BW Offshore

Q1 2015 - Interim consolidated financial information

• Initiated recovery project for FPSO Cidade de São Mateus
• EBITDA of USD 93.2 million

Contract extension for Polvo and BW Athena

Sale of VLCC BW Opal

Completed USD 80 million bank loan for Petróleo Nautipa

Dividend payment of USD 0.02 per share

Operating revenues for Q1 2015 amounted to USD 236.8 million, a decrease of USD 28.0 million compared to Q4 2014 of USD 264.8 million. Operating expenses amounted to USD 143.7 million, a decrease of USD 11.7 million from last quarter. 

EBITDA for the first quarter amounted to USD 93.2 million, down from USD 109.2 million in Q4 2014.  Operating profit for the quarter amounted to USD 36.7 million (USD 51.4 million).

Net profit amounted to USD 5.8 million compared to USD 12.7 million.

Main change relates to lower revenue due to FPSO Cidade de São Mateus being off-hire after the accident 11 February 2015.

Total equity at 31 March 2015 amounted to USD 1,182.6 million, a decrease of USD 15.5 million (1%) (USD 1,198.1 million at 31 December 2014). The equity ratio was 33.4% at the end of the quarter, up from 32.7%.

As of 31 March 2015, the Company had USD 1,092.4 million in interest-bearing loans and USD 60.0 million in letters of guarantee drawn under the USD 2,400 million credit facility. The committed amount on the USD 2,400 million credit facility was USD 1,308.6 million, following scheduled reductions. Total utilised debt facilities for the company, including bond loans and other facilities was USD 1,716.0 million. Total available liquidity as of 31 March 2015 amounted to USD 307.5 million.

On 13 February 2015, the Company settled a USD 50 million unsecured one-year term loan with Itaú Bank, established during first quarter 2014.

On 25 March, BW Offshore signed the facility documentation for a new USD 80 million senior secured credit facility in respect of the FPSO Petróleo Nautipa. The loan has a tenor of 7.5 years and will be used for general corporate purposes.

Net debt amounted to USD 1,542.2 million at 31 March 2015 (USD 1,589.7 million at 31 December 2014).

Net cash inflow from operating activities was USD 80.6 million (USD 133.2 million). Net cash outflow from investing activities was USD 13.2 million (USD 168.5 million). Cash outflow on investing activities is mainly related to capitalisation on the Catcher project, capital expenditures for ongoing life extension activities offset by the sale of BW Opal. Life extension activities are generally either covered on a cost plus basis or reimbursed through higher day rates. Net cash outflow from financing activities was USD 131.5 million (USD 66.4 million).