Sitemap Search About us Our business Investor relations Press room HSSEQ Careers Contact HomeNewsSafe and profitable operations Operating revenues for Q2 2013 amounted to USD 255.1 million, compared to USD 222.2 million in Q1 2013. EBITDA for Q2 2013 amounted to USD 107.7 million, compared to USD 117.0 million in Q1 2013. The decrease is mainly a result of negative contribution from the Papa Terra project by USD 14.8 million due to the revision of the forecasted cost for completing the project as a consequence of extended yard stay and additional work scope. On the positive side, certain one off positives from closure of various discussions with clients amounted to USD 10 million. Operating profit for the quarter amounted to USD 41.5 million compared to USD 52.2 million in the previous quarter. Net profit amounted to USD 22.3 million for the quarter compared to USD 29.1 million in the previous quarter. Total equity at 30 June 2013 amounted to USD 1,143.0 million. The equity ratio was 34.0% at the end of the quarter, up from 33.7% last quarter. Total available liquidity as of 30 June 2013 amounted to USD 227.9 million. Net debt amounted to USD 1,649,7 million at 30 June 2013, compared to USD 1,673.9 million at 31 March 2013. Net cash inflow from operating activities was USD 95.9 million compared to USD 46.2 million in the previous quarter. Net cash outflow from investing activities was USD 21.3 million compared to cash outflow of USD 19.6 million in the previous quarter. The majority of this is related to capital expenditures for life extension on vessels which amounted to USD 21.8 million, compared to USD 19.8 million in the previous quarter. Net cash outflow from financing activities was USD 52.8 million compared to cash outflow of USD 26.5 million in the previous quarter. The main reason for the increase is that dividends for fourth quarter 2012 and first quarter 2013 were paid out during second quarter 2013. OPERATIONS AND PROJECTS BW Offshore`s fleet consists of 14 FPSOs and one FSO. All units experienced stable performance with an average uptime of 99.6% during the second quarter. BW Offshore also operates FPSO Peregrino. The unit is owned by Statoil and Sinochem, and is operating on the Peregrino oil field offshore Brazil. During the quarter BW Offshore agreed a second short term extension for FPSO Sendje Berge with Addax Petroleum Exploration. The extension has been agreed to secure operational continuity while joint work to detail longer term program for investment and production is completed. The Papa Terra (P-63) EPC project has been in QUIP`s Rio Grande yard in Brazil for final testing and commissioning since January 2013. The FPSO received certificate for substantial completion on 17 June 2013. Subsequently the FPSO was mobilised to be moored at an offshore location and is now awaiting instructions to further mobilise to the field by Petrobras. OUTLOOK The outlook for the energy market in general and FPSO business in particular remains good. Based on BW Offshore’s products, 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 0.03 per share for Q2 2013. Please see Investor Relations for the full quarterly report and presentation. BW Offshore hosts a presentation of the financial results at 09:00 (CET) today at 'Hotel Continental` (Stortingsgaten, 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. News