BW Offshore: Q4 2012 - Interim consolidated financial information
- EBITDA of USD 116.7 million in the fourth quarter and USD 247.9 million for the year 2012
- Stable operations with an uptime of 99.3%
- Papa Terra arrived Rio Grande 28 January 2013
- Handover of operations of FPSO Peregrino from Maersk to BW Offshore completed
- Reversal of previous impairment of USD 75 million
- Dividend payment of USD 0.02 per share
BW Offshore's operating revenues for Q4 2012 amounted to USD 233.5 million, a decrease of USD 2.4 million compared to USD 235.9 million in Q3 2012.
EBITDA for Q4 2012 amounted to USD 116.7 million, an increase of USD 81.6 million compared to USD 35.1 million in the previous quarter. The Q3 2012 EBITDA was negatively impacted by a negative contribution of USD 75.0 million on the Papa Terra-project.
Depreciation amounted to USD 63.2 million compared to USD 63.9 million in the third quarter of 2012.
Operating profit for the quarter amounted to USD 126.6 million compared to a loss of USD 30.0 million in the previous quarter. The improvement of USD 156.6 million is mainly due to reversal of impairment on vessel by USD 75.0 million and the previous quarter's Papa Terra loss of USD 75.0 million.
Net profit amounted to USD 105.9 million for the quarter compared to a net loss of USD 59.6 million in the previous quarter.
Total equity at 31 December 2012 amounted to USD 1,127.1 million, an increase of USD 102.1 million compared to USD 1,025.0 million at 30 September 2012. The equity ratio was 32.9% at the end of the quarter. Total available liquidity as of 31 December 2012 amounted to USD 231.3 million.
Net debt amounted to USD 1,676.8 million at 31 December 2012, compared to USD 1,662.4 million at 30 September 2012.
Net cash inflow from operating activities was USD 57.0 million compared to USD 50.6 million in the previous quarter. Net cash outflow from investing activities was USD 41.2 million compared to cash inflow of USD 74.8 million in the previous quarter. Net cash outflow from financing activities was USD 1.8 million compared to cash outflow of USD 146.5 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 99.3% during the fourth quarter. BW Offshore has from 1 January 2013 successfully taken over the operation of FPSO Peregrino after a planned transition period of six months. The unit is owned by Statoil and is operating on the Peregrino oil field offshore Brazil.
The Papa Terra (P-63) EPC project arrived 28 January 2013 in QUIP`s Rio Grande yard in Brazil for the integration of the remaining six modules. The FPSO is then expected to be installed on the field and commence operation. All possible 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.
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 very 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 oil companies and independent oil companies.
The commencement of operation for the FPSOs BW Pioneer, BW Athena and BW Joko Tole, as well as the recent extensions of contracts for Petróleo Nautipa, Berge Helene and Espoir Ivoirien will contribute to significant growth in EBITDA for 2013 and beyond.
BW Offshore is currently evaluating several projects that may 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 is committed to deliver total shareholder return at or above peers in our sector. The Board wants to highlight a positive development in operating earnings through the course of the year. Efforts are being made to improve operational performance across the fleet. Steps have also been taken to strengthen engineering and project execution capabilities.
The Board has declared a cash dividend of USD 0.02 per share for the quarter
Please see the attachments for the full quarterly report and presentation.
BW Offshore hosts a presentation of the financial results at 09:00 (CET) today at 'Shippingklubben` (Haakon VII gt 1, 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.
For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876 (Media)
Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322 (Investors/analysts)
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 and 1 FSO represented in all major oil regions world-wide. BW Offshore has a long track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In more than 30 years of production, BW Offshore has executed 36 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange. Further information is also available on www.bwoffshore.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.