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Preliminary Q3 2019 Operational and Financial Figures

Preliminary Q3 2019 Operational and Financial Figures

BW Offshore Limited (the “Company” or “BW Offshore”) today provides the following preliminary statements with regards to the operational and financial performance for the third quarter of 2019.

BW Offshore is scheduled to publish full financial statements for the third quarter on 26 November. The financial numbers included in this statement are preliminary and may be subject to change.

  • BW Offshore expects to report third-quarter operating revenue of approximately USD 267 million. Before eliminations, the FPSO and E&P segments contributed with approximately USD 238 million and USD 50 million respectively. 
  • Third-quarter EBITDA (including the FPSO Umuroa provision as guided 31 October) is expected at approximately USD 162 million. Before eliminations, the FPSO and E&P segments contributed USD 133 million and USD 35 million respectively. 
  • The average commercial uptime for the FPSO fleet in the third quarter was 99.9%. 
  • Gross production from the Dussafu license was approximately 11,600 bbls/day in the quarter. The license partners BW Energy and Panoro completed one lifting of 652,000 bbls in the quarter. The 2019 full-year production forecast remains 4.1 - 4.4 million barrels of oil.
  • Total capex for the quarter was approximately USD 93 million.
  • Net interest-bearing debt was USD 999 million at the end of the third quarter and total available liquidity amounted to USD 532 million.
  • As previously announced, all upstream assets of BW Offshore and BW Group have been organised in the new separate entity BW Energy. BW Offshore is prepared to initiate the planned listing of BW Energy on the Oslo Stock Exchange subject to conducive market conditions. Investor feedback to date has been encouraging. BW Offshore will remain a major long-term shareholder in BW Energy after a listing.

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

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.