BW OFFSHORE Q2 2013 presentation CEO Carl K. Arnet CFO Knut R. Sthre
Highlights Q2 2013 EBITDA Stable operations with an uptime of 99.6% USD million EBITDA of USD 107.7 million 140.0 Reported One-offs Achieved certificate of substantial 120.0 completion for FPSO P-63 Unit arrived on location 100.0…
OPERATIONS
Operational highlights HSSEQ performance Uptime Lost time injuries (LTI*) of 0.45 100% Fleet uptime 99.6% in Q2 2013 95% Five year average of 98.3% 90% Continued discussions with clients for Abo 85% and Sendje Berge on work…
Fleet overview U nit T yp e C o nt r act 2009 2 0 10 2 0 11 2 0 12 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 Addax/Sinopec, Nigeria: 2005-2014 Berge Helene FPSO Lease…
Papa Terra status Project completed on schedule, as announced by Petrobras Certificate for substantial completion achieved in June 2013 Petrobras requested that P-63 was moored offshore Macae where their changes related to the new…
FINANCIALS
Financials Net debt and equity ratio EBITDA of USD 107.7 million USD million and percentage Negative P-63 contribution of USD 14.8 Net debt (USD mill, LHS) Equity ratio (RHS) million 2 000 40% Positive one-offs of approximately USD…
Income statement USD million Q2 2013 Q1 2013 1H 2013 Operating revenues 251.1 222.2 477.3 Operating expenses -147.7 -105.5 -253.2 Share of profit from associates 0.3 0.3 0.6 EBITDA 107.7 117.0 224.7 Depreciation -65.5 -64.3 -129.8…
Statement of financial position USD million 30.06.2013 31.03..2013 30.06.2012 Total non-current assets 2,984.7 3,035.6 3,067.9 Total current assets 381.7 343.1 422.2 Total assets 3,366.4 3,378.7 3,490.1 Total equity 1,143.0 1,137.7…
Financial strength Gross debt of USD 1,774 million Net debt of USD 1,650 million BW Joko Tole facility increased available liquidity by USD 285 million in July 2013 USD 250 million term loan USD 35 million performance bond…
Orderbook Orderbook of USD 7.8 billion as of 30 June Total orderbook and clients 2013 Whereof USD 3.7 billion are firm contracts Long term lease contracts with solid counterparties Visible and sustainable revenue 26 % 33 % EBITDA…
FUTURE
Market status 7 FPSO awards YTD Existing floating production units 5 leases 2 turnkey/EPC FPSO 10-15 awards expected per year Semi 64% 60% leased (including redeployments) TLP 263 17% 40% turnkey/EPC Spar units Other 9% 3%…
Current market focus Belokamenka BW Athena BW Pioneer Yum KakNab BW Cidade de So Vicente BW Joko Tole Cidade de So Mateus Umuroa Polvo P-63* Espoir Ivoirien Berge Helene Sendje Berge Units Offices * EPC and O&M…
Current activities Completing large compensated FEED- studies Leviathan Catcher Selective approach to new investments opportunities Continuing drive to monetize on global fleet and to improve operations by focusing on…
Short term priorities Papa Terra (P-63) installation and start-up Concluding extension contracts and work programs for Sendje Berge and Abo Operational improvements in fleet Start work on Azurite redeployment Conclude FEEDs and…
Q&A Photo credit: Petrobras news agency
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 29 August 2013 20
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