BW OFFSHORE Q1 2013 presentation CEO Carl K. Arnet CFO Knut R. Sthre
Highlights Q1 2013 EBITDA EBITDA of USD 117.0 million USD million Stable operations with an uptime of 98.2% 140.0 Reported Papa Terra adjusted Short term extensions for FPSO Abo and 120.0 FPSO Sendje Berge Successful placement of…
OPERATIONS
Operational highlights HSSEQ performance Uptime Lost time injuries (LTI*) of 0.5 100% Fleet uptime (owned fleet) 98.2% in Q1 2013 95% Five year average of 98.3% 90% Life extension programs performing in line 85% with…
Fleet extensions Extensions for FPSO Abo and FPSO Sendje Berge in place while new contracts are discussed Contract for Sendje Berge to July 2013 Contract for Abo to December 2013 Commercial discussions with clients progressing as…
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 Addax/Sinopec, Nigeria: 2005-2013 Berge Helene FPSO Lease…
Papa Terra status Construction is completed, ongoing work is clearance of minor punch points and commissioning Preparations for offshore installation Awaiting final departure date to be set by Petrobras 22 May 2013 8
FINANCIALS
Financials Net debt and equity ratio EBITDA of USD 117 million USD million and percentage Continued deleverage of balance sheet Net debt (USD mill, LHS) Equity ratio (RHS) 2 000 40% Total equity of USD 1,138 million 1 800 35% 1…
Income statement USD million Q1 2013 Q4 2012 Q1 2012 Operating revenues 222.2 233.5 217.5 Operating expenses -105.5 -115.1 -146.3 Share of profit from associates 0.3 0.4 0.1 EBITDA 117.0 118.8 71.3 Depreciation -64.3 -63.2 -43.6…
Statement of financial position USD million 31.03.2013 31.12.2012 31.03.2012 Total non-current assets 3,035.6 3,084.5 3,055.1 Total current assets 343.1 339.2 401.9 Total assets 3,378.7 3,423.7 3,457.0 Total equity 1,137.7 1,130.4…
Debt and instalment profile Gross debt of USD 1,776 million Net debt of USD 1,674 million Successfully completed NOK 500 million bond issue (USD 86 million) Finalising USD 250 million financing for BW Joko Tole in June Gross debt…
Orderbook Orderbook of USD 8.0 billion as of 31 Clients March 2013 Whereof USD 3.9 billion are firm contracts High value cashflow and backlog from solid counterparties Majority of lease and operate contracts 23% with solid…
OUTLOOK
Strengthened project and engineering teams High workload on fleet extensions FEED-studies Leviathan Catcher Tamar/King owners engineer Recruitment of technical personnel in Singapore, Oslo and Rio Increased capacity in…
Market FPSO orders Increasing number of Units prospects 30 Lease - actual Lease - estimate EPC/turnkey - actual EPC/turnkey - estimate High FEED activity for Speculative traditional FPSOs 25 Still low number of awards expected in…
SUMMARY
Focus areas Papa Terra (P-63) installation and start-up Concluding extensions for Sendje Berge and Abo Operational improvements in fleet Selective approach to market opportunities 22 May 2013 19
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 22 May 2013 21
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