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BWO- BW Offshore- tid for å høste?
OldNick
28.11.2016 09:26
#18565

BW Offshore kom med en blandet rapport, men mest preges den nok av at de har mottatt info om at 2 FPSO-kontrakter ikke vil bli forlenget.

Produksjonen hos Petronas skal stenges ned, mens Statoil skal gjøre en auksjonsprosess på ny kontrakt for Peregrino i Brazil.

Dessuten får de ikke full betaling fra Addax Petroleum for Sendje Berge. Voldgift er begjært.

Men, Catcher-prosjektet fortsetter på tids- og kost-plan (iflg. rapporten).

Også lanserer de en omvendt splitt 1:50, ex. spleis 2 Dec.

BWO: BW Offshore - Q3-2016 - Condensed interim consolidated financial information

Børsmelding
28.11.2016

- EBITDA of USD 76.9 million
- Long term financial platform implemented
- Catcher project on track for first oil in H2-2017
- Cost reduction and efficiency program progressing as planned
- Arbitration process vs Addax due to overdue receivables
- Berge Helene and Peregrino contracts ending in May and June 2017

EBITDA for the third quarter was USD 76.9 million, a decline of USD 7.7 million (9%) (USD 84.6 million). The reduction in EBITDA for the third quarter compared with the previous quarter was mainly a result of no further loss of hire insurance for Cidade de São Mateus which ended in May. Operating profit for the quarter amounted to USD 19.2 million, a decrease of USD 5.7 million (23%) (USD 24.9 million).

Addax Petroleum Exploration Limited has for some time not paid the Company the full contractual rate for the FPSO Sendje Berge. BW Offshore considers the arguments for not paying the full rate unjustified and has started an arbitration process. During third quarter, the Company submitted a claim to the arbitration tribunal of USD 52.6 million.

BW Offshore received notice in November 2016 that that the contract with Petronas for the FPSO Berge Helene will not be extended beyond May 2017. During the third quarter, BW Offshore was notified that Statoil will not exercise options for extension of contract beyond June 2017 due to a change in the operating model on the Peregrino field. The Catcher project remains within budget with first oil expected in the second half of 2017.

"We are pleased to see positive developments in several of our focus areas", said Carl K. Arnet, the CEO of BW Offshore. "The Catcher project is progressing well, the fleet performance is good, and our cost cutting initiatives are paying off with full effect from 2017. BW Offshore has established a solid runway and is well positioned to pursue value creating opportunities."

Please see attachments for the full quarterly report and presentation.

BW Offshore will host a presentation of the financial results 09:00 (CET) today at Hotel Continental in Oslo, Norway. The presentation will be given by CEO Carl K. Arnet and CFO Knut R. Sæthre.

The presentation will be broadcasted via webcast, and will also be available for replay. Please visit www.bwoffshore.com for login-details.

For further information, please contact:
IR@bwoffshore.com


BWO: Q3-2016 Report (PDF)

BWO: Q3-2016 Presentation (PDF)
______

BWO: BW OFFSHORE - KEY INFORMATION RELATING TO THE REVERSE SHARE SPLIT TO BE CARRIED OUT BY BW OFFSHORE LIMITED

Børsmelding
28.11.2016

Date on which the reverse share split was made public: 28 November 2016

Reverse share split ratio: every 50 common shares par value US$0.01 each will be consolidated into 1 common share par value US$0.50 each

Last day including right: 1 December 2016
Ex-date: 2 December 2016
Record date: 5 December 2016
Date of approval: 28 November 2016

For further information, please contact:


Endret 28.11.2016 09:32 av OldNick
OldNick
29.11.2016 19:39
#18570

Sprikende syn på BW Offshore.

Trekker «kjøp» og nedgraderer

Société Générale nedgraderer BW Offshore til hold fra kjøp


Marianne L. Skarsgård, Hegnar.no
29.11.2016

Société Générale nedgraderer ifølge Bloomberg News BW Offshore til hold fra kjøp, skriver TDN Finans.

Samtidig nedjusteres kursmålet til 0,42 kroner fra 0,43 kroner.
______

Men Hauglund hos Nordnet er fortsatt positiv.

BW Offshore blir en vinneraksje i 2017

Tom Hauglund har troen


Odd S. Parr, Hegnar.no
29.11.2016

BW Offshore la i går frem tall for 3. kvartal.

Usikkerheten rundt «Sendje Berge» bidro til å senke aksjen 7,5 prosent til 37 øre.

Aksjen er uendret på dette nivået så langt i dagens handel.

- Kort og godt et nøytralt kvartal finansielt, oppsummerer investeringsdirektør Tom Hauglund i Nordnet overfor Hegnar.no etter å ha hørt på gårsdagens webcast.

- Dog er det viktig at FPSO Catcher er «on track». 90 prosent av prosjektet er betalt, og 660 millioner dollar er investert. Det fremstår for meg som at de har kontroll på prosessen, og ettersom dette er en stor del av backloggen (ordreboken) vil det være kursdrivende om leveringen skjer i tide. Denne skal ha «first oil» 2. halvår 2017, fortsetter han.

Øyner to triggere

FPSO Cidade de São Mateus, der ni arbeidere omkom i en eksplosjon i februar i fjor, kommer ifølge selskapet ikke tilbake før slutten av 2018, eller 2019. Hauglund tror ikke den kommer tilbake i det hele tatt.

- Jeg tror Petrobrás kansellerer, og at BW Offshore er fornøyde med et forsikringsoppgjør. Det koster fort over 300 millioner dollar å fikse denne, og tipset mitt er at selskapet er fornøyd med alt over 250-300 millioner dollar i cash. Skulle de motta det, er det megapositivt for aksjen - ettersom den handler på lave nivåer i forhold til bokførte verdier, sier Nordnet-økonomen.

300 millioner dollar i forsikringsoppgjør tilsvarer 30 øre per aksje, eller 80 prosent av dagens markedsverdi.

- Det er vanskelig å spå når eller om dette skjer, men jeg tror det vil skje neste år. Da har man to triggere som vil løfte aksjen. Selskapet ser fortsatt veldig spennende ut, og er definitivt en av mine favoritter som vinneraksje i 2017, avslutter Hauglund overfor Hegnar.no.
highlander
30.11.2016 16:36
#6638

I tillegg til analyseoppdateringene OldNick nevner har det kommet et par til etter Q3-rapporten:

Pareto Securities har opprettholdt kjøpsanbefalingen på aksjen og økt kursmålet fra 0,45 til 0,50 kr.

Nordea Markets er fortsatt positive, og opprettholder sin kjøpsanbefaling på BWO, kursmål 0,70 kr.
renud
30.11.2016 18:57
#14354

Hauglund hos Nordnet rappet bortimot ordrett sine visjoner fra Nordeas oppgradering, og kalte dem sine egne.
renud
30.11.2016 18:59
#14355

Utdrag fra Nordea i går, før NordnetTom:

"We believe BWO could receive more than USD 300m for the
FPSO, which translates into NOK 0.30 (~80% of current share price). Our
valuation of the FPSO is USD 177m, meaning that for every USD 100m
above USD 177m, the excess equity value is NOK 0.1.We therefore expect
this to be a major share price trigger in the short term, regardless of
whether Petrobras terminates the contract for the FPSO or not. (Nordea)"
Kjell T. Ringen
30.11.2016 19:28
#13193

Tom(me) tønner rumler mest.
Stockamateur
12.12.2016 10:12
#11399

Bra anbefaling renud! BWO har gått 50% etter at jeg tok inn 1/11.
OldNick
22.12.2016 11:20
#18657

BWO inn i JV (BW Energy Holdings Pte. Ltd., "BWEH") med moderselskapet BW Group for å satse på olje- og gass-felt offshore.

BWO går inn med 2/3-deler i BWEH, BW Group det resterende.

Rasjonale er: Å aktivisere FPSO'er i opplag gir dem en kostnadsfordel.

Mer info er gitt i vedlagte slides.

Akkurat denne lisensen har også Panoro Energy (OSE:PEN) eierandeler i.

BWO: BW Offshore - Acquisition of stake in Dussafu field

Børsmelding
22.12.2016

BW Offshore has in partnership with the BW Group entered into agreement to acquire 66.67% of the Dussafu production sharing contract offshore Gabon. Subject to closing of this first transaction, the partnership has secured a right to acquire a further 25% of the Dussafu license.

BW Offshore has formed a joint venture company with BW Group, known as BW Energy Holdings Pte. Ltd. ("BWEH"), for the purpose of pursuing oil and gas interests. The JV is owned 66.67% by BW Offshore and 33.33% by Maple Company Limited, a wholly owned subsidiary of BW Group Limited.

A wholly-owned subsidiary of BWEH, known as BW Energy Gabon Pte. Ltd. ("BWEG"), has entered into a sale and purchase agreement with Harvest Energia B.V. to acquire its 100% interest in Harvest Dussafu B.V., which owns a 66.667% interest in the Dussafu production sharing contract with an area covering 210,000 acres located offshore Gabon. Harvest Energia B.V. is a wholly-owned subsidiary of Harvest Natural Resource, Inc. (NYSE:HNR). The acquisition price is USD 32 million in cash, subject to certain adjustments.

Closing of the transaction is subject to fulfilment or waiver of conditions precedents, including among others, approval by the stockholders of Harvest Natural Resource, Inc. and approval from the government of Gabon. It is estimated that closing will take place in Q1 2017.

The remaining 33.333% interest in the Dussafu block is owned by Pan-Petroleum Gabon B.V. ("PPGBV"), a subsidiary of the OSE-listed Panoro Energy ASA. BWEG has also entered into a memorandum of understanding ("MOU") with PPGBV relating to the proposed acquisition of a further 25% interest in the Dussafu block for USD 12 million in cash subject to the closing of the Harvest transaction. In connection with and subject to such acquisition from Panoro and Harvest, BWEH is in discussions with the Gabon Oil Company (GOC) for their participation.

"We have previously said that we are exploring partnerships and alternative commercial models. We are now starting to deliver on this strategy. We see the investment in the Dussafu block as an attractive opportunity with the potential to create significant value for the shareholders of BW Offshore", said CEO Carl K. Arnet of BW Offshore.

The drop in oil price over the past years has reduced the costs of drilling and subsea equipment significantly, which in turn has lowered the break-even price required for a Dussafu development. Following Gabonese license requirements, first oil is planned for 2018. CEO Carl K. Arnet further said, "The availability of production assets that match field requirements de-risks the development and makes it realistic to achieve first oil within 2018. The project economics are robust at and below the current oil price."

BWEH plans to finance the acquisitions from Harvest Energia B.V and PPGBV through use of internal funds. In addition to the acquisition price payable for the interests, the field development is estimated to cost a total of USD 150 million until first oil.

BW Offshore will hold a conference call today at 10:00 a.m. Oslo time (CET).

Dial-in details: +47 21 00 00 12, code: 758919

A recording of the conference call will be accessible on the Company`s website; www.bwoffshore.com.

Please see the attached presentation for more details.

BWO: BWO Duffalu Presentation (PDF)

Endret 22.12.2016 11:20 av OldNick
highlander
24.12.2016 01:13
#6732

Pareto Securities har nedgradert BW Offshore fra kjøp til hold etter sterk kursoppgang den senere tid.

Meglerhuset opererer med et kursmål på 25 kr.
highlander
04.01.2017 15:49
#6758

BW Offshore melder at de har inngått et forsikringsforlik for FPSO Cidade de Sao Mateus hvor selskapet mottar 250 millioner dollar. Dette utgjør NOK 12 per aksje - Nordea opplyser at de hadde anslått en verdi på NOK 8 per aksje, mens Pareto opplyser at deres NAV øker med NOK 8 per aksje. (Kilde: Xi)
highlander
05.01.2017 15:57
#6764

Pareto Securities øker kursmålet i BW Offshore fra 25 til 30 kr i en oppdatering.


Kursmålet tilsvarer anslått NAV.

Meglerhuset opprettholder sin holdanbefaling.
OldNick
11.01.2017 08:52
#18703

BWO slides som skal presenteres idag.


Fokus på:

- Dussafu-JV
- Catcher-prosjektet
- Cidade de São Mateus (forsikringsoppgjør fra brannen på Brazil's sokkel)


BWO: Presentasjon på SEB's Nordic Seminar 2017 (PDF)
OldNick
22.02.2017 08:33
#18848

En datert melding, ABG nedgraderte BWO til hold og kursmål 30/aksje.

ABG Sundal Collier nedgraderer BW Offshore

Eline Hvamstad, Hegnar.no
13.01.2017

ABG Sundal Collier nedgraderer BW Offshore-aksjen til hold fra kjøp med et på 30 kroner, ifølge Bloomberg Data fredag, ifølge TDN Finans.

BW Offshore varslet 4. januar markedet om et forsikringoppgjør for FPSO-en Cidade de São Mateus på 250 millioner dollar. Pengene ventes mottatt i løpet av 1. kvartal 2017.

Samtidig meldte selskapet om nedskrivninger på 140 millioner dollar i 4. kvartal 2016.
______

BWO: BW Offshore - Interim extension agreement for FPSO Abo

Børsmelding
23.01.2017

BW Offshore has signed an interim extension agreement for FPSO Abo with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A., until 31 March 2017.

The short term extension has been agreed to secure operational continuity while joint work is continuing to conclude the negotiations.

For further information, please contact:
IR@bwoffshore.com or www.bwoffshore.com
______

BWO: BW Offshore - Farm-in to Kudu field in Namibia

Børsmelding
07.02.2017

BW Kudu Limited (a wholly owned subsidiary of BW Offshore) has entered into a Farm-Out Agreement for a 56% stake of the Kudu license offshore Namibia. National Petroleum Corporation of Namibia (NAMCOR), the Namibian state-owned oil company, will hold the remaining 44% of the license. BW Kudu will become operator of the Kudu license.

BW Kudu will pay for past costs upon transfer of the field interest to the company. The final investment decision is planned for Q4-2017.

mer på link
______

BWO: BW Offshore - Agreement for acquisition of stake in Dussafu field from Panoro Energy

Børsmelding
22.02.2017

With reference to stock exchange release dated 22 December 2016.

Pursuant to the memorandum of understanding entered into with Pan-Petroleum Gabon B.V. ("PPGBV"), a fully owned subsidiary of Panoro Energy ASA, BW Energy Gabon Pte. Ltd ("BWEG"), a subsidiary of BW Offshore, has entered into a definitive Sale and Purchase Agreement (the "SPA") with PPGBV to acquire a further 25% working interest in the Dussafu production sharing contract in Gabon.

Upon completion of the SPA, BWEG will pay PPGBV a total cash consideration of USD 12 million and provide a sellers' credit of up to USD 12.5 million in order to fund capital expenditures of PPGBV's retained interest in the Dussafu block through to first oil production. The total gross capital expenditure to reach first oil in 2018 is estimated to be USD 150 million.

Closing of the transaction with PPGBV is subject to fulfilment or waiver of conditions precedents, including among others, closing of the transaction with Harvest Energia B.V. and approval from the government of Gabon. It is estimated that closing will take place in Q1 2017.

BWEG will, pursuant to closing of the transactions with PPGBV and Harvest Energia B.V., hold a 91.667% working interest in the Dussafu production sharing contract, subject to discussions with the Gabon Oil Company (GOC) for their potential participation. Panoro Energy will hold the remaining 8.33% working interest in the Dussafu license.

BWEG is owned by BW Energy Holdings Pte. Ltd. (BWEH), a joint venture company between BW Offshore (66.67%) and Maple Company Limited (33.33%), a wholly owned subsidiary of BW Group Limited, for the purpose of pursuing oil and gas interests.

For further information, please contact:
Carl K. Arnet, CEO, +

Endret 22.02.2017 08:34 av OldNick
OldNick
28.02.2017 11:13
#18879

BW Offshore kom med Q4-2016 rapport idag.

Mye avskrivninger, og problemer med en kontrakt med Addax Petr., men intet nytt.

Obs! Siste er feil, ny positiv børsmelding i dag.

Catcher er fortsatt på tid og kost (skal vi tro selskapet), og produksjonen starter til høsten. Ikke "lenge å vente" altså.

Markedet var relativt fornøyd.

BWO: BW Offshore - Fourth quarter and full year results 2016

Børsmelding
28.02.2017

- EBITDA of USD 164.5 million including insurance recovery of USD 94.3 million related to FPSO Cidade de São Mateus
- Impairment of USD 135.4 million recognised due to damages on FPSO Cidade de São Mateus
- Impairment of USD 87.8 million recognised on other vessels
- Acquisition of stake in Dussafu field
- Ongoing arbitration process vs Addax due to overdue receivables
- Short-term contract extension for Abo FPSO
- Farm-Out Agreement for stake in Kudu license offshore Namibia signed in February 2017
- Completed reverse share split

EBITDA for the fourth quarter was USD 164.5 million, an increase of USD 87.6 million (USD 76.9 million). The increase in EBITDA was mainly a result from the insurance settlement for FPSO Cidade de São Mateus of USD 94.3 million.

During the fourth quarter an impairment assessment of the fleet was completed. As a result, BW Offshore recorded an impairment loss of USD 222.6 million. An impairment of USD 135.5 million was recognised due to damages on FPSO Cidade de São Mateus. The remaining impairment was charged to the vessels BW Athena, FPSO Polvo, Berge Helene and Espoir Ivoirien. Operating loss for the quarter amounted to USD 115.3 million, a decrease of USD 134.5 million (Operating profit USD 19.2 million).

BW Offshore has signed interim extension agreements for the Abo FPSO with Nigerian Agip Exploration Ltd. until 31 March 2017. The short-term extensions have been agreed to secure operational continuity while joint work is continuing to conclude the negotiations.

Addax Petroleum Exploration Limited has for some time not paid the Company the full contractual rate for Sendje Berge. During the third quarter, the Company submitted a claim to the arbitration tribunal for unpaid contractual rate. The claim amounted to USD 66.7 million by end of the fourth quarter. BW Offshore is currently awaiting the formal outcome of a preliminary hearing carried out by the arbitration tribunal during first quarter of 2017.

The Catcher project remains within budget with first oil expected in the second half of 2017.

During the fourth quarter, BW Offshore, as 66.67% partner in a coming joint venture with BW Group, signed agreements to acquire a significant share (more than 80%) in the Dussafu field offshore Gabon subject to certain conditions and approval by Gabonese authorities. The project reflects the Company's strategy to participate in alternative field development models to ensure the continued employment of assets. In February 2017, BW Offshore acquired a stake in the proven Kudu gas field offshore Namibia. The Kudu infrastructure project is underpinned by local power demand.

"BW Offshore is developing its capability to participate in and be a partner for developing proven hydrocarbon resources offshore by acquiring the stakes in Dussafu and Kudu," said Carl K. Arnet, the CEO of BW Offshore. "With the Catcher project on track for first oil later this year, continued good fleet performance and a more efficient organization, we are positioned for increased market activity."

BWO: Q4-2016 Report (PDF)

BWO: Q4-2016 Presentation (PDF)

BWO: Annual Report 2016 (PDF)
Endret 28.02.2017 11:19 av OldNick
OldNick
01.03.2017 19:00
#18889

Pressemeldingen fra i går ble fulgt opp idag med mer info ang. FPSO'en Sendje Berge, som opererer utenfor Nigeria for olje-selskaper Addax Petroleum.

Selskapet mottok en dom som var full seier i voldgiftsdomstolen ang. den manglende dagsraten, og BWO har nå US$18.7m utestående, som forfaller til betaling umiddelbart.

På denne meldingen gikk BWO-kursen nye 3.9% idag.

BWO: BW Offshore - Sendje Berge Arbitration

Børsmelding
01.03.2017

With reference to stock exchange release dated 28 February 2017.

Sendje Berge Limited ("SBL"), a subsidiary of BW Offshore Limited, has received an arbitration award relating to its claim against Addax Petroleum Exploration (Nigeria) Ltd for the payment of all outstanding day rates in respect of the hire of SBL's FPSO Sendje Berge, currently operating in Nigeria. The award found entirely in SBL's favour, requiring the claimed day rates to be paid. The arbitration tribunal has further declared that no deduction may be made by Addax from future hire payments.

BW Offshore has prior to the award received payment of approximately USD 18.7 million from Addax as partial payment of the outstanding hire payable.

Endret 01.03.2017 19:01 av OldNick
OldNick
03.04.2017 08:33
#18954

Ny positiv melding for BWO.

AGIP/ENI forlenger kontrakten for FPSO'en ABO, som operer på Nigeriansk sokkel.

BWO: BW Offshore - Extension agreement for FPSO Abo

Børsmelding
01.04.2017

With reference to the stock exchange release dated 23 January 2017.

BW Offshore has today signed an extension agreement for the lease and operation of the FPSO Abo with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A., until 31 March 2018 with options until 2023.

For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876

Endret 03.04.2017 08:33 av OldNick
OldNick
10.04.2017 10:41
#18987

BWO: BW Offshore - Closing of the acquisition of stake in Dussafu field

Børsmelding
10.04.2017

BW Energy Gabon Pte. Ltd ("BWEG"), a subsidiary of BW Offshore, has today completed the acquisition of 100% interest in Harvest Dussafu B.V. from Harvest Energia B.V., a wholly-owned subsidiary of Harvest Natural Resources, Inc. (NYSE:HNR). Closing is in line with the terms and conditions previously communicated in the stock exchange release made on 22 December 2016.

BWEG is owned by BW Energy Holdings Pte. Ltd. (BWEH), a joint venture company between BW Offshore (66.67%) and Maple Company Limited (33.33%), a wholly owned subsidiary of BW Group Limited, for the purpose of pursuing oil and gas interests.

Following the abovementioned closing, BWEG holds a 66.66% working interest in the Dussafu production sharing contract, while Panoro Energy ASA holds the remaining 33.33%.

BW Offshore and Panoro Energy ASA are working towards closing of the acquisition of a further 25% working interest in the Dussafu licence from a subsidiary of Panoro Energy, Pan-Petroleum Gabon B.V. ("PPGBV"), and a separate announcement will be made once such transaction is completed. In relation to and subject to the closing of the acquisitions from Panoro and Harvest, BWEG is in discussions with the Gabon Oil Company (GOC) for their participation in the field ownership.

For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876
OldNick
08.05.2017 10:17
#19063

Terminering av kontrakt med Addax Petroleum, selskapet de har vunnet en forlikssak med, men enda ikke har fått utbetalt pengene, US$61.8 mill.

Meldingen sender BWO-aksjen ned ~3% på morgenen.

BWO: BW Offshore - Sendje Berge Termination

Børsmelding
05.05.2017

With reference to stock exchange release dated 1 March 2017.

Sendje Berge Limited, a subsidiary of BW Offshore Limited (BWO), has today received termination notice for the FPSO Sendje Berge operating under a contract with Addax Petroleum Exploration Nigeria Limited (Addax) on the Okwori field offshore Nigeria.

The termination will have effect from 6 November 2017 and Addax has requested BWO to provide a demobilisation plan for the FPSO.

BWO will continue the process with the enforcement of the arbitration award for all outstanding claims against Addax. The outstanding gross claim at the end of the first quarter 2017 was USD 61.8 million.

For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876
IR@bwoffshore.com or www.bwoffshore.com
renud
08.05.2017 18:26
#15539

Trodde innarbeidet praksis i slike arbitrading-saker, var at de ikke er ankbare og at den tapende part må gjøre opp umiddelbart?

Hva er det som gjør at kinesisk-eide Addax kan holde tilbake $61,8 mill?
OldNick
29.05.2017 18:05
#19133

BWO kom med resultat idag.

Det var svakere enn ventet, men Arnet forsikret om at Catcher-FPSO
en vil bli ferdig til å seile fra Singapore til UK i sommer, og at første oljen vil bli produsert i Q4 i år.

Mye av BWO's verdi henger på dette prosjektet nå.

Markedet tok Arnet's forsikringer positivt, da BWO-aksjen havnet nesten på toppen av OSE idag.

BWO: BW Offshore - Q1-2017, Condensed interim consolidated financial information

Børsmelding
29.05.2017

- EBITDA of USD 62.0 million (USD 75.7 million before loss provision)
- Catcher project progressing on schedule for first oil in Q4 2017
- Agreement for insurance settlement for FPSO Cidade de São Mateus
- Sendje Berge arbitration award
- Contract extension for Abo FPSO
- Short-term extension for Berge Helene
- Signed cooperation agreement with ICBC Financial Leasing Co. Ltd in April
- Closing of the acquisitions of the ownership in the Dussafu field in April
- Termination notice for the contract on Sendje Berge received in May

mer på link

BWO: Q1-2017 Report (PDF)

BWO: Q1-2017 Presentation (PDF)
______

BW Offshore-sjefen: Vi holder budsjettet

Carl Arnet lover at Catcher-prosjektet blir gjennomført innenfor budsjett-rammen på 1,2 milliarder dollar.

John I. Seljehaug, Hegnar.no
29.05.2017

OldNick
02.06.2017 09:18
#19156

Da har BWO fått inn utestående fra Addax Petroleum, som beløp seg til US$61.8 mill. (se OldNick #190643 lenger tilake i topic)

Dette var nok i stor grad priset inn i BWO-kursen.

BWO: BW Offshore - Sendje Berge payment

Børsmelding
01.06.2017

With reference to stock exchange release dated 5 May 2017.

Sendje Berge Limited, a subsidiary of BW Offshore Limited (BWO), is pleased to announce that all outstanding day rates in the respect of the hire of the FPSO Sendje Berge now has been paid by Addax Petroleum Exploration Nigeria Limited (Addax).

The payment was made in accordance with the arbitration award from February 2017, where the tribunal declared Addax to pay all outstanding day rates and to make no deduction from future hire payments.

For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876

IR@bwoffshore.com or www.bwoffshore.com
OldNick
30.08.2017 09:01
#19442

BWO kom med Q2-2017 rapport i går.

Viktigste nyhet, Catcher er ferdig bygget, innefor budsjett, og seiler på vei mot nordsjøen (som ble meldt for noen dager siden).

BWO: BW Offshore - Q2-2017 - Condensed interim consolidated financial information

Børsmelding
29.08.2017

- EBITDA of USD 118.6 million in the second quarter and EBITDA of USD 180.6 million in the first half- year 2017
- Payment of outstanding day rates received from Addax
- BW Catcher in transit to the field in the UK North Sea
- Closing of the acquisitions of the ownership in the Dussafu field
- Termination notice for the contract on Sendje Berge

EBITDA for Q2-2017 was USD 118.6 million, an increase of USD 56.6 million (USD 62.0 million). The increase in EBITDA was mainly as a result of reversal of loss provisions related to overdues being paid from Addax during second quarter. The underlying EBITDA excluding the one-off adjustment of loss provision was USD 73.1 million (USD 75.7 million). EBITDA decreased by USD 1.4 million to USD 180.6 million (USD 182.0 million) in H1-2017.

On 5 May, Sendje Berge Limited received termination notice for the FPSO Sendje Berge operating under a contract with Addax Petroleum Exploration Nigeria Limited (Addax) on the Okwori field offshore Nigeria. The termination will have effect from 6 November 2017 and Addax has requested BW Offshore to provide a demobilisation plan for the FPSO. The Company has during the second quarter received payment for all outstanding day rates.

BW Energy Gabon Pte. Ltd ("BWEG"), a subsidiary of BW Offshore, completed in April the acquisition of a 66.667% interest in the Dussafu production sharing contract offshore Gabon from Harvest Energia B.V., a subsidiary of Harvest Natural Resources, Inc. Later in April, BWEG also completed the acquisition of 25% working interest in the Dussafu field from Pan-Petroleum Gabon B.V., a subsidiary of Panoro Energy ASA. The FPSO Azurite fits well with the approved field development plan specifications for the Dussafu field in Gabon. The FPSO has been moved to the Keppel yard where the necessary upgrades can be undertaken.

BW Catcher left Singapore 26 August and is now in transit to the field in the UK. The FPSO will be connected to the already pre-installed mooring system upon arrival at the field. The Catcher project continue to perform within budget with first oil expected in the fourth quarter of 2017.

"The Catcher yard-completion within time and budget, and the subsequent sail-away, were important milestones for us and a reflection of good execution on a complex and challenging project. Catcher remains on track for first oil later this year," said Carl K. Arnet, the CEO of BW Offshore. "We successfully addressed overdues on Sendje Berge, and maintained good operational performance across the fleet and organisation."

Please see attachments for the full quarterly report and presentation.

For further information, please contact:
Knut R. Sæthre, CFO, Tek: +47 9111 7876

BWO: Q2-2017 Report (PDF)

BWO: Q2-2017 Presentation (PDF)
______

BWO-sjefen kommenterer det Brazilianske markedet, og PetroBras' krav til FPSO-leverandører.

Markedet ser veldig krevende ut (neo som ikke overrakser, da PetroBras har veldig strukkede finanser, og strever med korrupsjons-sakene som belaster selskapet).

BW Offshore-sjefen: Den risikoen kan vi ikke ta

Mener oljeselskap er altfor kravstort.

Odd S. Parr, Hegnar.no
29.08.2017
highlander
24.10.2017 14:57
#7570

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OldNick
14.11.2017 15:08
#19674

[Beklager! Nye innlegg er bare tilgjengelig for abonnenter! Allerede registrert? Logg inn eller Gå til registrering og kjøp abonnement!
gorwell
15.11.2017 13:10
#22704

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