Highlights - Q4 2012 EBITDA of USD 116.7 million Stable operations with an uptime of 99.3% P-63 (Papa Terra) arrived in Brazil 28 January 2013 Completed handover for FPSO Peregrino operations Reversal of previous impairment of…
OPERATION
Operational highlights - 2012 HSSEQ performance Uptime 100.0% Lost time injuries (LTI) of 0.8 98.0% 96.0% Fleet uptime 94.0% 92.0% 90.0% 98.8% in 2012 88.0% 373 crude oil cargos delivered 86.0% 84.0% 82.0% Regularity on all…
Fleet extensions Three contract extensions in 2012 Extensions outstanding in 2013 FPSO Espoir Ivorien FPSO Sendje Berge FPSO Petroleo Nautipa FPSO Abo FPSO Berge Helene Improved terms Commercial discussions ongoing with the…
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…
Project status Papa Terra 28 January P-63 (Papa Terra) arrived Rio Grande shipyard in Brazil P-63 was subject to minor damage to steel and equipment as the unit was hit at quay-side by P-58 which came loose during high winds Repairs…
All six modules lifted onboard 19 February 2013 9
FINANCE
Financials - Q4 2012 EBITDA of USD 116.7 million Full year 2012 EBITDA of USD 247.9 million Strengthened balance sheet USD 75 million reversal of impairment Quarterly dividend increased from USD 0.01 to USD 0.02 per share Net…
Balance sheet Equity ratio 32.9% Net interest bearing debt USD 1,677 million USD million 31.12.12 30.09.12 31.12.11 Total non-current assets 3 084.5 3 021.1 3 009.6 Assets of disposal group held for sale - - 185.0 Total current…
Debt and instalment profile Gross debt of USD 1,779 million Petroleo Nautipa-facility fully re-paid USD 250 million financing facility for BW Joko Tole targeted for 1H 2013 Gross debt (USD million) Instalments (USD million) 2000…
Orderbook Orderbook of USD 8.2 billion Whereof USD 4.1 billion are firm contracts New orders of USD 1.7 million in 2012 High value cashflow and backlog from solid counterparties Orderbook (USD million) Clients 9 000 8 000 23…
OUTLOOK
Market statement Large number of prospects Awards have been and will remain slow High FEED activity Limited competition and no new FEED competitions are entrants increasingly compensated Yard and supplier capacity FLNG activity…
Selected opportunities 2013 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…
Engineering and projects Broader teams involved in business development and tendering process Reduced risk through extensive pre-work before bidding (FEED) Standardising engineering documents and procedures Improving and…
SUMMARY
Focus areas Papa Terra (P-63) project completion and start-up Extensions for Sendje Berge and Abo Operational improvements in fleet Selective approach to market opportunities 19 February 2013 21
Q&A 22 Picture:: Petrobras
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 19 February 2013 23
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