BW Offshore posts Q4 2012 results
BW Offshore's operating revenues for Q4 2012 amounted to USD 233.5 million, a decrease of USD 2.4 million compared to USD 235.9 million in Q3 2012, the company reports.
EBITDA for Q4 2012 amounted to USD 116.7 million, an increase of USD 81.6 million compared to USD 35.1 million in the previous quarter. The Q3 2012 EBITDA was negatively impacted by a negative contribution of USD 75.0 million on the Papa Terra-project.
BW Offshore recorded a full year EBITDA of USD 247.9 million compared to USD 311.9 million in 2011. The decrease by USD 64.0 million (21%) is mainly due to the increased costs of USD 135.0 million on the Papa Terra project in 2012 offset by contribution from the FPSOs BW Pioneer, BW Athena and BW Joko Tole which all commenced operation in 2012.
Depreciation amounted to USD 224.2 million, an increase of USD 45.6 million (26%) compared to USD 178.6 million in 2011.The increase is due to the start-up of operations of the FPSOs mentioned above.
In 2012, BW Offshore recognised a reversal of a previous vessel impairment of USD 75.0 million.
BW Offshore recorded a profit before tax of USD 28.7 million compared to a loss of USD 70.9 million in 2011.
Tax expense amounted to USD 28.7 million compared to USD 43.9 million in 2011. The decrease is mainly due to a deferred tax asset related to the FPSO Ningaloo Vision which was expensed in 2011.
Net result for the year amounted to USD 0.0 million compared to a net loss of USD 114.8 million in 2011.
Depreciation amounted to USD 63.2 million compared to USD 63.9 million in the third quarter of 2012.
Operating profit for the quarter amounted to USD 126.6 million compared to a loss of USD 30.0 million in the previous quarter. The improvement of USD 156.6 million is mainly due to reversal of impairment on vessel by USD 75.0 million and the previous quarter's Papa Terra loss of USD 75.0 million.
Net profit amounted to USD 105.9 million for the quarter compared to a net loss of USD 59.6 million in the previous quarter.
Total equity at 31 December 2012 amounted to USD 1,127.1 million, an increase of USD 102.1 million compared to USD 1,025.0 million at 30 September 2012. The equity ratio was 32.9% at the end of the quarter. Total available liquidity as of 31 December 2012 amounted to USD 231.3 million.
Net debt amounted to USD 1,676.8 million at 31 December 2012, compared to USD 1,662.4 million at 30 September 2012.
Net cash inflow from operating activities was USD 57.0 million compared to USD 50.6 million in the previous quarter. Net cash outflow from investing activities was USD 41.2 million compared to cash inflow of USD 74.8 million in the previous quarter. Net cash outflow from financing activities was USD 1.8 million compared to cash outflow of USD 146.5 million in the previous quarter.
BW Offshore`s fleet consists of 14 FPSOs and one FSO. All experienced stable performance with an average uptime of 99.3% during the fourth quarter. BW Offshore has from 1 January 2013 successfully taken over the operation of FPSO Peregrino after a planned transition period of six months. The unit is owned by Statoil and is operating on the Peregrino oil field offshore Brazil.
The Papa Terra (P-63) EPC project arrived 28 January 2013 in QUIP`s Rio Grande yard in Brazil for the integration of the remaining six modules. The FPSO is then expected to be installed on the field and commence operation. All possible efforts are being made by BW Offshore and its Brazilian partner, QUIP, to meet the overall project schedule requirements from Petrobras for a July 2013 start-up.
