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- Q4 EBITDA of USD 104.9 million and operating cash flow of USD 174.7 million
- 2022 EBITDA of USD of 345.7 million and operating cash flow of USD 650.3
million
- Equity ratio of 32.9% and USD 371.0 million in available liquidity at end of
2022
- Cash dividend of USD 0.035 per share equivalent to USD 6 million and BW
Energy shares as in-kind distribution of USD 5 million for the quarter
- Distributed USD 25.3 million in cash dividends and USD 13.6 million worth of
BW Energy Limited shares as dividend in-kind in 2022
- Barossa FPSO project progress at 58% per end of January 2023
- Repurchased USD 60.6 million of Senior Unsecured Convertible Bonds in 2022
- Contract extensions signed for Sendje Berge and Abo FPSO
- Divestment of FPSO BW Joko Tole, BW Cidade de São Vicente, FPSO Umuroa, FPSO
Polvo and hand-over of Yùum K’ak’ Náab
BW Offshore continues to progress the Barossa FPSO project with overall
completion at 58% per end of January. The project has achieved 10.2 million
manhours without injuries, which reflects BW Offshore and the project partners’
commitment to safeguard people and operations. As per end of January, the Hull
construction was at 78%, the Turret & Mooring System at 72%, while the Topsides
construction stood at 50% completion.
“We focus on executing the Barossa project as per plan, safe and efficient
operation of our core assets and concluding the divestment of our non-core units
as a basis for continued stable shareholder distributions,” said Marco Beenen,
CEO of BW Offshore. “While we were disappointed that the Gato de Mato project
was paused, it confirmed our ability to replicate infrastructure like FPSO
projects with long-term contracts, investment grade counterparties and
attractive partnership models. We continue to selectively progress new projects
in a strong FPSO market environment.”
The Board of Directors has declared a cash dividend of USD 0.035 per share and
USD 5 million of BW Energy Limited shares as in-kind distribution. Shares will
trade ex-dividend from 2 March 2023. Shareholders recorded in VPS following the
close of trading on Oslo Børs on 3 March 2023 will be entitled to the
distribution payable on or about 10 March 2023.
FINANCIALS
EBITDA for the fourth quarter of 2022 was USD 104.9 million (USD 80.4 million in
Q3 2022). The increase was mainly driven by reimbursement of expenses incurred
related to Gato do Mato under the limited notice to proceed (LNTP) contract with
Shell being recorded in Q4 as the project has been paused. Net positive impact
from this being recorded in Q4 was USD 13.6 million. The result for Q4 was
further supported by good fleet performance in the last quarter of the year.
EBIT for the fourth quarter was positive USD 37.8 million (positive USD 29.6
million in Q3 2022) and included an impairment of USD 15.8 million for earlier
capitalised cost related to the Gato do Mato project.
Share of loss of equity-accounted investees was USD 2.0 million compared to a
gain of USD 7.2 million the third quarter and includes BW Offshore’s share of
net result from the ownership in BW Energy.
Tax expense for the fourth quarter was USD 3.0 million (USD 3.3 million in Q3
2022).
Total equity on 31 December 2022 was USD 1 151.1 million (USD 1 095.6 million in
Q3 2022). The equity ratio was 32.9% at the end of the quarter (33.8% in Q3
2022).
Available liquidity on 31 December 2022 was USD 371.0 million, excluding
consolidated cash from BW Ideol.
Consolidated net interest-bearing debt was USD 497.4 million (USD 463.2 million
in Q3 2022).
FPSO OPERATIONS
During the quarter, the FPSO fleet continued to deliver stable uptime with a
weighted average commercial uptime for the fleet of 99.1% (99.2% in Q3 2022).
The contract for Petróleo Nautipa reached the end of its term in October. The
FPSO will be sold for recycling after completion of demobilisation and
decommissioning.
In November 2022, the Company signed a six-month contract extension for the
lease and operation of Sendje Berge, for which divestment negotiations are
ongoing.
In January 2023, the contract for Abo FPSO was extended until the end of March
2023. The Company is engaged in divestment negotiations for the unit.
OFFSHORE FLOATING WIND
BW Offshore is actively engaged in the energy transition by developing clean
energy production solutions, applying its offshore engineering and operations
capabilities to drive future value creation through its 53.2% ownership in BW
Ideol.
BW Ideol is a global leader in offshore floating wind technology and co-
development with more than 12 years of experience from design, execution and
development of floating wind projects based on proprietary and patented Damping
Pool® technology and engineering capabilities.
In January, the Floatgen demonstrator reached 25 GWh accumulated production,
with an annual availability of over 95%.
OUTLOOK
The Company expects that the core units in the existing fleet will continue to
generate significant cash flow in the time ahead supported by the USD 6.0
billion firm contract backlog at year-end 2022 including the Barossa contract.
Nations are expected to increasingly prioritise energy security through
diversification of sourcing. The attention to energy independence combined with
higher prices, have incentivised oil and gas companies to progress new field
development projects in the current inflationary environment.
BW Offshore experiences increased interest for infrastructure type lease and
operate FPSO projects, combined with continued access to equity and debt
financing for field development initiatives with long-term production, low
break-even costs and low carbon emissions. There is also increased activity
related to redeployment projects.
The Gato do Mato tender process reconfirmed BW Offshore’s ability to develop a
robust execution plan and source the required equity and debt from high-quality
investors and lenders. BW Offshore maintains a selective approach to such
opportunities, progressing discussions on only a few high-end projects which can
be developed in partnership with global infrastructure investors.
The ongoing asset divestment programme for the non-core FPSOs is expected to be
completed in 2023 in line with strategy, reducing the operational risks
associated with the conventional units and strengthening the balance sheet. The
BW Opportunity is retained and marketed as a redeployment candidate.
BW Ideol is BW Offshore’s vehicle for investment in floating offshore wind. The
company is progressing multiple projects in collaboration with BW Offshore and
other partners.
BW Offshore’s is well positioned for future growth and long-term value creation
through the execution of accretive offshore energy projects.
Please see attached the Annual Report and Q4 Presentation. The earnings tables
are available at:
www.bwoffshore.com/ir/ (http://www.bwoffshore.com/ir/)
BW Offshore will host a conference call of the financial results 09:00 (CET)
today. The presentation will be given by CEO Marco Beenen and CFO Ståle
Andreassen.
Conference call information:
To dial in to the conference call where the fourth quarter results and Q&A will
be hosted, please pre-register to the event call:
BW Offshore Limited - Q4 Call Registration
(https://event.loopup.com/SelfRegistration/registration.aspx?booking=4XuKxyZv6lj
3mOemFiUZcBjQO4dB7dtwmroaN3Ibjj0=&b=2389e96d-457b-46a8-bebb-fec356d5b031)
You can also follow the presentation via webcast with supporting slides and a
Q&A module, available on:
BW Offshore Limited - Q4 Presentation Webcast
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Please note, that if you follow the webcast via the above URL, you will
experience a 30 second delay compared to the main conference call. The web page
works best in an updated browser - Chrome is recommended.
For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40
About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has
a fleet of 10 FPSOs with potential and ambition to grow. By leveraging four
decades of offshore operations and project execution, the Company creates
tailored offshore energy solutions for evolving markets world-wide. BW Offshore
has around 2,000 employees and is publicly listed on the Oslo stock exchange.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Kilde
