, scale and competence, the Company is well positioned to grow its core business. BW Offshore’s cash flow from the operating units is secure and based on long term contracts with national and independent oil companies. The fleet of BW Offshore will continue to generate an increasing cash flow in the time ahead providing a sound basis for dividend payments as well as for further investments in new assets. BW Offshore is currently evaluating several projects likely to meet the Company’s financial targets. This includes both contract extensions for existing units, as well as contracts for new units and operations. BW Offshore expects to grow selectively and intends to see an improvement in the risk and reward balance for new FPSO projects. The company will carry on with the efforts to improve safety, efficiency, planning, disciplined execution and financial control. The Board has declared a cash dividend of USD 0.02 per share for the quarter. Q1 2013 report Q1 2013 presentation News