BW OFFSHORE Q3 2014 presentation CEO Carl K. Arnet CFO Knut R. Sthre
Highlights EBITDA Stable operations USD million EBITDA of USD 120.3 million 200.0 Petrleo Nautipa acquisition completed 180.0 Reported Reported ex one-offs in October 160.0 Contract extension for Berge Helene in 140.0 October…
OPERATIONS
Operational highlights HSE record (LTI) HSSEQ performance Per million man-hours Lost time injuries (LTI*) frequency of 0.59 2.0 Vessel with longest time without LTI is at 1.5 2000 days 1.0 Fleet uptime 99.5% in Q3 0.5 Berge…
Catcher status HSSE No incidents or accidents to date 240,000 man-hours expended as of end October Overall progress 60% of forecast cost committed First oil mid 2017 Hull progress First steel cut forecast early 2015 Topsides…
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 Q3 2014 Net debt and equity ratio EBITDA of USD 120.3 million USD million and percentage Petrleo Nautipa 100% consolidated Net debt (USD mill, LHS) Equity ratio (RHS) One-off recognition of USD 19.7 million 2 000 40%…
Income statement USD million Q3 2014 Q2 2014 Operating revenues 248.5 319.8 Operating expenses --148.0 --138.3 Share of profit from associates and joint ventures 19.8 1.6 EBITDA 120.3 183.1 Depreciation -55.7 -52.6 Amortisations…
Statement of financial position USD million 30.06.2014 30.06.2014 Total non-current assets 3,077.9 86.5% 2,992.3 86.1% Total current assets 481.0 13.5% 483.9 13.9% Total assets 3,558.9 100.0% 3,476.2 100.0% Total equity 1,207.6 33.9%…
Cash flow statement USD million Q3 2014 Q2 2014 Net cashflow from operating activities 125.1 144.5 Net cashflow from investing activities -87.7 -37.5 Net cashflow from financing activities -49.3 -92.6 Net change in cash and cash…
Financing Fully financed by operational cashflow, cash and existing facilities Available liquidity under corporate facilities USD 372 million Drawn USD 37 million of USD 800 million bank financing for the Catcher project Gross…
Orderbook Orderbook of USD 9.7 billion as of 30 Total orderbook and clients September 2014 Whereof USD 4.6 billion are firm contracts Long term lease contracts with solid counterparties 20% 20% Visible and sustainable revenue…
OUTLOOK
Prospects Leviathan 1.6 BCFD gas FPSO FEED for Noble Energy EPCI prospect for VLCC BW Opal Engineering progressing well Noble Energy is reporting good progress on gas sales and governmental agreements Target project sanction 1H…
Current priorities Catcher project Life extension programs Leviathan FEED Fleet performance New prospects Project and technical staff 21 November 2014 17
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 21 November 2014 19
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