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2 months ago
RPT-BRIEF-BW Offshore Q1 misses forecast as one-offs weigh
May 29, 2017 / 5:43 AM / 2 months ago

RPT-BRIEF-BW Offshore Q1 misses forecast as one-offs weigh

2 Min Read

(Repeats with no changes to text)

May 29 (Reuters) - Bw Offshore Ltd

* Q1 ebitda $62 million (Reuters poll $79 million)

* Decrease in ebitda was mainly a result of insurance settlement for fpso cidade de são mateus recorded in q4 2016 and an adjustment to loss provisions recorded in q1

* Underlying ebitda excluding one-off loss provision was usd 75.7 million

* Catcher project progressing on schedule for first oil in q4 2017

* Q1 net result $-15 million (Reuters poll $4 million)

* Q1 ebit $4.7 million (Reuters poll $22 million)

* While the company is experiencing increased market activity, it still expects a low number of awards in the medium-term

* a more positive view on long-term activity levels is maintained, as offshore developments will remain an important part of the oil and gas supply to meet future energy demand

* the majority of bw offshore’s fleet remains on long-term contracts with national and independent oil companies, and the fleet should continue to generate a significant cash flow in the time ahead

* the company believes the climate for new investments is improving, and that the timing for new investments is attractive Source text for Eikon: Further company coverage:

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