BW Offshore: Fourth quarter and full year results 2018
19 Febrero 2019 - 12:30AM
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EBITDA for the quarter was USD 148.9 million and
EBITDA for the full year was USD 489.2 million
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Q4 net production from Tortue was close to 1
million bbls
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First lifting from Tortue completed December
2018 - 550 thousand bbls gross
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NSAI confirmed remaining Tortue P2 gross
reserves - 35.1 million bbls of oil
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Extensions signed for Abo and Polvo
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Agreement with Premier Oil for excess production
for BW Catcher
EBITDA for the fourth quarter of
2018 was USD 148.9 million, an increase from USD 126.4 million in
the third quarter on improved performance at BW Catcher and the
first oil-lifting from Tortue in December, which yielded net 504
thousand bbls to BW Energy. Production costs at Tortue was affected
by certain non-recurring expenses related to payments to the
Government and purchases of consumables.
BW Catcher operated consistently
above nameplate capacity and an agreement for excess production
above nameplate capacity was agreed with the client effective from
1 November 2018. The Company has signed agreements to extend the
leases for the FPSOs Abo and Polvo. FSO Belokamenka has been sold
for recycling in accordance with the Hong Kong convention with net
gain to BW Offshore of USD 7 million.
Gross production from Tortue
averaged 11.8 thousand bbls per day in the fourth quarter. The
total net production to the BW Energy partnership was 997 thousand
bbls. The first offloading of 550 thousand bbls of oil was
completed in December, yielding net 504 thousand bbls to the BW
Energy partnership at a realised price of USD 56 per barrel of oil.
Revenues in the quarter was based on lifted volumes in accordance
with IFRS 15.
"We achieved several milestones
over the past year in line with the strategic priorities we had at
the onset of 2018. Production from BW Catcher was consistently
above the nameplate capacity in the last quarter, and several lease
extensions were signed for the rest of the FPSO fleet. We
successfully implemented our E&P model by bringing the Tortue
field to first oil within budget and ahead of schedule in less than
18 months and with the first oil lifting executed in the fourth
quarter. Looking ahead, the start of Phase 2 of the Tortue
development will be a priority together with relentless focus on
safe and effective operations across all our assets and
activities," said Carl K. Arnet, the CEO of BW Offshore.
Please see
attachments for the full press release, Q4 Presentation, Annual
Report and Annual Statement of Reserves. Earnings Tables are
available at: www.bwoffshore.com/ir
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.
2018 Q4 Presentation
2018 Annual Statement of Reserves
2018 Q4 Press Release
2018 Annual Report
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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