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BW Offshore Ltd (BWO.OL)

BWO.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

BW Offshore Announces That FPSO BW Catcher Has Successfully Completed A 168-Hour Performance Test
Thursday, 12 Jul 2018 

July 12 (Reuters) - BW Offshore Ltd ::BW OFFSHORE IS PLEASED TO ANNOUNCE THAT FPSO BW CATCHER HAS SUCCESSFULLY COMPLETED A 168-HOUR PERFORMANCE TEST. FINAL ACCEPTANCE CERTIFICATE IS EXPECTED TO BE RECEIVED AFTER REVIEW BY CATCHER JOINT VENTURE PARTNERS..FPSO IS OPERATING ON A FULL DAY RATE SINCE START OF Q3. ONE-OFF IMPACT FROM START-UP ACTIVITIES ON FINANCIAL RESULT IN Q2 OF 2018 IS EXPECTED TO BE WITHIN PREVIOUS GUIDING..  Full Article

BW Offshore, Panoro complete second Gabon production well
Tuesday, 26 Jun 2018 

June 26 (Reuters) - BW Offshore Ltd and Panoro said on Tuesday::SUCCESSFUL DRILLING AND COMPLETION OF SECOND PRODUCTION WELL, DTM-3H, LOCATED IN TORTUE FIELD, WITHIN DUSSAFU MARIN LICENSE, OFFSHORE GABON.INTERPRETATION OF LOGGING RESULTS INDICATES THAT WELL WAS ENTIRELY CONSISTENT WITH PRE-DRILL PROGNOSIS AND OBJECTIVES.WELL WAS DRILLED TO A TOTAL MEASURED DEPTH OF 3563 METERS.FOLLOWING DEMOBILISATION AT DTM-3H WELL, BORR NORVE DRILLING RIG WILL COMMENCE OPERATIONS ON RUCHE NORTH EAST APPRAISAL WELL ON RUCHE FIELD.  Full Article

BW Offshore plans additional well at Dussafu offshore Gabon
Wednesday, 16 May 2018 

May 16 (Reuters) - BW Offshore Ltd ::BW OFFSHORE PLANS TO DRILL AN ADDITIONAL APPRAISAL WELL TO TEST ONE OF SEVERAL PROSPECTS THAT HAVE BEEN MAPPED IN THE RUCHE AREA, WITHIN THE DUSSAFU LICENCE, OFFSHORE GABON.DRILLING CAMPAIGN ON RUCHE NORTH EAST PROSPECT IS PLANNED TO COMMENCE MID-2018, FOLLOWING COMPLETION OF TWO PRODUCTION WELLS AND APPRAISAL WELL AT TORTUE FIELD.PARTNER IS PANORO ENERGY nFWN1SM1J8.  Full Article

BW Offshore ‍shareholder sold 8.3 million shares at NOK 35
Tuesday, 9 Jan 2018 

Jan 9 (Reuters) - Bw Offshore Ltd ::‍SALE OF 8,300,000 SHARES BY ONE OF SHAREHOLDERS​, REPRESENTING 4.5% OF SHARES IN BW OFFSHORE LTD, WAS COMPLETED AT A PRICE OF NOK 35 PER SHARE.BW OFFSHORE'S SHARES CLOSED AT NOK 37.8 ON TUESDAY.‍NORDEA MARKETS NORWAY ACTED AS SOLE BOOKRUNNER IN SALE BY SHAREHOLDER​.  Full Article

BW Offshore sees potential long-term spin-off of oil and gas
Monday, 8 Jan 2018 

Jan 8 (Reuters) - Bw Offshore Ltd ::‍NEW PRELIMINARY RESERVE ESTIMATES FOR TORTUE FROM INDEPENDENT RESERVES AUDITORS NETHERLAND, SEWELL & ASSOCIATES INC. (NSAI) FROM DECEMBER 2017​.‍NSAI HAS CALCULATED FOLLOWING ESTIMATES OF TOTAL GROSS ECONOMICALLY RECOVERABLE OIL RESERVES, DERIVED FROM ASSUMED PRODUCTION FROM FOUR OIL WELLS IN TORTUE FIELD​.‍PROVED (1P) RESERVES OF 15.9 MILLION BBLS​.‍PROVED + PROBABLE (2P) RESERVES OF 23.5 MILLION BBLS​.‍PROVED + PROBABLE + POSSIBLE (3P) RESERVES OF 31.4 MILLION BBLS​.‍NSAI RESERVES REVIEW DOES NOT INCLUDE OTHER 3 DISCOVERED FIELDS IN LICENSE, KNOWN AS RUCHE, MOUBENGA AND WALT WHITMAN​.‍INDEPENDENT RESERVES REVIEW DOES NOT ADDRESS PROSPECTIVE RESOURCES WITHIN EEA​.POTENTIAL SEPARATE LISTING OF OIL AND GAS SEGMENT ON LONG TERM‍​.  Full Article

BW Offshore ‍says oil production started at Premier's Catcher field
Saturday, 23 Dec 2017 

Dec 23 (Reuters) - Bw Offshore Ltd ::‍FIRST OIL FROM CATCHER FPSO WAS SAFELY ACHIEVED ON 23 DECEMBER​.‍CATCHER DEVELOPMENT PROJECT IS NEARING COMPLETION ON TIME AND WELL WITHIN BUDGET​.‍BW CATCHER IS OWNED AND OPERATED BY BW OFFSHORE AND WILL COMMENCE A SEVEN-YEAR FIXED TERM CONTRACT, WITH EXTENSION OPTIONS OF UP TO 18 YEARS​.‍CATCHER FIELD PARTNERSHIP IS MADE UP OF PREMIER OIL (50%), CAIRN ENERGY (20%), MOL GROUP (20%) AND DYAS (10%)​.‍UNIT HAS AN OIL STORAGE CAPACITY OF 650,000 BARRELS AND A PROCESSING CAPACITY OF UP TO 60,000 BARRELS PER DAY. FPSO HAS A DESIGN LIFE OF 20 YEARS OF UNINTERRUPTED OPERATIONS​.  Full Article

Bw Offshore q3 EBITDA above forecast
Friday, 24 Nov 2017 

Nov 24 (Reuters) - FPSO (floating production storage and offloading) firm Bw Offshore Ltd ::Bw offshore ltd q3 ebitda $‍82.1​ million (Reuters poll $72 million) vs $118.6 mln in q2 2017.Says ‍decrease in ebitda was mainly as a result of a significant reversal of loss provisions as overdues were paid by addax during q2 2017​.Bw offshore ltd q3 net result $3.9 ‍​ million (Reuters poll $-2.0 million) vs $5.2 mln in q2 2017.Bw offshore ltd q3 ebit $26.9‍​ million (Reuters poll $15.3 million) vs $33.4 mln in q2 2017.‍Dussafu development is on target and budget for first oil in 2h 2018​.Bw offshore ltd: experiences increased market activity for new-built fpsos, but due to the persisting situation of oversupply it believes a commercially disciplined approach for new investments is warranted. Consequently, bwo expects a low number of awards in the medium-term‍​.Bw offshore ltd: the demand for re-deployments has increased.Bw offshore ltd: the fleet should continue to generate a significant cash flow in the time ahead.Bw offshore ltd: the expected start-up of production from fpso catcher towards the end of 2017 will be a significant contributor to the cash flow of the company in 2018 and the years to come.BW Offshore currently operates 11 units.The owned fleet includes 15 FPSOs and one FSO.Average commercial uptime during the third quarter was 98.4 pct (99.98 pct) due to downtime on Sendje Berge in September.  Full Article

BW Offshore deal with ICBC for Catcher FPSO preference shares
Tuesday, 14 Nov 2017 

Nov 14 (Reuters) - Bw Offshore Ltd :BW Offshore Limited (BWO) has today closed an agreement with a nominee of the Financial leasing firm, ICBC Financial Leasing Co., Ltd. (ICBCL), whereby such nominee becomes an equity partner in BW Catcher Limited, which owns the BW Catcher FPSO currently under a lease contract with Premier Oiled.The equity investment in the BW Catcher FPSO is the first transaction under the cooperation agreement signed between BWO and ICBCL in April this year.BW Catcher Limited has issued preference shares with a preferential dividend right to ICBCL, for an aggregate subscription price of USD 275,000,000.Company plans to redeem the preference shares in full over an estimated term of 12 years. The aggregate redemption and dividend payments on the preference shares are estimated to reflect approximately 25-30% of the estimated free cash flow after debt servicing in the Catcher contract over a similar term.The net proceeds from the issue of the preference shares will be used for general corporate purposes."very pleased to secure this equity participation for the BW Catcher FPSO in cooperation with our strategic partner, ICBCL, and in line with our stated ambition to seek new ways of enabling further growth for the company"​.  Full Article

BW Offshore wins 4-year contract extension offshore Nigeria
Monday, 23 Oct 2017 

Oct 23 (Reuters) - Bw Offshore Ltd :Sendje Berge contract extension.Sendje Berge Limited, a subsidiary of BW Offshore Limited, has now agreed terms of a contract extension for the FPSO Sendje Berge with Addax Petroleum Exploration (Nigeria) Ltd on the Okwori field offshore Nigeria which have been duly submitted to relevant Nigerian Authorities for their review and approval.‍contract extension will be for a four-year fixed term with two additional one-year extension options, commencing 6 november 2017​.‍revised and agreed commercial terms include a new day rate partially linked to oil production volumes and oil price​.‍termination notice announced on 5 may 2017 has been withdrawn and arbitration has been settled as part of agreed terms​.  Full Article

BRIEF-BW Offshore Q2 EBITDA $84.6 million, beats expectations
Monday, 29 Aug 2016 

BW Offshore Ltd : Q2 revenue $172.5 million (Reuters poll $193 million) . Q2 EBITDA $84.6 million (Reuters poll $75.9 million) . Says expectations for slow market activity with few awards remains unchanged . Says positive long-term outlook is maintained . Current target is to reduce offshore personnel costs by 10-15 percent and offshore R&M spend by 10 percent through higher efficiency, renegotiated supplier agreements and subcontracts . Total process will be implemented in 2016 and take full effect from 2017 .Expects an improved market from mid-2017 providing new opportunities for gainful employment.  Full Article

NORWEGIAN STOCKS-Kongsberg, Hoegh and Questerre rise on deals, upgrades

OSLO, June 4 (Reuters) - * Norwegian shares traded up on Monday * Oslo's benchmark index rose 0.24 pct, or 2.12 points, to 882.65 points and was up by 8.11 pct year-to-date * The broader Oslo All Share Index was up 0.23 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $0.5 to $76.29 a barrel * Among the biggest firms on the Oslo Bourse, Equinor was flat 0.00 pct, Telenor rose 1.44 pct and DNB rose 0.13 pct * Turnover at the Oslo Bourse was 1.4 billion Norwegian crowns