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BW Offshore Ltd (BWO.OL)

BWO.OL on Oslo Stock Exchange

29.20NOK
15 Dec 2017
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Latest Key Developments (Source: Significant Developments)

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

BW Offshore resolves and sets terms of $100 mln rights issue
Monday, 27 Jun 2016 

BW Offshore Ltd : Rights issue resolved and announcement of terms of the rights issue . Says has now resolved and set terms of fully underwritten $100 million rights issue to be carried out in connection with plan . Says issued share capital of company will be increased by $85,598,100 through issue of 8,559,810,000 new common shares of $0.01 each . Rights issue will result in gross proceeds to company of 855,981,000 Norwegian crowns ($100 million) .Says subscription price is set at 0.10 crown per offer share, representing a discount of about 30.1 pct to theoretical price for shares of company following rights issue (TERP) calculated on basis of company's closing share price of 0.68 crown on June 24, 2016.  Full Article

BW Offshore: All lending banks support long-term financial platform
Tuesday, 21 Jun 2016 

BW Offshore Ltd :The Company has received the required consents from all of its lending banks to implement a long-term financial platform.  Full Article

BRIEF-BW Offshore announces refinancing plan, $100 mln share issue
Monday, 23 May 2016 

Bw Offshore Ltd : Q1 ebitda $97.4 million (Reuters poll $92.0 million) . Q1 net loss $2.9 million (Reuters poll profit $6.0 million) . Catcher project remains within budget with expected first oil in second half of 2017 . Has in recent weeks carried out discussions with its bank facility providers, selected bondholders in bond issues and largest shareholders in order to find a long term financial platform . Says financing plan which has been discussed is expected to contribute with more than $500 million in improved liquidity in period throughout 2020 . The plan is a balanced solution where banks, bondholders and shareholders contribute . solution requires a raising of $100 million in new equity capital and company contemplates to raise this amount via a fully underwritten rights issue . The Company's main shareholder BW Group Limited and the CEO of the Company Carl Krogh Arnet have pre-committed to subscribe for their pro rata share of the rights issue . The remaining shares to be issued in the rights issue are underwritten by a syndicate of banks . The subscription price and exact share capital increase amount will be determined by the Board of Directors and announced through a stock exchange notice . Oversubscription and subscription without subscription rights will be permitted . still believes it is prudent to expect a prolonged downturn in contract awards.  Full Article

BW Offshore announces refinancing plan, $100 mln share issue
Monday, 23 May 2016 

Bw Offshore Ltd : Q1 ebitda $97.4 million (Reuters poll $92.0 million) . Q1 net loss $2.9 million (Reuters poll profit $6.0 million) . Catcher project remains within budget with expected first oil in second half of 2017 . Has in recent weeks carried out discussions with its bank facility providers, selected bondholders in bond issues and largest shareholders in order to find a long term financial platform . Says financing plan which has been discussed is expected to contribute with more than $500 million in improved liquidity in period throughout 2020 . The plan is a balanced solution where banks, bondholders and shareholders contribute . solution requires a raising of $100 million in new equity capital and company contemplates to raise this amount via a fully underwritten rights issue . The Company's main shareholder BW Group Limited and the CEO of the Company Carl Krogh Arnet have pre-committed to subscribe for their pro rata share of the rights issue . The remaining shares to be issued in the rights issue are underwritten by a syndicate of banks . The subscription price and exact share capital increase amount will be determined by the Board of Directors and announced through a stock exchange notice . Oversubscription and subscription without subscription rights will be permitted . still believes it is prudent to expect a prolonged downturn in contract awards.  Full Article

BW Offshore: Contract for FPSO BW Pioneer extended
Monday, 25 Apr 2016 

BW Offshore Ltd:FPSO BW Pioneer contract extension and mooring system repair.Petrobras America Inc. has exercised the option to extend the fixed term of the lease contract for FPSO BW Pioneer from Q1 2017 to Q1 2020.Will in Q2 2016 replace parts of subsea mooring system for FPSO BW Pioneer.Cost for replacement will be partly covered by insurance.Replacement campaign is expected to result in about two months of downtime.  Full Article

BW Offshore Ltd initiates organizational changes to cut costs - Reuters
Friday, 19 Feb 2016 

BW Offshore Ltd:Says ‍has initiated organizational changes as part of extensive cost reduction program as consequence of current market conditions - RTRS.When organizational changes have come into full effect, it is expected to reduce company's annual cost base by around $30 million.Says process is expected to be concluded within Q1​.Says changes will affect approximately 35 pct of permanent onshore employees across global locations.Says provision will be booked in Q1 accounts to cover costs related to reductions.  Full Article

BRIEF-BW Offshore ‍says first oil from UK's Catcher on schedule by year-end

* ‍BW Catcher floating production storage and offloading (FPSO) vessel arrived at Premier Oil's Catcher field on Wednesday 18 October​