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BW Offshore Ltd (BWO.OL)

BWO.OL on Oslo Stock Exchange

54.90NOK
14 Jun 2019
Change (% chg)

kr-0.20 (-0.36%)
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Latest Key Developments (Source: Significant Developments)

BW Offshore eyes Energy spin-off by mid-H2 2019
Wednesday, 29 May 2019 

May 29 (Reuters) - BW Offshore Ltd ::SAYS BW ENERGY ON TRACK TO TRIPLE DUSSAFU PRODUCTION TO AROUND 30,000 BOPD BY Q4 2021.SAYS BW ENERGY TARGETS A LISTING ON OSLO STOCK EXCHANGE BY MID H2 2019.SAYS BW ENERGY AIMS TO COMPLY WITH 25% FREE FLOAT OF SHARES WHEN LISTING IN OSLO.  Full Article

BW Offshore Q1 EBITDA $186.8 Million, Above Estimates
Thursday, 23 May 2019 

May 23 (Reuters) - BW Offshore Ltd ::EBITDA FOR Q1 OF 2019 WAS USD 186.8 MILLION, AN INCREASE FROM USD 148.9 MILLION IN Q4 2018.GROSS PRODUCTION FROM TORTUE AVERAGED 12,500 BBLS PER DAY IN Q1.CARL K. ARNET AND KNUT R. SÆTHRE TO STEP DOWN AS CEO AND CFO RESPECTIVELY, FROM 30 JUNE 2019.Q1 TORTUE PRODUCTION 1.1 MILLION BBLS (GROSS) WITH FIELD UPTIME OF 99%.SAYS Q1 AVERAGE GROSS PRODUCTION STABLE AT ABOUT 12,500 BOPD.SAYS TORTUE PHASE 2 PROGRESSING AS PLANNED.Q1 NET PROFIT $36.6 MILLION (REUTERS POLL $35.8 MILLION).SAYS TORTUE PHASE 2 WILL CONTRIBUTE TO LOWER UNIT COSTS FROM 2020.EVALUATING FIELD DEVELOPMENT PROSPECTS, INCLUDING FPSOS.THE EFFECT OF SEVERAL YEARS OF UNDER-INVESTMENT WILL LIKELY BECOME MORE EVIDENT IN COMING YEARS, AS PRODUCTION TIED TO INVESTMENTS MADE IN THE PREVIOUS UP-CYCLE IS INCREASINGLY SUBJECT TO NATURAL DEPLETION..SAYS EFFECT OF SEVERAL YEARS OF UNDER-INVESTMENT WILL LIKELY BECOME MORE EVIDENT IN COMING YEARS.THE MARKET OUTLOOK FOR OFFSHORE FIELD DEVELOPMENTS AND FPSOS IN PARTICULAR IS FAVOURABLE..THE COMPANY IS CURRENTLY EVALUATING FIELD DEVELOPMENT PROSPECTS, INCLUDING FPSOS..THE FLEET SHOULD CONTINUE TO GENERATE SIGNIFICANT CASH FLOW IN THE TIME AHEAD..THE COMPANY MAINTAINS A COMMERCIALLY DISCIPLINED APPROACH TO NEW INVESTMENTS BY BIDDING SELECTIVELY ON NEW PROJECTS..Q1 EBITDA $186.8 MILLION (REUTERS POLL $161 MILLION).  Full Article

BW Offshore Says Entered Return Swap Agreement With Financial Exposure To 105,000 Shares
Friday, 3 May 2019 

May 3 (Reuters) - BW Offshore Ltd ::BW OFFSHORE LIMITED HAS ENTERED INTO A TOTAL RETURN SWAP AGREEMENT WITH FINANCIAL EXPOSURE TO 105,000 SHARES IN BWO.EXPIRY DATE FOR TRS AGREEMENT IS 7 APRIL 2022, AND TRS PRICE IS NOK 52.66 PER SHARE.FOLLOWING THIS TRANSACTION, BWO HOLDS TRS AGREEMENTS WITH FINANCIAL EXPOSURE TO 1,053,000 SHARES.  Full Article

BW Offshore Enters Total Return Swap Agreement
Tuesday, 30 Apr 2019 

May 1 (Reuters) - BW Offshore ::SAID ON TUESDAY ENTERED INTO A TOTAL RETURN SWAP ("TRS") AGREEMENT WITH FINANCIAL EXPOSURE TO 210,000 SHARES IN BWO.EXPIRY DATE FOR THE TRS AGREEMENT IS 7 APRIL 2022, AND THE TRS PRICE IS NOK 53.52 PER SHARE.FOLLOWING THIS TRANSACTION, BWO HOLDS TRS AGREEMENTS WITH FINANCIAL EXPOSURE TO 768,000 SHARES.  Full Article

BW Offshore Q4 EBITDA lags forecast
Tuesday, 19 Feb 2019 

Feb 19 (Reuters) - BW Offshore Ltd ::Q4 EBITDA $148.9 MILLION (REUTERS POLL $166 MILLION).Q4 NET PRODUCTION FROM TORTUE WAS CLOSE TO 1 MILLION BBLS.LOOKING AHEAD, START OF PHASE 2 OF TORTUE DEVELOPMENT WILL BE A PRIORITY TOGETHER WITH RELENTLESS FOCUS ON SAFE AND EFFECTIVE OPERATIONS ACROSS ALL OUR ASSETS AND ACTIVITIES.FIRST LIFTING FROM TORTUE COMPLETED DECEMBER 2018 - 550 THOUSAND BBLS GROSS.NSAI CONFIRMED REMAINING TORTUE P2 GROSS RESERVES - 35.1 MILLION BBLS OF OIL.BW CATCHER OPERATED CONSISTENTLY ABOVE NAMEPLATE CAPACITY AND AN AGREEMENT FOR EXCESS PRODUCTION ABOVE NAMEPLATE CAPACITY WAS AGREED WITH CLIENT EFFECTIVE FROM 1 NOVEMBER.THE GLOBAL BALANCE OF CRUDE OIL SUPPLY AND DEMAND HAS TIGHTENED, WHICH COMBINED WITH LOWER BREAK-EVEN COSTS FROM INCREASED EFFICIENCIES AND SIGNIFICANT REPRICING OF OIL EXPLORATION ASSETS, IS EXPECTED TO LEAD TO MORE PROJECTS SANCTIONED GOING FORWARD. T.Q4 NET RESULT $10.3 MILLION (REUTERS POLL $39.8 MILLION).THE MARKET OUTLOOK FOR OFFSHORE FIELD DEVELOPMENTS AND FPSOS IN PARTICULAR IS FAVOURABLE..EXPECTS INCREASED FOCUS ON INCREMENTAL INVESTMENTS TIED TO EXISTING INFRASTRUCTURE, WITH GREEN-FIELD INVESTMENTS FOLLOWING LATER IN THE CYCLE.2019 PRODUCTION GUIDANCE RANGE OF 3.5 TO 3.9 MILLION BBLS (GROSS).2P RESERVES INCREASED WITH MORE THAN 50% IN 2018.INTERNAL TORTUE RESERVE ESTIMATE INCREASED TO 40 MILLION BBLS (2P GROSS).RESTRAINED APPROACH TO NEW FPSO INVESTMENTS DUE TO MARKET PREVAILING TERMS.  Full Article

BW Offshore with Contract Extension For FPSO Polvo
Friday, 4 Jan 2019 

Jan 4 (Reuters) - BW Offshore Ltd ::REG-BW OFFSHORE: CONTRACT EXTENSION FOR FPSO POLVO.BW OFFSHORE HAS SIGNED AN AGREEMENT WITH PETRORIO FOR A ONE-YEAR EXTENSION FOR LEASE AND OPERATION OF FPSO POLVO.FIRM PERIOD HAS BEEN EXTENDED TO Q3 2020 (FROM Q3 2019), WITH OPTIONS UNTIL Q3 2022.BW OFFSHORE HAS SIGNED AN AGREEMENT WITH PETRORIO FOR A ONE-YEAR EXTENSION FOR LEASE AND OPERATION OF FPSO POLVO.FIRM PERIOD HAS BEEN EXTENDED TO Q3 2020 (FROM Q3 2019), WITH OPTIONS UNTIL Q3 2022..  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

UPDATE 3-Norway's BW Offshore to float Energy to fund Brazil growth

* BW Offshore shares rise 18% (Adds analyst, CEO quote, update share price)