BW Offshore Announces Second Quarter and First Half Result 2022

Source: 8/29/2022, Location: Europe

- EBITDA of USD 75.6 million in Q2 and USD 160.4 million for the first half year
- Operating cashflow of USD 135.8 million in Q2 and USD 283.7 million for the first half year
- Barossa project progressing as planned
- Awarded limited notice to proceed for Shell’s Gato do Mato development in Brazil
- Closed the sale of BW Joko Tole for continued operation to an Indonesian consortium and completed handover of Yùum K'ak'Náab
- Cash dividend of USD 0.035 per share and USD 5 million of BW Energy Limited shares as in-kind distribution
- Equity ratio of 35.2% and USD 428.1 million in available liquidity

EBITDA for the second quarter of 2022 was USD 75.6 million, a decrease from USD 84.8 million in the previous quarter. The decrease in EBITDA was mainly driven by high maintenance activity on the fleet combined with provisions for severance and inventory write-down on units coming to end of term, and higher costs for Sendje Berge preparing for the start-up of production.

During the quarter, BW Offshore continued to execute the Barossa FPSO project according to plan. As of July, the gas and condensate FPSO project was close to 40% completed in line with schedule. The project achieved 3 million manhours without injuries, which reflects BW Offshore’s and the project partners’ commitment to safeguard people and operations.

In May 2022, BW Offshore was awarded a limited notice to proceed (LNTP) by Shell Petróleo Ltda and its partners for early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil. The LNTP is valued up to USD 50 million.

"We continue to execute the Barossa project in a safe and efficient manner, carry out our planned divestments of non-core units and maintain good performance from our core assets. This lays the foundation for continued steady shareholder distributions," said Marco Beenen, CEO of BW Offshore. "We also selectively progress new infrastructure projects with long-term contracts, investment grade counterparties and attractive partnership models in the FPSO market and are pleased to register BW Ideol’s success in building a sizeable offshore floating wind project portfolio."

The Board of Directors has declared a cash dividend of USD 0.035 per share and USD 5 million of BW Energy Limited shares as in-kind distribution. Shares will trade ex dividend from 31 August 2022. Shareholders recorded in VPS following the close of trading on Oslo Børs on 1 September 2022 will be entitled to the distribution payable on or about 8 September 2022.

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