BW OFFSHORE Q4 2013 presentation CEO Carl K. Arnet CFO Knut R. Sthre
Highlights Q4 and full year 2013 EBITDA Stable operations with an uptime of 99.0% USD million EBITDA of USD 107.3 million in Q4 and USD 140.0 Reported One-offs 447.4 million for full year 2013 120.0 Contract extensions for FPSO…
OPERATIONS
Operational highlights HSSEQ performance Uptime Lost time injuries (LTI*) frequency of 0.23 100% Fleet uptime 99.0% in Q4 2013 and for full year 2013 98% Signed extension contract for FPSO Abo to Q2 2014 96% Signed extension…
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 & Operate Addax/Sinopec, Nigeria: 2005-2014 Berge Helene FPSO…
Polvo oil field Signed a Letter of Intent to acquire 30% of the Polvo oil field in Brazil from HRT BW Offshores FPSO Polvo has produced on the field since first oil in 2007 Average production in 2013 of approx 12,000 bbls of oil per…
FINANCIALS
Financials Net debt and equity ratio EBITDA of USD 107.3 million in Q4 and USD USD million and percentage 447.4 million for full year 2013 Net debt (USD mill, LHS) Equity ratio (RHS) Total equity of USD 1,124.1 million 2 000 40% 1…
Income statement USD million Q4 2013 Q3 2013 2013 2012 Operating revenues 266.7 238.4 982.4 909.4 Operating expenses -159.4 -123.0 -535.7 -661.1 Share of profit from associates 0.0 0.1 0.7 0.9 EBITDA 107.3 115.5 447.4 249.2…
Statement of financial position USD million 31.12.2013 30.09.2013 31.12.2012 Total non-current assets 2,910.7 2,946.9 3,084.5 Total current assets 443.9 382.5 339.2 Total assets 3,354.6 3,329.4 3,423.7 Total equity 1,124.1 1,141.4…
Financial strength Gross debt of USD 1,749 million Net debt of USD 1,614 million Available liquidity of USD 400 million Financial capacity to take on a new lease project Fully financed by operational cashflow, existing liquidity and…
Orderbook Orderbook of USD 6.9 billion as of 31 Total orderbook and clients December 2013 Whereof USD 3.3 billion are firm contracts Long term lease contracts with solid counterparties Visible and sustainable revenue 28% 35%…
FUTURE
Maximising fleet value Operational improvements Secured extensions Sendje Berge Abo Polvo Redeployment opportunities Azurite 12 February 2014 15
Projects Focused tender and FEED work Evaluating several projects meeting BW Offshores financial targets Catcher status Awarded FEED study Q4 2012 FEED study performed 1H 2013 Technical and commercial clarifications Expected final…
Strengthening execution capabilities Execution centres in Singapore and Oslo Onshore headcount Personnel 580 Competence 560 Recruitment profile Engineering 540 Procurement Planning 520 Controlling 500 Project management…
Current priorities Conclude project opportunities Conclude extension contracts for Sendje Berge and Abo Azurite redeployment Execute life extension programs Operational improvements in fleet Recruitment and strengthening of…
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 12 February 2014 20
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