Second Quarter and First Half Results 2023
HIGHLIGHTS
- EBITDA of
USD 60.9 million in Q2 andUSD 139.9 million for the first half-year - Operating cashflow of
USD 84.3 million in Q2 andUSD 212.4 million for the first half-year - Barossa FPSO project 73% complete as of end
July 2023 - Completed refinancing of a new
USD 295 million Revolving Credit Facility and signedUSD 200 million Catcher Loan Facility - Divestment of Espoir Ivoirien and Sendje Berge for
USD 35 million - Short-term contract extension signed for Abo FPSO
- Repurchased
USD 44.2 million of Senior Unsecured Convertible Bonds as of endJuly 2023 - Dividend of
USD 0.063 (NOK 0.67 )1 per share for the quarter - Equity ratio of 31.9% and
USD 400.2 million in available liquidity
EBITDA for the second quarter of 2023 was
BW Offshore continues to progress the Barossa FPSO project according to schedule. As of end July, the project is approximately 73% complete, while maintaining an excellent health and safety (HSE) record with over 17.5 million hours of work executed, without lost time injury. Persistent cost inflation is impacting the construction, commissioning and installation phases, and is expected to consume the EPCI (Engineering, Procurement, Construction and Installation) buffers. The overall economics of the lease and operate contract currently remain intact.
“We have a firm focus on progressing the Barossa FPSO per plan, delivering high operational uptime on our core assets, while completing the divestment of the non-core assets,” said
In July, BW Offshore completed the refinancing of its Revolving Credit Facility (RCF), into a new five-year
The Board of Directors has declared a cash dividend of
Please see attachments for the half-year report and presentation. The earnings tables are available at: https://bwoffshore.com/ir/quarterly-results/
BW Offshore will host a presentation of its financial results at
Webcast information:
You can follow the presentation via webcast with supporting slides and a Q&A module, available on:
Please note, that if you follow the webcast via the above URL, you will experience a 30-second delay compared to the live presentation. The web page works best in an updated browser - Chrome is recommended.
For further information, please contact:
IR@bwoffshore.com or www.bwoffshore.com
About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 6 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 2,000 employees and is publicly listed on the
1. Exchange rate USD/
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Attachments
- 2023 BW Offshore Limited Half-year report
- 2023 Q2 Presentation
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