United Kingdom

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.