May 29, 2017 / 5:43 AM / 2 years ago

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

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:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below