BW Offshore: Q2 2018 - Condensed interim consolidated financial information
August 31 2018 - 1:30AM
* EBITDA of USD 105.4 million in the second
quarter and EBITDA of USD 213.9 in the first half-year
* BW Catcher successfully completed the 168-hour performance test
in July
* Ruche North East appraisal well discovers oil
* Tortue phase 1 drilling campaign completed with 2 production
wells
* BW Adolo arrived in Gabon and permanently moored on
location
* Contract extension for FPSO Umuroa
EBITDA for the second quarter was USD 105.4
million (USD 108.5 million). The decrease is mainly related to a
non-recurring impact from the start-up activities on BW Catcher,
partly offset by higher revenues on ABO FPSO resulting from the
amended contract, accelerating amortisation of variation-order
revenue and certain other non-recurring effects recognised during
the quarter. EBITDA for the first half year of 2018 increased by
USD 33.3 million to USD 213.9 million (USD 180.6 million).
BW Catcher started exporting gas into the SEAGAL
pipeline mid-May and has reached the 60 000 bopd nameplate
capacity. Due to the start-up activities, the unit has operated on
a reduced day rate during second quarter as previously announced.
In early July, BW Catcher completed the 168-hour performance test.
The FPSO has operated on a full day rate since the start of the
third quarter with only limited running-in disruptions.
In June, BW Offshore signed a one-year contract
extension for the lease and operation of the FPSO Umuroa, extending
the firm period to the fourth quarter 2019. The FPSO is operating
on the Tui field offshore New Zealand for Tamarind. The firm period
under the agreement for the Abo FPSO with Nigerian Agip Exploration
Ltd, a subsidiary of ENI S.p.A, has been extended until 31 December
2018, with a six-month option.
BW Offshore has completed two production wells
including an appraisal side-track on the Tortue field, within the
Dussafu license. The first production well, DTM-2H, was
successfully drilled and completed in April.
On 14 May, BW Offshore announced the successful
completion of the DTM-3 appraisal well to the northwest on the
Tortue field. The DTM-3 appraisal side-track wellbore was designed
to appraise the western flank of the Tortue field Gamba and Dentale
formations. The key objectives for the appraisal side-track were
achieved and are currently being assessed for a material upgrade of
the Tortue reserves.
Following completion of DTM-3 appraisal
side-track, the rig drilled and completed the second horizontal
development well, DTM-3H. The two production wells have been
completed and are ready for hook-up to the FPSO.
After completion of DTM-3H, the rig moved and
commenced to drill the DRNEM-1 appraisal well, to test one of
several prospects in the Ruche North East area of the Dussafu
Licence. BW Offshore is pleased to announce that the well
encountered 15 meters of good quality oil pay in the Gamba
formation. In addition, the well encountered 25 meters of oil pay
from multiple Dentale horizons. BW Offshore is in the process of
drilling an appraisal side-track to delineate the discovery.
BW Adolo left anchorage in Singapore and commenced
its transit to Gabon late June. The unit arrived in Gabon on 28
July. The hook up of mooring systems is now completed and the
installation of risers and umbilicals is progressing according to
plan. Completion is expected in time for planned production
start-up from the Dussafu field in September/ October.
"We have made steady progress through the quarter
towards first oil on Dussafu. A likely expansion of the reserve
base following successful appraisal drilling and the recent arrival
of BW Adolo in Gabon are important milestones. BW Catcher reaching
nameplate capacity and the contract extension for FPSO Umoroa
underlined our strong performance this quarter", said Carl K.
Arnet, the CEO of BW Offshore.
Please see attachments for the full quarterly
report and presentation.
BW Offshore will host a presentation of the
financial results 09:00 (CEST) today at Hotel Continental in Oslo,
Norway. The presentation will be given by CEO Carl K. Arnet, CFO
Knut R. Sæthre and Managing Director BW Energy Lin G. Espey.
The presentation will be broadcasted via webcast
and will also be available for replay. Please visit
www.bwoffshore.com for details.
For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876
About BW Offshore:
BW Offshore is a leading provider of floating
production services to the oil and gas industry. The company also
participates in developing proven offshore hydrocarbon reservoirs.
BW Offshore is represented in all major oil & gas regions
world-wide with a fleet of 15 owned FPSOs. The company has more
than 30 years of production track record, having executed 39 FPSO
and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.
Further information is available on www.bwoffshore.com
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
Q2 2018 Presentation
Q2 2018 Report
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BW Offshore via Globenewswire
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