* EBITDA of USD 186.8 million for the quarter
* Acquisition of the Maromba field offshore Brazil
* Gross production from Tortue of 1.1 million bbls
* Two liftings completed, totalling 1.2 million bbls net to BW Energy
* Reached agreement with Gabon Oil Company for farm-in in the Dussafu license
* Extensions signed for BW Cidade de São Vicente in April
* Closed new corporate facility of USD 672.5 million in May
* Contemplated listing of BW Energy (see separate announcement)
* Carl K. Arnet to step down as CEO, Marco Beenen appointed new CEO from 1
* Knut R. Sæthre to step down as CFO, Ståle Andreassen appointed new CFO from
1 July 2019
EBITDA for the first quarter of 2019 was USD 186.8 million, an increase from USD
148.9 million in the fourth quarter 2018. This increase was largely due to two
liftings from the Tortue field. In addition, the excess-production revenue from
BW Catcher contributed to the improved result.
BW Offshore signed agreements to acquire the Maromba field offshore Brazil for a
total acquisition cost of USD 115 million from Petrobras (70%) and Chevron
(30%). Closing of the transactions is subject to fulfilment or waiver of
conditions precedents, including regulatory approvals and BW Offshore being
approved as an operator in Brazil. The acquisition price will be paid over three
milestones as the development progresses towards first oil.
The Company has signed an agreement to extend the lease for the BW Cidade de São
Vicente by one year.
Gross production from Tortue averaged 12,500 bbls per day in the first quarter.
The total gross production from the Tortue field was 1.1 million bbls of oil.
Two liftings were completed in the first quarter, yielding net 1.2 million bbls
to BW Energy at a realised price of USD 59 (January) and USD 66 (March) per
barrel. Production cost (excluding royalty) averaged USD 20.8 per barrel in the
"We have had a good quarter with continued high uptime for the FPSO fleet led by
BW Catcher and we signed a new extension for BW Cidade de São Vicente.
Production was at a high level from the Tortue field and we are preparing to
start phase two of the Dussafu development with an exploration well in the Ruche
area to identify additional resources. We are also pleased to have executed the
Maromba field acquisition, which offers a very good fit to our proven E&P
strategy," said Carl K. Arnet, CEO of BW Offshore.
Separately BW Offshore today announced its plans to establish BW Energy as a
separate company and seek a listing in 2019. As part of this process, Carl K.
Arnet and Knut R. Sæthre to step down as CEO and CFO respectively, from 30 June
2019. They will assume the same positions at BW Energy from 1 July 2019.
Please see attachments for the full press release and presentation. The Earnings
Tables are available at: www.bwoffshore.com/ir
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 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.
2019 Q1 Press Release:
BW Offshore Planned listing of BW Energy:
2019 Q1 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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