Main statements Q3 2012 EBITDA of USD 35.1 million P-63 (Papa Terra) revised forecast giving USD 75 million in negative contribution Espoir Ivoirien and Berge Helene extensions Dividend payment of USD 0.01 per share 26…
OPERATION
Operational statements Uptime HSSEQ performance 100.0% 98.0% Lost time injuries (LTI) of 0.6 96.0% 94.0% 92.0% Fleet uptime 99.5% 90.0% 88.0% 86.0% 84.0% P-63 has left COSCO Dalian 82.0% 80.0% 2005 2006 2007 2008 2009 2010…
Fleet performance Improved regularity on all units Ongoing discussions for extensions Consistent technical standard implemented and gaps Sendje Berge identified and actioned Abo Optimising fleet overhead Technical and…
Espoir Ivoirien contract extension Firm period extended until 2017 Option period extended until 2036 Life extension and equipment renewal, no change of capacity Equipment renewal/replacement to be paid by client on cost-plus…
Fleet overview U ni t T yp e C o nt r act 2 00 9 2 0 10 2 0 11 2 0 12 20 13 2 014 2 0 15 2 0 16 2 0 17 20 18 2 0 19 2020 2021 2022 2 02 3 2 0 24 2025 Sendje Berge FPSO Lease Addax/ Sinopec, Nigeria: 2005-2013 Berge Helene FPSO Lease…
Papa Terra status P-63 (Papa Terra) left COSCO Dalian Shipyard on 20 November Estimated arrival in Brazil is February 2013 Project cost increased by USD 75 million to USD 450 million Increased engineering, construction, procurement…
FINANCE
Financial statements Q3 2012 EBITDA of USD 35.1 million Negative contribution from the Papa Terra-project Full contribution from BW Athena and BW Joko Tole Linear booking of revenue and EBITDA for BW Joko Tole Finalised…
Balance sheet Equity ratio 30.4% Net interest bearing debt USD 1,662.4 million USD million 30.09.12 30.06.12 30.09.11 31.12.11 Total non-current assets 3 021.1 3 067.9 3 359.0 3 009.6 Assets of disposal group held for sale - -…
Financial covenants BW Offshore has agreed with its lending banks on a waiver for the USD 2,400 million loan facility and the Umuroa loan The waiver applies for the equity ratio covenant, the leverage covenant and the interest cover…
Debt and instalment profile Gross debt of USD 1,750.3 million per 30 September 2012 Gross debt (USD million) Instalments (USD million) 2000 500 1800 450 1600 400 Bond 350 Bond 1400 Petroleo CIRR 300 1200 Nautipa Petroleo…
Orderbook Orderbook of USD 8.5 billion Whereof USD 4.5 billion are firm contracts New orders of USD 800 million in Q3 High value cashflow and backlog from solid counterparties Orderbook (USD million) Clients 9 000 NOC 8 000…
MARKET
Market statements Large number of prospects Contract extensions on existing fields have very high probability Flat to slightly increasing demand (contracts) expected near term Yard capacity is very good due to lower shipbuilding…
FPSO fleet development Number of FPSOs expected to grow significantly Relative share of conversions vs newbuilds unchanged Contractor owned FPSOs limited by financial resources Oil companies contracting strategies FPSO fleet…
Selected opportunities Project Name Operator Country Indicated award Madura FPSO CNOOC Indonesia Q2 2013 Leviathan FPSO Noble Energy Israel Q3 2013 Catcher FPSO Premier Oil UK North Sea Q3 2013 Ande Ande FPSO AWE Indonesia Q3 2013…
SUMMARY
Focus areas Papa Terra (P-63) project completion and start-up Operational improvements in fleet Extensions for Sendje Berge and Abo Selective market opportunities 26 November 2012 22
Q&A 23 Picture:: Petrobras
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flaten[a]bwoffshore.com 26 November 2012 24
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