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BW Offshore Ltd (BWO.OL)

BWO.OL on Oslo Stock Exchange

33.45NOK
14 Dec 2018
Change (% chg)

kr-1.05 (-3.04%)
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kr34.50
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Latest Key Developments (Source: Significant Developments)

BW Offshore starts repair of FPSO unit Cidade De Sao Mateus
Tuesday, 20 Nov 2018 

Nov 20 (Reuters) - BW Offshore Ltd ::BW OFFSHORE CEO: THE INTERNAL INVESTMENT ESTIMATE FOR PHASE II AT TORTUE DEVELOPMENT IN THE DUSSAFU LICENSE OFFSHORE GABON IS $275 MILLION.BW OFFSHORE CFO: EXPECTS EBITDA TREND LINE TO CONTINUE UPWARDS.BW OFFSHORE CEO: WE HAVE DECIDED TO REPAIR FPSO UNIT CIDADE DE SAO MATEUS CURRENTLY UNDER CONTRACT WITH PETROBRAS, PLANS TO USE ABOUT $60 MILLION IN FIRST PHASE.THE UNIT HAS NOT BEEN IN OPERATION SINCE AN ACCIDENT IN FEBRUARY 2015.THE STATEMENTS WERE MADE DURING THE COMPANY'S Q3 EARNINGS CALL ON TUESDAY.  Full Article

BW Offshore Q3 EBITDA in line with forecast
Tuesday, 20 Nov 2018 

Nov 20 (Reuters) - BW Offshore Ltd ::Q3 EBITDA $126.4 MILLION (REUTERS POLL $125 MILLION).FIRST OIL AT DUSSAFU ACHIEVED ON 16 SEPTEMBER.INVESTMENT DECISION MADE BY BWO FOR TORTUE PHASE 2.FIRST OIL FROM PHASE 1 OF TORTUE DEVELOPMENT, IN DUSSAFU LICENSE, WAS ACHIEVED 16 SEPTEMBER 2018 BY FPSO BW ADOLO WITHIN BUDGET AND AHEAD OF SCHEDULE WITH NO LOST TIME INCIDENTS.PRODUCTION PERFORMANCE HAS BEEN IN LINE WITH EXPECTATIONS AND IS CURRENTLY STABILISED AT APPROXIMATELY 12,500 BOPD WITHOUT ANY WATER CUT.Q3 NET RESULT $15.6 MILLION (REUTERS POLL $20.8 MILLION).NET PRODUCTION TO BW ENERGY PARTNERSHIP FOR Q3 WAS 111.5 THOUSAND BARRELS OF OIL.COMPANY HAS MADE INVESTMENT DECISION FOR TORTUE PHASE 2 FOLLOWING SUCCESSFUL APPRAISAL PROGRAM ON WESTERN FLANK OF TORTUE FIELD.PHASE 2 INCLUDES DRILLING OF FOUR ADDITIONAL HORIZONTAL DEVELOPMENT WELLS. ORDERS FOR LONG LEAD EQUIPMENT HAVE BEEN PLACED INCLUDING SUBSEA TREES, WELLHEADS, DRILLING CASING AND COMPLETION EQUIPMENT.COMPANY'S INTERNAL ESTIMATE OF 2P GROSS RESERVES FOR TORTUE FIELD PHASE 1 (2 WELLS) AND PHASE 2 (4 WELLS) IS CURRENTLY BETWEEN 30 TO 40 MILLION BARRELS OF OIL EQUIVALENTS, EXCLUDING CONTINGENT RESERVES.EXPECTS INCREASED FOCUS ON INCREMENTAL INVESTMENTS TIED TO EXISTING INFRASTRUCTURE, WITH GREEN-FIELD INVESTMENTS FOLLOWING LATER IN THE CYCLE.THE COMPANY IS CURRENTLY EVALUATING SEVERAL PROSPECTS FOR FIELD DEVELOPMENT, INCLUDING FPSOS.  Full Article

BW Offshore, Panoro Energy start Gabon oil production
Monday, 17 Sep 2018 

Sept 17 (Reuters) - BW Offshore Ltd ::FIRST OIL PRODUCED BY BW ADOLO FPSO.FIRST OIL FROM BW ADOLO FPSO WAS SAFELY ACHIEVED ON 16 SEPTEMBER 2018, 18 MONTHS AFTER INITIAL INVESTMENT WAS MADE IN DUSSAFU LICENSE OFFSHORE GABON.ACHIEVED FIRST OIL FROM DUSSAFU LICENSE WITHIN BUDGET AND ON SCHEDULE.FIRST PRIORITY NOW IS TO COMPLETE START-UP ACTIVITIES AND STABILISE PRODUCTION ON BW ADOLO.WE WILL AT SAME TIME WORK TOWARDS FINAL INVESTMENT DECISION ON TORTUE PHASE 2.PANORO ENERGY IS A PARTNER IN THE FIELD.  Full Article

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