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Second Quarter and First Half Result 2021
- EBITDA of USD 91.1 million in Q2 and USD 201.9 million for the primary half of 2021
- Operating cashflow of USD 133.7 million in Q2 and USD 204.9 million for the primary half of 2021
- Equity ratio of 39.9% and USD 279.7 million in out there liquidity at 30 June
- Barossa FPSO venture on observe with first metal lower for hull deliberate for September 2021
- USD 1.15 billion financial institution financing for Barossa FPSO close to completion
- Quarterly dividend of USD 0.035 per share
In the second quarter, BW Offshore continued to make important progress in executing the dual-track technique of evolving the core FPSO enterprise and capturing vitality transition alternatives by growing adjoining enterprise areas.
EBITDA for the second quarter of 2021 was USD 91.1 million, a lower from USD 110.8 million within the earlier quarter. The lower in EBITDA was primarily pushed by non-recurring prices associated to lay-up of Cidade de São Vicente and sail away of Umuroa from New Zealand.
During the quarter, BW Offshore secured key tools packages and work-scope associated to the Barossa FPSO hull, mooring and topside fabrication. Project execution is progressing to plan.
The debt and fairness financing for the Barossa venture is close to completion with a syndicate of 9 worldwide venture finance banks offering a 14-year USD 1.15 billion mixed building and long-term debt financing. BW Offshore and three world infrastructure fairness companions will contribute 51% and 49% of the venture fairness, respectively.
“2021 is a strategically essential yr for BW Offshore. We are very happy with the progress made on the Barossa venture, with first metal lower for the hull deliberate for subsequent month. We are efficiently locking in packages and contracts regardless of the difficult commodity market.” stated Marco Beenen, the CEO of BW Offshore. “In addition to full velocity on the Barossa venture, we’re specializing in delivering on our technique by contributing to the vitality transition, growing our floating wind venture pipeline and we’ve now submitted bids for the ScotWind tender.”
The Board of Directors has declared a money dividend of USD 0.035 per share. Shares will commerce ex- dividend from 31 August 2021. Shareholders recorded in VPS following the shut of buying and selling on Oslo Børs on 1 September 2021 might be entitled to the distribution payable on or round 9 September 2021.
Please see attachments for the Half-Year Report and Presentation. The earnings tables can be found at: https://bwoffshore.com/ir/quarterly-results/
BW Offshore will host a convention name of the monetary outcomes at 09:00 (CEST) right now. The presentation might be given by CEO Marco Beenen and CFO Ståle Andreassen.
Conference name data:
To dial in to the convention name the place the primary half yr and second quarter outcomes and Q&A might be hosted, please dial one of many following numbers:
Norway: +47 2396 3938
UK: +44 3333 009 260
US: +1 6467 224 957
France: +33 170 750 737
Singapore: +65 6429 8349 (PIN: 81560184#)
You also can comply with the presentation by way of webcast with supporting slides, out there on:
Please be aware that for those who comply with the webcast by way of the above URL, you’ll expertise a 30 second delay in comparison with the primary convention name.
For additional data, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40
About BW Offshore:
BW Offshore engineers revolutionary floating manufacturing options. The Company has a fleet of 14 FPSOs with potential and ambition to develop. By leveraging 4 many years of offshore operations and venture execution, the Company creates tailor-made offshore vitality options for evolving markets world-wide. BW Offshore has round 2,000 staff and is publicly listed on the Oslo Stock Exchange.
This data is topic to the disclosure necessities pursuant to Section 5-12 the Norwegian Securities Trading Act.