Highlights Q1 2012 EBITDA of USD 69.2 million BW Pioneer commenced operation BW Athena construction and installation done, completing last commissioning activities before start-up BW Joko Tole construction and installation…
OPERATIONS
Fleet overview U ni t T yp e C ont r act 2 0 09 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 2 02 0 2021 2 02 2 2023 2 02 4 2 0 25 Sendje B erge FPSO Lease A ddax/ Sinopec, Nigeria: 2005-2013 B erge Helene FPSO…
Operational highlights Uptime Fleet uptime 100.0% Q1 2012 uptime of 97.5% 98.0% 96.0% 5 year average uptime is 98.4% 94.0% 92.0% 90.0% HSSEQ performance 88.0% 86.0% Lost time injuries (LTI) < 1.0 84.0% 82.0% 80.0% BW…
Fleet actions Negotiating contract extensions for four units Petroleo Nautipa Abo Espoir Ivorien Sendje Berge Program for operating improvements Lower operating expenses Best practice Optimisation of manning, repair and…
BW Pioneer FPSO BW Pioneer first oil on 25 February 2012 First FPSO in US Gulf of Mexico Operating on the Cascade and Chinook oil fields Field owners are Petrobras and Total Five year firm contract commenced 18 March 2012 Options…
BW Athena Sail-away from yard 29 February On field and connected from 8 April Field is operated by Ithaca Energy Field owners: Ithaca Energy, EWE Energie, Dyas, Lochard Energy Three year firm contract will commence at facility…
BW Joko Tole Sail-away from yard 30 March Arrival on field 6 April installation completed 6 May Final commissioning and start-up preparations ongoing Field is operated by Kangean Energy Field owners: Kangean Energy, Mitsubishi…
Papa Terra (EPC) Unit at COSCO Dalian Shipyard, China Progress 95% at end March Delays to ship boiler upgrade affected commissioning schedule and sail-away Extended yard stay has increased costs Overall project schedule is still on…
FINANCE
Financial highlights Q1 2012 EBITDA of USD 69.2 million Negative contribution from P-63 (Papa Terra) Insurance settlement Ningaloo Vision BW Pioneer starts production Bond issue of NOK 500 million Project financing of BW Joko…
Balance sheet Equity ratio 33.5 % Net interest bearing debt USD 1,734.4 million USD million 31.03.12 31.12.11 31.03.11 Total non-current assets 3 055.1 3 009.6 3 298.3 Assets of disposal group held for sale - 185.0 7.1 Total current…
Debt and instalment profile Gross debt of USD 1,838.9 million per 31 March 2012 Remaining 2012 instalments of USD 150 million per 31 March 2012 Q1 2012 instalments of USD 116 million Q1 2012 repayments of USD 133 million Gross…
Investments Completion of construction projects in line with revised plan BW Joko Tole: Total investment of approx USD 400 million BW Athena: Total investment of approx USD 300 million Asset investments are only done on fixed long…
Dividend Dividend for Q1 2012: USD 0.02 per share Dividend policy of paying 20-25% of EBITDA Dividend to grow in line with EBITDA Maintain robust balance sheet with balanced growth and dividends Five consecutive quarters of cash…
FUTURE
Market activity Continued trend for paid FEED studies and extended preparation time before contract Supportive supply/demand picture FPSO contractors have limited financial capacity for new developments short and mid term High…
Selected opportunities next 12 months Indicated Project Name Operator Country award Western Isles FPSO Dana UK-North Sea Q3 2012 Campos FSO BG Brazil Q3 2012 Fram FPSO Shell UK-North Sea Q3 2012 T.E.N. FPSO Tullow Ghana Q3 2012 Madura…
Targeting new lease contracts BW Offshore has the capacity to start 1-2 new projects in 2012 Have delivered a large number of bids Lower bid costs due to paid feeds Disciplined approach to contractual terms 10 May 2012 22
Project and engineering improvements In-house resources and competency Significant increase in bid preparation time improving accurancy of cost estimate and delivery plan Enhanced project front-end loading and engineering…
Management team Carl K. Arnet Knut Sthre Chief Executive Officer Chief Financial Officer M.Sc. from NTNU, Norway Master in Finance MBA from Norwegian School of from University of Fribourg, Management, Norway Switzerland 16 years in…
Summary First oil on BW Pioneer Final preparations for start-up on BW Athena and BW Joko Tole Papa Terra sail-away targeted for Q3 2012 Opex improvements targeted across the fleet Continued strengthening of project execution and…
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flaten[a]bwoffshore.com 10 May 2012 27
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