Recent highlights New contracts for both segments BW Carmen - Letter of Intent for Ithaca Energy (UK) Engineering and technology contract for OSX (Brazil) BW Pioneer arrived inspection area in the US Gulf of Mexico Operational…
OPERATIONS 19 May, 2010 4
Long term contracted cash flow 2007 2010 2015 2020 2025 Sendje Berge Nigeria: Addax/Sinopec 2011 (2013) Berge Helene Mauritania: Petronas 2013 (2021) Yum KakNab Mexico: Pemex 2022 (2025) BW Cidade de So Vicente Brazil: Petrobras…
FPSO operations Production uptime Production uptime Q1 2010: 99.6% 100.0 5 year average: 99.5% 99.0 98.0 97.0 Achieved all local content targets for the 96.0 operation of BW Cidade de So Vicente 95.0 94.0 93.0 92.0 91.0…
FPSO BW Pioneer BW Pioneer completing technical review Arrived on location in inspection area Awaiting final installation activities and hook up First FPSO in US waters Dayrates commence once FPSO is connected and ready for…
FPSO P-63 (Papa Terra) Project is progressing well BW Offshore responsible for the international scope BW Nisa (ULCC) at COSCO Dalian shipyard Contract signed in January 2010 EPC contract for the delivery of the FPSO Three year…
FPSO BW Carmen Letter of Intent signed March 2010 LoI and FEED study Final contract targeted mid 2010 Athena field owners Itacha Energy (22.5%, operator) Dyas UK (47.5%) EWE (20.0%) Zeus Petroleum (10.0%) BW Carmen to be…
OSX OSX has engaged BW Offshore to complete the FPSO OSX-1 Topside extensions Delivery of a Submerged Turret Production (STP) system from APL Total value of project around USD 150 million 19 May 2010 10
APL positive outlook confirmed Order backlog at USD 232 million by end Q1 2010 Existing projects are progressing according to schedule Activity level up as expected P-63/Papa Terra, BW Carmen, OSX-1 Several prospects in tender…
FINANCE 19 May, 2010 12
Floating Production segment Stable financial and operational performance Project start for FPSO P-63/Papa Terra Construction contract Revenues and expenses to be recognised following percentage of completion method Majority of…
APL segment Financial performance in line with expectations Pick up in activity from H2 2010 and onward Amortisations relate to purchase price allocation USD million Q1 2010 Q4 2009 Q1 2009 Operating revenue 36.0 30.4 75.7…
Income statement USD million Q1 2010 Q4 2009 Q1 2009 Operating revenue 113.3 78.0 99.3 Operating expenses -82.1 -47.5 -70.8 Share of profit from associates 1.5 -10.7 -39.2 Impairment charge of associates 0.0 0.0 0.0 Gain on sale of…
Balance sheet Equity ratio 36.8% Net interest bearing debt USD 774 million USD million 31.03.10 31.12.09 31.03.09 Total non-current assets 2,113.5 2,134.8 1,943.4 Total current assets 382.3 258.7 322.9 Total assets 2,495.8 2,393.5…
Cash status Cash at 31 March 2010 USD 195.0 million Operating cashflow of USD 124.2 million in Q1 2010 Includes cash received for variation orders and milestone payments Free cashflow of USD 81.7 million in Q1 2010 Run-rate…
FUTURE 19 May, 2010 18
FPSO for Terang Sirasun Batur Awaiting contract signing shortly Final bid in February 2010 Negotiations completed 10 year fixed contract (up to 14 years including options) Kangean Energy Indonesia (KEI) partners Energi Mega…
Improvements in returns and margins Improvement in terms and returns on new charter contracts Improved contracts Lower prices from suppliers Improved project delivery process Strong organic growth will continue to improve…
Q2 2010: 31 August 2010 Further information: www.bwoffshore.com IR contact: Kristian Flaten, VP Finance & IR kristian.flatenbwoffshore.com 19 May 2010 21
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