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BW Offshore Ltd
OldNick
18:05 29.05.2017
#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
09:18 02.06.2017
#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
09:01 30.08.2017
#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
14:57 24.10.2017
#7570

Pareto opprettholder kjøpsanbefalingen på BWO i en analyseoppdatering, men øker kursmålet fra 23 til 25 kr.
OldNick
15:08 14.11.2017
#19674

BW Offshore med ny, interessant refinansieringsavtale for datterselskapet BW Catcher Ltd, som eier FPSO-skipet BW Catcher og som har en leasingkontrakt med Premier Oil, og som snart er i produksjon på Catcher-feltet på britisk side av nord-sjøen.

ICBCL er et datterselskap av den kinesiske investeringsbanken Industrial and Commercial Bank of China, en av de 4 store kinesiske bankene (og er faktisk nå rangert som den største, også den som har høyest børsverdi i verden, skal vi tro Wikipedia).


BWO: BW Offshore - Investment by ICBCL in BW Catcher FPSO

Børsmelding
14.11.2017

With reference to stock exchange release dated 7 April 2017.

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 Oil.

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.

The 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.

"We are 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", said Carl K. Arnet, the CEO of BWO. "ICBCL is a world-leading financial institution and a strong partner. Together we can deliver cost effective solutions to our clients in the oil and gas sector."


For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876
IR@bwoffshore.com or www.bwoffshore.com
______

Kinesisk partner spytter inn 2,2 milliarder i BW Offshorefartøy

BW Offshore har blitt enige med kinesiske ICBCL om den første avtalen i et milliardsamarbeid.

Marius Lorentzen, E24.no14.11.2017

______

Nordea har regnet på avtalenn, og mener prisingen som ICBCL har lagt til grunn for Catcher-prosjektet og Cather Ltd, så tilsvarer det implisitt en overkurs i BWO.OSE aksjen på ca. + NOK 24/aksje.

Markedet priser dog bare inn NOK 1/BWO-aksje ekstra pr. i (ettermid)dag.


Nordea tror ny BW-deal gir stor verdi for aksjonærene

BWO-analytiker er positiv til selskapets siste avtale.

Jon I. Seljehaug, Hegnar.no
14.11.2017
gorwell
13:10 15.11.2017
#22704

nominee becomes an equity partner in BW Catcher Limited

Hmm, det blir vel feil å regne overkurs i BWO når det er Catcher det utstedes aksjer i? Implisitt verdi av BWO vil ikke øke med mer enn den implisitte økningen i verdi på andelen de sitter igjen med i Catcher.

Avtalen er satt opp som et lån med pant i Catcher. Spørs om ikke hele "krone-rallyet" i BWO var en ren "analytiker"-misforståelse....

(Hva er aksjekapitalen i BW Catcher før dette lånet, dvs hvor stor andel sitter BWO med?)

gorwell
OldNick
09:12 24.11.2017
#19703

re. gorwell 22704,

Det er korrekt det , preferansekapitalen er arrangert som et lån, med utbtttet som forrentning, det er korrekt.

Men, det er smart og billig finansiering for BWO.
______

BWO kom med Q3 rapport idag.

Den var meget bra, Catcher i rute for å begynne oljeproduksjonen før nyttår.

Nå bør markedet legge 20-tallet bak seg som BWO-kurs.

BWO: BW Offshore: Q3 2017 - Condensed interim consolidated financial information

Børsmelding
24.11.2017

- EBITDA of USD 82.1 million in the third quarter
- BW Catcher hooked up at the field offshore UK in October
- Contract extensions for FPSO Sendje Berge and FPSO Umuroa
- Closing of the agreement with ICBCL for the issuance of preference shares in BW Catcher

EBITDA for the Q3-2017 was USD 82.1 million, a decrease of USD 36.5 million (USD 118.6 million). The decrease in EBITDA was mainly as a result of a significant reversal of loss provisions as overdues were paid by Addax during Q2-2017.

The BW Catcher FPSO arrived at the Catcher field in the UK on 18 October, and completed the hook up of the Submerged Turret Production ("STP") buoy mooring system one day later, before successfully completing a rotation test around the buoy on 20 October. The final pull-in of risers and umbilicals is complete and commissioning activities have commenced. The Catcher project continues to perform within budget with first oil expected towards the end of 2017.

On 23 October, BWO signed a four-year contract extension for the FPSO Sendje Berge with Addax Petroleum Exploration (Nigeria) Ltd. The contract, which commenced on 6 November, includes two additional one-year extension options. The revised and agreed commercial terms include a new day rate partially linked to oil production volumes and oil price. The termination notice announced on 5 May 2017 was withdrawn and the arbitration was settled as part of the agreed terms.

On 21 November, BWO signed a one-year contract extension for the lease and operation of the FPSO Umuroa. The FPSO is operating on the Tui field offshore New Zealand for Tamarind.

During third quarter BW Energy Dussafu B.V (BWE), a subsidiary of BW Offshore, signed a Letter of Intent (LOI) for the use of FPSO Azurite on the Dussafu field. The LOI is awaiting final approval by the government. The Dussafu development is on target and budget for first oil in H2-2018.

"The Catcher hook-up was another important milestone, confirming good execution on a complex and challenging project. Catcher remains on track for first oil later this year and will deliver a step-change in or our cash flow from next year", said Carl K. Arnet, the CEO of BW Offshore. "The recent contract extensions for Sendje Berge and Umuroa shows that our installed FPSOs continue to offer value for our clients beyond the initial contract period."

On 14 November, BW Offshore completed the equity transaction for BW Catcher with ICBC as planned. This has significantly strengthened the balance sheet and made the Company well positioned to make new investments in an improving market.

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 at www.bwoffshore.com.

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


BWO: Q3-2017 Report (PDF)

BWO: Q3-2017 Presentation (PDF)

Endret 24.11.2017 09:13 av OldNick
highlander
14:33 20.12.2017
#7782

Kepler Cheuvreux initierer analysedekning på BW Offshore.

Konklusjon: Kjøpsanbefaling, med kursmål på 38 kr.
OldNick
13:21 08.01.2018
#19805

Flere interessante børsmeldinger fra BW Offshore.
Og de sender kursen videre oppover.


BWO) BW Offshore - Contract extension for FPSO Polvo

Børsmelding
07.01.2018

BW Offshore has signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The firm period has been extended to Q3-2019 (from Q3-2018), with options until Q3-2022.

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

BWO: BW Offshore - Received First Oil Certificate for BW Catcher FPSO

Børsmelding
07.01.2018

BW Offshore is pleased to announce that the BW Catcher FPSO on 6th January 2018 received the First Oil Certificate following the successful completion of the 72-hour interim performance test subsequent to the introduction of hydrocarbons on 23rd December 2017.

BW Catcher FPSO is owned and operated by BW Offshore and the First Oil Certificate confirms the commencement of a seven-year fixed term contract, with extension options of up to 18 years. The Catcher field partnership is made up of Premier Oil (50%), Cairn Energy (20%), MOL Group (20%) and Dyas (10%). The unit has an oil storage capacity of 650,000 barrels and a processing capacity of up to 60,000 barrels per day. The BW Catcher FPSO has a design life of 20 years of uninterrupted operations.

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

BWO: BW Offshore - Company presentation providing an update on the Oil & Gas segment

Børsmelding
08.01.2018

BW Offshore is today hosting a presentation focusing on the company's Gabon/Dussafu license field development activities, particularly giving details of progress in bringing on-stream the Tortue Field. The presentation is attached.

The presentation also contains new preliminary reserve estimates for Tortue from independent reserves auditors Netherland, Sewell & Associates Inc. (NSAI) from December 2017.

NSAI has calculated the following estimates of total gross economically recoverable oil reserves, derived from the assumed production from four oil wells in the Tortue field:

* Proved (1P) reserves of 15.9 million bbls
* Proved + Probable (2P) reserves of 23.5 million bbls
* Proved + Probable + Possible (3P) reserves of 31.4 million bbls

The NSAI reserves review does not include the other 3 discovered fields in the license, known as Ruche, Moubenga and Walt Whitman. Also, the independent reserves review does not address prospective resources within the EEA.

The event is being held today, 8 January 2018, at 13:00 CET at The Thief, Landgangen 1 in Oslo, Norway and is hosted by CEO Carl K. Arnet and Lin Espey, Managing Director of BW Energy.

The presentation will be broadcast via webcast, and will also be available for replay. Please visit http://www.bwoffshore.com for access details.

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

Endret 08.01.2018 13:23 av OldNick
highlander
14:13 09.01.2018
#7874

Analytikerne i Danske Bank nedgraderer anbefalingen på obligasjonsgjelden til BW Offshore til markedsvekt fra tidligere overvekt, skriver Dow Jones Newswires.

De mener selskapets beslutning om å skifte fokuset mot utvikling av offshorefelt åpner døren for vekst, men på bekostning av kredittkvalitet.

Denne endringen samt oppgangen i BW Offshores obligasjonspriser de siste månedene nevnes som bakgrunn for nedgraderingen

BW Offshore planlegger å fokusere på offshorefelt, noe som er et skift bort fra bygging, utleie og drift av flytende produksjonsskip, såkalte FPSOer.

Oljefeltutvikling er en viktig driver av risiko, argumenterer Danske. (Kilde: E24)
highlander
14:05 16.01.2018
#7926

Pareto Securities opprettholder sin hold-anbefaling på BW Offshore i en analyseoppdatering.

Imidlertid øker meglerhuset kursmålet fra 25 til 32 kr.
highlander
14:07 16.01.2018
#7927

DNB Markets, derimot, er mer positiv og oppgraderer BWO til kjøp.

Meglerhusets nye kursmål er 40 kr.
Beins
14:21 16.01.2018
#11559

37,15 nå. Ikke langt opp til DnBs kursmål, og dermed ikke så mye å hente om DnB har rett.
Sjelden at Pareto har lavt kursmål innen oljeservice, jfr higlander # 7926.
Merkelig.
highlander
15:16 26.01.2018
#8017

Nordea Markets anbefaler kjøp av BW Offshore, samtidig som meglerhuset øker kursmålet fra 40 til 55 kr.
highlander
15:36 02.02.2018
#8092

SEB følger etter Norede Markets og gjentar kjøp av BW Offshore i en oppdatering.

Samtidig øker SEB kursmålet fra 36 til 51 kr.
OldNick
12:15 22.02.2018
#19921

BW Offshore kom med sin Q4-2017 rapport idag.

Personlig er jeg fornøyd med resultatet, men markedet selger aksjen ned brutalt.

BWO: BW Offshore - Fourth quarter and full year results 2017

Børsmelding
22.02.2018

- EBITDA of USD 73.5 million in the fourth quarter
- First oil produced by BW Catcher in December and First Oil Certificate received in January
- Closing of the agreement with ICBC Leasing for the issuance of preference shares in BW Catcher
- Contract extensions for Sendje Berge, Umuroa and FPSO Polvo (January 2018)

EBITDA for the fourth quarter was USD 73.5 million (USD 82.1 million). Although BW Catcher started generating revenues from 23 December, EBITDA decreased by USD 8.6 million, mainly due to loss provisions released in the third quarter for overdues paid and the revised contract for FPSO Sendje Berge.

First oil from BW Catcher was safely achieved on 23 December 2017. The initial hydrocarbon volumes were produced following a very effective hook-up and commissioning period. The FPSO arrived at the Catcher field offshore UK on 18 October, after sail-away from the Keppel Shipyard in Singapore late August. On 6 January 2018, BW Catcher received the First Oil Certificate following a successful completion of a 72-hour interim performance test.

Good progress was made during the fourth quarter on developing the Dussafu project in Gabon. BW Energy expect to have the lease contract for the FPSO Adolo (formerly Azurite) signed shortly. The pre-laying of anchors and mooring lines for the FPSO, was completed at the Tortue field in December 2017. BW Adolo fits well with the approved field development plan specifications. The FPSO is at the Keppel yard in Singapore for necessary upgrades.

In November, BW Offshore raised USD 275 million in equity by issuing preference shares in BW Catcher Limited to ICBC Financial Leasing Co., Ltd.

In October, BW Offshore signed a four-year contract extension for the FPSO Sendje Berge with Addax Petroleum Exploration (Nigeria) Ltd. In November, BW Offshore signed a one-year contract extension for the lease and operation of Umuroa.

"We delivered on our strategic priorities in 2017 with first oil on Catcher within time and budget, the ICBCL equity transaction, contract extensions and progress on the Dussafu development. We also strengthened our operational capabilities through the year", said Carl K. Arnet, the CEO of BW Offshore. "We enter 2018 with a stronger financial and operational platform, and are positioned to take advantage of gradually improving market conditions."

In January 2018, BW Offshore signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo.

Please see attachments for the full quarterly report and presentation, Annual Report 2017 and the Annual Statement of Reserves.

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 details.

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


BWO: Q4-2017 Report (PDF)

BWO: Q4-2017 Presentation (PDF)

BWO: 2017 Annual Report (PDF)
______

Media:

BW Offshore i pluss

Men forventningene var høyere


Odd S. Parr, Hegnar.no
22.02.2018

BW Offshore melder om et resultat etter skatt på pluss 47,2 millioner dollar i 4. kvartal 2017, mot minus 114,4 millioner dollar i samme periode året før.

Konsensus lå ifølge TDN Direkt på pluss 5,0 millioner dollar.

Resultatet per aksje kom inn på 0,20 dollar, mot minus 0,62 dollar i 4. kvartal 2016. Analytikerstanden lå inne med pluss 0,03 dollar.

Resultatet før skatt ble pluss 13,2 millioner dollar, sammenlignet med minus 109,5 millioner dollar året før. Forventningen var her pluss 13,0 millioner dollar.

Driftsresultatet ble pluss 15,2 millioner dollar, mot minus 115,3 millioner dollar året før. Analytikerne hadde sett for seg pluss 24,0 millioner dollar.

Driftsinntektene beløp seg til 150,3 millioner dollar, sammenlignet med 298,2 millioner dollar i 4. kvartal 2016. Konsensus var 163,0 millioner dollar.

Regnskapet i 4. kvartal 2016 ble tynget av nedskrivninger på 223,2 millioner dollar.
highlander
10:48 26.02.2018
#8379

DNB Markets venter gode nyheter fra BW Offshore i tiden fremover, men mener dette allerede er priset inn.

Dermed opprettholder meglerhuset kursmålet på 40 kroner aksjen, men jekker ned anbefalingen fra kjøp til hold.

Mandag formiddag er aksjen ned 4,6 prosent til 39,4 kroner per stykk.

– På kort til mellomlang sikt mener vi også at kursen har tatt høyde for reprisingspotensialet forbundet med mulighetene for utbytte fra 2020, skriver DNB Markets i morgenoppdateringen mandag. (E24)
highlander
09:39 19.03.2018
#8640

[Beklager! Nye innlegg er bare tilgjengelig for abonnenter! Allerede registrert? Logg inn eller Gå til registrering og kjøp abonnement!]
highlander
08:00 09.04.2018
#8922

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OldNick
09:42 14.05.2018
#20139

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highlander
08:26 16.05.2018
#10036

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OldNick
08:37 16.05.2018
#20145

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highlander
10:18 22.05.2018
#10118

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OldNick
08:47 30.05.2018
#20199

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OldNick
16:47 06.06.2018
#20237

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