Summary Q4 2008 Adjusted EBITDA of USD 14.7 million Total impairment charges of USD 179.4 million Relates to associates, BMG project and uncommitted vessels YUM KAKNAB has received full dayrates Expect improvement in earning…
Fourth quarter and preliminary results 2008 FLOATING PRODUCTION 17 February, 2009 4
Operations Excellent production uptime Q4 2008: 100.0% Jan Dec 2008: 99.9% YUM KAKNAB now on full uptime Oil uptime Q4 2008: 100.0% Gas uptime Q4 2008: 99.9% Sendje Berge Construction work for Okowori variation orders have…
FPSO project timeline BW Cidade de So Vicente (Petrobras) Tupi/Brazil Sailaway from Singapore on 5 February as planned Expect arrival on field end March 2009 BW Pioneer (Petrobras) Chinook Cascade/US GoM Project progress…
Termination of BMG project July 2008: Letter of Intent signed with Anzon, on behalf of the participants in the BMG project December 2008: BW Offshore was given notice of a termination of the LoI from Anzon, on behalf of the…
Robust backlog Nexus II removed from the backlog by USD 70 million Signed contract with Total for the Pazflor project of USD 100 million Order backlog by end Q4 2008 was USD 337 million 450 400 350 300 250 200 150 100 50…
Project execution remains on track 2 00 5 2 00 6 2 0 07 2 0 08 2009 2010 P rodu c tion s y s te m s M a ar i (S TP ) N exus I (S T P) M o n ta r a (S T P) C hin o ok Ca sc a d e (S T P) P er eg ri n o (S T P ) T up i (E TP ) P az f…
Comments to the figures The 2008 results have been negatively affected by several major negative non cash items due to repricing of associates and assets Impairment charges relate to associates, the terminated BMG project and…
Floating Production Improved performance YUM KAKNAB at break even as expensed costs and provisions have been high to restore full uptime Berge Okoloba Toru at break even Operating expenses includes one-off charges and provisions…
Technology & Installation Activity level remains high Benefiting from the robust order book EBITDA margin 13.4% (adjusted for impairment charge) Impairment charge on investment in Nexus Floating Production USD million Q4 08 Q3…
Income statement USD million Q4 08 Q3 08 2008 2007 Operating revenue 126.4 114.8 474.3 662.6 Operating expenses -111.7 -95.8 -433.8 -557.7 Share of profit from associates -45.4 -1.6 -45.7 17.7 Impairment charge of associates -12.5 -68.8…
Balance sheet Equity ratio 40.1 % (44.4% adjusted for CIRR financing) Net interest bearing debt USD 585.2 million USD million 31/12/08 30/09/08 31/12/07 Total non-current assets 1,962.7 2,041,9 2,721.6 Total current assets 338.7…
Cash and facilities Positive cashflow from operating activities Q4 2008: USD 6.5 million 2008: USD 64.5 million Cash at end 2008 USD 67.7 million 1500 1250 Approximately USD 150 million to be received from VOs and milestone…
Fourth quarter and preliminary results 2008 OUTLOOK 17 February, 2009 19
FPSO market update 35 30 25 20 15 10 5 0 2002 2003 2004 2005 2006 2007 2008 2009e 2010e 2011e 2012e Past & current orders New orders - lease New orders - EPCI/operator owned Source: Fearnley Offshore 17 February…
Steady course towards stronger figures Focus on operating results EBITDA improvement from existing units New FPSOs to commence operation in 2009 and 2010 Selective bidding Robust level of bidding activity Energy companies…
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