BW OFFSHORE Q1 2015 presentation 26 May 2015 CEO Carl K. Arnet CFO Knut R. Sthre
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…
OPERATIONS
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…
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…
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…
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…
FINANCE
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…
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…
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%…
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…
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…
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%…
OUTLOOK
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…
Current priorities Cidade de So Mateus recovery Catcher project Fleet performance Life extension programs Azurite redeployment New prospects 26 May 2015 19
Q&A
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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