BW OFFSHORE Q2 2015 presentation 28 August 2015 CEO Carl K. Arnet CFO Knut R. Sthre
Key events Q2 2015 EBITDA EBITDA of USD 105.0 million USD million Significant weakening of macro 200 conditions for the offshore industry 180 Recovery project for Cidade de So 160 Mateus is progressing 140 The Catcher project…
OPERATIONS
Operational status HSE record (LTI) HSSEQ performance Per million man-hours Lost time injuries (LTI*) frequency of 1.9 5,0 4,5 TRI LTI fleet of 2.3 4,0 3,5 LTI project of 0.0 3,0 LTI 2,5 2,0 Operating fleet uptime 99.8% in Q2**…
Cidade de So Mateus Joint investigation report with Petrobras issued to ANP, Federal Police and Ministry of Labour 30 April Technical findings and actions have been presented extensively to the industry to share lessons learned…
Catcher project (I) 75% of total cost committed - Project is tracking with respect to budget - First oil in 2017 Good progress on engineering, procurement and construction activities on: - Turret and mooring system - Topside…
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 Net debt and equity ratio Received advanced payment of USD 20 USD million and percentage demobilisation fee for BW Athena Net debt (USD mill, LHS) Equity ratio (RHS) Recognised USD 10 million for Q2 2015 2 000 50% USD 10…
Income statement USD million Q2 2015 Q1 2015 Operating revenues 243.7 236.8 Operating expenses --139.4 --143.7 Share of profit from associates and joint ventures 0.7 0.1 EBITDA 105.0 93.2 Depreciation -72.0 -57.3 Amortisations -0.7…
Statement of financial position USD million 30.06.2015 31.03.2015 Total non-current assets 3,107.9 84.9% 3,061.0 86.5% Total current assets 551.8 15.1% 447.5 12.6% Total assets 3,659.7 100.0% 3,538.5 100.0% Total equity 1,189.5…
Cash flow statement USD million Q2 2015 Q1 2015 Net cash flow from operating activities 129.3 80.6 Net cash flow from investing activities -125.7 -13.2 Net cash flow from financing activities 37.2 -131.5 Net change in cash and…
Financing Available liquidity including corporate facilities USD 418.3 million Utilised USD 172 million of USD 800 million bank financing for the Catcher project Successfully completed NOK 900 million (USD 113 million) unsecured…
High revenue visibility Orderbook of USD 9.6 billion as of 30 June Backlog: Firm and option 2015 Whereof USD 4.1 billion are firm contracts Backlog with solid counterparties USD 43% 9.6 57% billion Firm Option Backlog:…
OUTLOOK
Macro Oil price has continued to slide and markets Brent oil spot and forward (USD/bbl) are expecting further weakening Production volumes have shown resilience in spite of the slide in price Order intakes are down on…
Prospects Prospects continue to be delayed due Oil price and FPSO awards to the drop in oil price 14 160 We are still seeing activity on new 12 140 prospects for expected conclusion in first half of 2016 10 120 Active existing…
Current priorities Catcher project hull delivery Cidade de So Mateus recovery Fleet performance Life extension programs Azurite redeployment New prospects 28 August 2015 20
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 28 August 2015 22
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