BW OFFSHORE Q4 2014 presentation 16 February 2015 CFO Knut R. Sthre
Cidade de So Mateus On Wednesday, February 11, 2015 at 12:50 local Brazilian time, there was an explosion on Floating Production Storage and Offloading (FPSO) unit Cidade de So Mateus Of the 74 persons onboard, there have been five…
Key events EBITDA Stable operations with an uptime of USD million 99.6% for 2014 200 Reported Reported ex one-offs EBITDA of USD 104.1 million in Q4 2014 180 and USD 520.3 million for 2014 160 Contract extensions for Berge…
OPERATIONS
Operational status Fleet uptime 99.8% in Q4 and 99.6% for Uptime the full year 100% Berge Helene contract extended to Q2 2017 98% Umuroa firm contract extended to Q4 96% 2016 94% Abo firm contract extended to Q4 2016 92%…
Catcher status Overall status Worked 700,000 man-hours Appointed UK Duty Holder First oil mid 2017 Hull progress First steel cut on 9 January 2015 Topsides progress Awarded topside fabrication contract First steel cut 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 104.1 million in Q4 2014 USD million and percentage and USD 520.3 in 2014 Net debt (USD mill, LHS) Equity ratio (RHS) Equity ratio 30.9% 2 000 50% 1 800 40% Dividend of USD 0.02 per…
Income statement USD million Q4 2014 Q3 2014 2014 Operating revenues 264.8 248.5 1,070.4 Operating expenses --160.6 --148.0 --571.9 Share of profit from associates and joint ventures -0.1 19.8 21.8 EBITDA 104.1 120.3 520.3…
Statement of financial position USD million 31.12.2014 30.09.2014 Total non-current assets 3,116.4 84.9% 3,077.9 86.5% Total current assets 552.5 15.1% 481.0 13.5% Total assets 3,668.9 100.0% 3,558.9 100.0% Total equity 1,132.2…
Cash flow statement USD million Q4 2014 Q3 2014 2014 Net cash flow from operating activities 133.2 125.1 548.9 Net cash flow from investing activities -168.5 -87.7 -419.7 Net cash flow from financing activities 66.4 -49.3 -46.3…
Financing Fully financed by operational cash flow, cash and existing facilities Available liquidity including corporate facilities USD 337 million Utilised USD 88 million of USD 800 million bank financing for the Catcher project…
High revenue visibility USD 10.4 billion backlog secure high Backlog: Firm and option revenue visibility USD 4.6 billion firm Contracts secured with good counterparties 45% 55% Firm Option Backlog: Counterparties 20% 20%…
OUTLOOK
Prospects In general prospects are being delayed due to the drop in oil price Leviathan 1.6 BCFD gas FPSO FEED for Noble Energy Suspended from March Azurite FPSO redeployment Opportunities being evaluated 16 February 2015 17
Current priorities Cidade de So Mateus Search and rescue operations Catcher project Fleet performance Life extension programs Azurite redeployment New prospects 16 February 2015 18
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 16 February 2015 20
Loading...
