BW Offshore: Q3 2018 - Condensed interim consolidated financial information
November 20 2018 - 1:30AM
* EBITDA of USD 126.4 million in
the third quarter
* First oil at Dussafu achieved on 16 September
* Ruche commercial after Ruche North East discovery
* Investment decision made by BWO for Tortue Phase 2
EBITDA for the third quarter of
2018 was USD 126.4 million compared to USD 105.4 million in the
second quarter. Improved performance at BW Catcher, which was
affected by prolonged start-up activities in the second quarter,
and first oil from the Dussafu license on 16 September, were the
reasons for the increased EBITDA.
BW Offshore currently operates 12
units. The owned fleet includes 15 FPSOs and one FSO. Average
commercial uptime during the third quarter was 98.4% (95.6%). BW
Catcher experienced some commercial downtime in the quarter, but
the performance improved notably compared to second quarter.
Commercial uptime for the rest of the fleet was 99.8%.
In early July, BW Catcher
completed a 168-hour performance test. The final acceptance
certificate has been issued with effect from 1 November 2018.
First oil from Phase 1 of the
Tortue development, in the Dussafu license, was achieved 16
September 2018 by the FPSO BW Adolo within budget and ahead of
schedule with no Lost Time Incidents (LTIs). The field is currently
producing from the two horizontal wells, DTM-2H and DTM-3H.
Production has gradually increased while pressure has been closely
monitored. Production performance has been in line with
expectations and is currently stabilised at approximately 12,500
bopd without any water cut. Net production to the BW Energy
partnership for the third quarter was 111.5 thousand barrels of
oil. The first offloading from the FPSO is scheduled for late
November.
The Company has made the
investment decision for Tortue Phase 2 following the successful
appraisal program on the western flank of the Tortue field. Phase 2
includes drilling of four additional horizontal development wells.
Orders for long lead equipment have been placed including subsea
trees, wellheads, drilling casing and completion equipment.
Additionally, a letter of intent has been signed for the drilling
rig to ensure timely development. The Company's internal
estimate of 2P gross reserves for the Tortue field Phase 1 (2
wells) and Phase 2 (4 wells) is currently between 30 to 40 million
barrels of oil equivalents, excluding contingent reserves.
"We have demonstrated the
attractiveness of our model of combining proven resources, a
resourceful organisation and access to production assets by
bringing the Tortue field to first oil within budget and on
schedule in less than 18 months. We look forward to commencing
Phase 2 of development. We have also stabilised production at the
Catcher field and received final acceptance from the operator,"
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 (CET) today at Hotel
Continental in Oslo, Norway. The presentation will be given by CEO
Carl K. Arnet and CFO Knut R. Sæthre.
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 and gas
regions world-wide with a fleet of 15 owned FPSOs. The company has
more than 30 years of production track record, having executed 40
FPSO and FSO projects. BW Offshore is listed on the Oslo Stock
Exchange.
This information is subject to the
disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.
Q3 2018 Report
Q3 2018 Presentation
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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