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Q1 2015 RESULTS – Bw Offshore

Bw Offshore · May 26, 2015 · 20 slides

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Slides

  1. Q1 2015 RESULTS – Bw Offshore – slide 1
    BW OFFSHORE Q1 2015 presentation 26 May 2015 CEO Carl K. Arnet CFO Knut R. Sthre
  2. Q1 2015 RESULTS – Bw Offshore – slide 2
    Key events Q1 2015 EBITDA EBITDA of USD 93.2 million USD million Initiated recovery project for FPSO 200 Reported Reported ex one-offs Cidade de So Mateus 180 Contract extension for Polvo 160 Sale of BW Opal 140 Completed USD…
  3. Q1 2015 RESULTS – Bw Offshore – slide 3
    OPERATIONS
  4. Q1 2015 RESULTS – Bw Offshore – slide 4
    Operational status Fleet uptime 98.8% excluding Cidade de Uptime So Mateus 100% 94.4% including the off hire of FPSO Cidade de So Mateus 95% Fleet uptime affected by 90% 48 days offhire on Cidade de So Mateus 85% 14 days offhire…
  5. Q1 2015 RESULTS – Bw Offshore – slide 5
    Cidade de So Mateus status Joint investigation report with Petrobras completed 15 April Investigation report and actions, both short term and long term, being presented to industry and various industry stake holders Recovery…
  6. Q1 2015 RESULTS – Bw Offshore – slide 6
    Catcher project (I) 73% of total cost committed - Project is tracking well with respect to budget Subcontracts awarded - Aibel for topsides engineering - IHI for FPSO hull - APL (NOV) for turret mooring system - DNV for…
  7. Q1 2015 RESULTS – Bw Offshore – slide 7
    Catcher project (II) Hull construction, IHI (Japan) Topside module construction, Dynamac (Singapore) MCM assembly M40 - E-house construction, Kongsberg/AOS (Singapore) 26 May 2015 8
  8. Q1 2015 RESULTS – Bw Offshore – slide 8
    Fleet overview U nit T yp e C o nt r act 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2020 2021 2022 2023 2024 2025 Sendje Berge FPSO Lease & Operate Addax/Sinopec, Nigeria: 2005-2018 (2020) Berge Helene FPSO Lease & Operate…
  9. Q1 2015 RESULTS – Bw Offshore – slide 9
    FINANCE
  10. Q1 2015 RESULTS – Bw Offshore – slide 10
    Financials Net debt and equity ratio EBITDA of USD 93.2 million in Q1 2015 USD million and percentage Equity ratio 33.4% Net debt (USD mill, LHS) Equity ratio (RHS) 2 000 50% Dividend of USD 0.02 per share 1 800 40% 1 600 30% 1…
  11. Q1 2015 RESULTS – Bw Offshore – slide 11
    Income statement USD million Q1 2015 Q4 2014 Operating revenues 236.8 264.8 Operating expenses --143.7 --155.5 Share of profit from associates and joint ventures 0.1 -0.1 EBITDA 93.2 109.2 Depreciation -57.3 -57.1 Amortisations…
  12. Q1 2015 RESULTS – Bw Offshore – slide 12
    Statement of financial position USD million 31.03.2015 31.12.2014 Total non-current assets 3,061.0 86.5% 3,116.4 84.9% Total current assets 447.5 12.6% 552.5 15.1% Total assets 3,538.5 100.0% 3,668.9 100.0% Total equity 1,182.6 33.4%…
  13. Q1 2015 RESULTS – Bw Offshore – slide 13
    Cash flow statement USD million Q1 2015 Q4 2014 Net cash flow from operating activities 80.6 133.2 Net cash flow from investing activities -13.2 -168.5 Net cash flow from financing activities -131.5 66.4 Net change in cash and…
  14. Q1 2015 RESULTS – Bw Offshore – slide 14
    Financing Fully financed by operational cash flow, cash and existing facilities Available liquidity including corporate facilities USD 308 million Utilised USD 129 million of USD 800 million bank financing for the Catcher project…
  15. Q1 2015 RESULTS – Bw Offshore – slide 15
    High revenue visibility USD 10 billion backlog secure high revenue Backlog: Firm and option visibility USD 4.3 billion firm Backlog secured with solid counterparties 43% 57% Firm Option Backlog: Counterparties 20% 20%…
  16. Q1 2015 RESULTS – Bw Offshore – slide 16
    OUTLOOK
  17. Q1 2015 RESULTS – Bw Offshore – slide 17
    Prospects In general prospects have been delayed due to the drop in oil price In first quarter we have seen an improved activity on new prospects for expected conclusion in first half of 2016 Still see activity on existing prospects…
  18. Q1 2015 RESULTS – Bw Offshore – slide 18
    Current priorities Cidade de So Mateus recovery Catcher project Fleet performance Life extension programs Azurite redeployment New prospects 26 May 2015 19
  19. Q1 2015 RESULTS – Bw Offshore – slide 19
    Q&A
  20. Q1 2015 RESULTS – Bw Offshore – slide 20
    Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 26 May 2015 21

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