BW OFFSHORE Q2 2014 presentation CEO Carl K. Arnet CFO Knut R. Sthre
Highlights Q2 2014 EBITDA Stable operations with an uptime of 99.7% USD million EBITDA of USD 183.1 million 200.0 Recognised compensation for Azurite 180.0 Reported Reported ex one-offs contract termination 160.0 Contract…
OPERATIONS
Operational highlights HSE record (LTI) HSSEQ performance Per million man-hours Lost time injuries (LTI*) frequency of 0.58 2.0 Fleet uptime 1.5 99.7% in Q2 2014 1.0 Extension for FPSO BW Athena 0.5 Declared option until Q2 2020…
Catcher status Project team mobilized Model tests completed More than 50% of capex committed Main contracts awarded Topside engineering Hull Turret mooring system E-house and control system Water treatment / injection module…
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…
FINANCIALS
Financials Q2 2014 Net debt and equity ratio EBITDA of USD 183.1 million USD million and percentage Includes USD 70 million compensation for Net debt (USD mill, LHS) Equity ratio (RHS) early termination of FPSO Azurite 2 000 40% 1…
Income statement USD million Q2 2014 Q1 2014 Operating revenues 319.8 237.3 Operating expenses --138.3 -125.0 Share of profit from associates 1.6 0.6 EBITDA 183.1 112.9 Depreciation -52.6 -55.3 Amortisations -0.5 -0.5 Gain (loss)…
Statement of financial position USD million 30.06.2014 31.03.2014 Total non-current assets 2,992.3 86.1% 2,986.4 86.6% Total current assets 483.9 13.9% 461.9 13.4% Total assets 3,476.2 100.0% 3,448.3 100.0% Total equity 1,213.9…
Cash flow statement USD million Q2 2014 Q1 2014 Net cashflow from operating activities 144.5 146.1 Net cashflow from investing activities -37.5 -126.0 Net cashflow from financing activities -92.6 29.3 Net change in cash and cash…
Financial strength Fully financed by operational cashflow, cash and existing facilities Available liquidity under corporate facilities USD 460 million Bank financing for the Catcher project USD 800 million completed in July 2014…
Orderbook Orderbook of USD 9.6 billion as of 30 June Total orderbook and clients 2014 Whereof USD 4.6 billion are firm contracts Long term lease contracts with solid counterparties 20% 20% Visible and sustainable revenue…
OUTLOOK
Prospects Leviathan FPSO FEED update Gas FPSO (1.6 BCFD) in 1,700 m water depth offshore Israel based on VLCC BW Opal EPCI prospect Kudu FPSO FEED Gas FPSO in 170 m water depth offshore Namibia Lease prospect Azurite FPSO -…
Current priorities Execute Catcher project according to plan Leviathan FEED Life extension programs New project opportunities Optimise fleet performance Recruit project and technical staff 29 August 2014 17
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 29 August 2014 19
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