Recent highlights New contracts in both segments FPSO contract for P-63 (Papa Terra) for Petrobras APL contract for offshore loading systems with major oil company Q4 2009 EBITDA of USD 30.5 million before results from associates…
OPERATIONS 23 February, 2010 4
Long term contracted cashflow 2007 2010 2015 2020 2025 Sendje Berge Nigeria: Sinopec 2011 (2013) Berge Helene Mauritania: Petronas 2013 (2021) Yum KakNab Mexico: Pemex 2022 (2025) BW Cidade de So Vicente Brazil: Petrobras 2019…
FPSO operations Production uptime Production uptime Q4 2009: 99.7% 100.0% 99.0% 5 year average: 99.5% 98.0% 97.0% 96.0% Financial performance in line with plans 95.0% 94.0% Focus on OPEX reductions 93.0% 92.0% 91.0% BW…
BW Pioneer en route to GoM US onshore and offshore preparations completed Day rates commence once FPSO is connected and ready for operations Lease contract with Petrobras (5 year fixed + 3 year options) First FPSO in US waters…
New FPSO project: P-63 (Papa Terra) Papa Terra field owners Petrobras (62.5%, operator) Chevron (37.5%) BW Offshore in JV with Brazilian partners QUIP QGOG (Queiroz Galvo leo e Gas) Contract signed 29 January 2010 EPC contract…
APL - order inflow picking up Order backlog at USD 226 million Large contract with oil major received in Q4 2009 Existing projects are progressing according to schedule Positive outlook Several named prospects being worked…
FINANCE 23 February, 2010 10
Floating Production segment Stable financial and operational performance Operating expenses are gradually being reduced Negative share of profit due to Prosafe Productions impairment USD million Q4 09 Q3 09 Q4 08 2009 2008…
APL segment EBITDA margin of 13.2% Amortisations relate to purchase price allocation Pick up in activity from H2 2010 and onwards Reduced staff level to adapt to lower activity level USD million Q4 09 Q3 09 Q4 08 2009 2008…
Income statement USD million Q4 09 Q3 09 Q4 08 2009 2008 Operating revenue 78.0 116.6 126.4 408.8 474.3 Operating expenses -47.5 -71.2 -111.7 -274.6 -433.8 Share of profit from associates -10.7 2.3 -45.4 -45.6 -45.7 Impairment charge of…
Balance sheet Equity ratio 38.5% Adjusted equity ratio 41.3%* Net interest bearing debt USD 849.3 million USD million 31.12.09 30.09.09 31.12.08 Total non-current assets 2,134.8 2,069.1 1,962.7 Total current assets 258.7 268.9…
Cash status Cash at 31 December 2009 USD 68.0 million Operating cashflow of USD 121.1 million in Q4 2009 Expect positive net cashflow in Q1 2010 Payments for variation orders and milestone payments Q1 2010 net debt expected below…
Solid fundamentals Continuous focus on improvement of operating results Strong and growing operating cash flow Order backlog of USD 3.2 billion whereof 72 per cent is fixed Price / Book of 0.7 Order backlog (MUSD) 140.0 121.4…
FUTURE 23 February, 2010 17 Picture: Petrobras
Profitable growth E&P development activity improving Capacity to enter into new FPSO contracts Improved bargaining position with clients and suppliers increases return potential at limited residual value Organic growth will…
APL - leading technology Key strategic technology for FPSO developments Class leading capabilities for deep and shallow waters Unique disconnect facilities Class leading fluid swivel technology Offshore LNG terminals Class leading…
FPSO - the preferred solution 65 per cent of all floating production units are FPSOs BW Offshore is invited to all lease tenders as a preferred supplier Excellent portfolio of prospects Expect awards within next couple of months…
23 February 2010 21
APPENDIX 23 February, 2010 22
APL turnkey solutions Production systems Terminal systems Submerged Turret Production Submerged Turret Loading (STL) (STP) for FPSO for LNG and Shuttle Tankers Submerged Turret Loading (STL) Single Anchor Loading (SAL) for for…
Units on contract BW Nisa Petrobras, Papa Terra FPSO P63 ULCC (322.000 dwt) 2,200,000 bbls storage capacity BW Cidade de So Vicente, FPSO Petrobras, Brazil 40,000 bopd oil processing 1,000,000 bbls storage capacity Prepared…
Units on contract Belokamenka, FSO Sovkomflot, Russia 2,400,000 bbls storage Cargo heating system Spread mooring BW Pioneer, FPSO Petrobras, US 80,000 bopd processing 25.6 mmscfd gas export 600,000 bbls storage capacity…
Available units BW Carmen, FPSO 40,000 bpd liquids handling capacity 25,000 bopd processing capacity 50,000 bbls storage capacity DP BW Ara ULCC (322.000 dwt) 2,000,000 bbls storage capacity 23 February 2010 27
Q1 2010: 19 May 2010 Further information: www.bwoffshore.com IR contact: Kristian Flaten, VP Finance & IR kristian.flatenbwoffshore.com 23 February 2010 28
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