BW OFFSHORE Q1 2014 presentation CEO Carl K. Arnet CFO Knut R. Sthre
Highlights Q1 2014 EBITDA Stable operations with an uptime of 99.5% USD million EBITDA of USD 112.9 million 140.0 Reported One-offs Long-term extension for FPSO Sendje Berge 120.0 Signed contract for the Catcher FPSO 100.0…
OPERATIONS
Operational highlights HSSEQ performance Uptime Lost time injuries (LTI*) frequency of 0.58 100% Fleet uptime 99.5% in Q1 2014 98% Extension for FPSO Sendje Berge Firm period to Q1 2018 Options to Q1 20120 96% Extension for…
Catcher project Contract signed Total project duration 38 months First oil mid 2017 7 years fixed + 18 years options Contract value of a 10 year charter is USD 2.3 billion Extensive pre-planning and engineering started with FEED…
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 Net debt and equity ratio EBITDA of USD 112.9 million in Q1 2014 USD million and percentage EBIT of USD 57.2 million in Q1 2014 Net debt (USD mill, LHS) Equity ratio (RHS) 2 000 40% Revised useful life of fleet based on 1…
Income statement USD million Q1 2014 Q4 2013 Operating revenues 237.3 260.6 Operating expenses -125.0 -156.8 Share of profit from associates 0.6 3.6 EBITDA 112.9 107.4 Depreciation -55.3 -66.5 Amortisations -0.5 -0.5 Gain (loss)…
Statement of financial position USD million 31.03.2014 31.12.2013 Total non-current assets 2,986.4 86.6% 2,918.5 87.4% Total current assets 461.9 13.4% 421.9 12.6% Total assets 3,448.3 100.0% 3,340.4 100.0% Total equity 1,142.4 33.1%…
Cash flow statement USD million Q1 2014 Q4 2013 Net cashflow from operating activities 146.1 83.2 Net cashflow from investing activities -126.0 -25.8 Net cashflow from financing activities 29.3 -32.2 Net change in cash and cash…
Financial strength Available liquidity of USD 420 million USD 800 million bank financing for the Catcher project Fully financed by operational cashflow, existing liquidity and new bank loan Gross debt Instalments USD million Per…
Orderbook Orderbook of USD 9.9 billion as of 31 Total orderbook and clients March 2014 Whereof USD 4.9 billion are firm contracts Long term lease contracts with solid counterparties 21 % 19 % Visible and sustainable revenue…
FUTURE
Prospects Leviathan FPSO EPCI prospect Gas FPSO (1.6 BCFD) in 1,700 m water depth offshore Israel Participated in a FEED from October 2012 to August 2013 BW Offshore has been requested by Noble Energy to update the FEED Kudu FPSO…
Expanding execution capabilities Continue to expand our hubs in Onshore headcount (excluding consultants) Singapore 600 Oslo Rio de Janeiro 550 Lagos Planning a new technical hub in Houston 500 Recruitment profile Engineering…
Current priorities Catcher project Leviathan FEED Execute life extension programs Conclude new project opportunities Operational improvements in fleet Recruitment and strengthening of project and technical staff 26 May 2014 18
Capital Markets Day 12 June 2014 Oslo 26 May 2014 19
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 26 May 2014 21
Loading...
