Stable fleet performance and solid outlook

BW Offshore reports an EBITDA of 76.7 million in Q3 2011 and is pursuing several prospective FPSO projects.

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 attachments for the full quarterly report and presentation.

Q3 2011 report

Q3 2011 presentation