BW Offshore Limited · OSL:BWO
BW Offshore — Q4 2015 Earnings Presentation
19 slides from BW Offshore's earnings presentation, Feb 8, 2016
Slide 1: BW Offshore Q4 2015 presentation
BW OFFSHORE Q4 2015 presentation 8 February 2016 CEO Carl K. Arnet CFO Knut R. Sæthre
Slide 2: Disclaimer
Disclaimer This Presentation has been produced by BW Offshore Limited ( “BW Offshore”) exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, finan
Slide 3: Key events Q4 2015
Key events Q4 2015 EBITDA USD million ■ EBITDA of USD 165.5 million 200 Reported Reported ex one-offs ■ Non-cash impairments of USD 321.4 180 million 160 ■ Contract extensions for Polvo and 140 Umuroa 120 ■ Catcher project on track for first oil in 100 2017 80 ■ Cidade de São Mateus disconnected and
Slide 4: Operations
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Slide 5: Operational status
Operational status HSE record (LTI) ■ HSSEQ performance Lost time injuries per million man-hours − Lost time injuries (LTI*) frequency of 1.8 5,0 4,0 ■ Operating fleet uptime 99.6% in Q4 3,0 ■ Contract extensions for Polvo and Umuroa 2,0 1,0 ■ Contract for BW Athena ended and 0,0 preparing demobilis
Slide 6: Catcher project
Catcher project ■ First oil in 2017 - The project remains within budget ■ Main focus of project remains the hull delivery schedule from IHI ■ Turret and mooring system nearing delivery - Installation is scheduled for summer 2016 ■ Topside fabrication is progressing well - Majority of heavy equipment
Slide 7: Fleet overview
Fleet overview U nit T yp e C o nt r act 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2020 2021 2022 2023 2024 2025 Sendje Berge FPSO Lease & Operate Addax/Sinopec, Nigeria: 2005-2018 (2020) Berge Helene FPSO Lease & Operate Petronas, M auritania: 2006-2017 (2021) Yùum K'ak'Náab FPSO Lease & Ope
Slide 8: Finance
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Slide 9: Financials
Financials Net debt and equity ratio ■ EBITDA of USD 165.5 million USD million and percentage − Impairment of USD 85.0 million for Cidade Net debt (USD mill, LHS) Equity ratio (RHS) de São Mateus − USD 5 million in demobilisation fee for BW 2 000 50% Athena 1 800 40% − USD 10 million in various prov
Slide 10: Income statement
Income statement USD million Q4 2015 Q3 2015 2015 2014 Operating revenues 318.8 308.7 1,108.0 1,070.4 Operating expenses --153.1 --134.4 -570.6 -564.7 Share of profit from associates and joint ventures -0.2 -0.3 0.4 21.8 EBITDA 165.5 174.0 537.8 527.5 Depreciation -66.4 -64.4 -260.0 -220.7 Amortisat
Slide 11: Statement of financial position
Statement of financial position USD million 31.12.2015 30.09.2015 Total non-current assets 2,839.8 82.6% 3,113.3 86.1% Total current assets 599.9 17.4% 504.4 13.9% Total assets 3,439.7 100.0% 3,617.7 100.0% Total equity 944.4 27.5% 1,173.2 32.4% Total non-current liabilities 1,886.9 1,831.0 Total cu
Slide 12: Cash flow statement
Cash flow statement USD million Q4 2015 Q3 2015 2015 2014 Net cash flow from operating activities 127.3 101.2 438.4 548.9 Net cash flow from investing activities -106.6 -150.8 -396.2 -419.7 Net cash flow from financing activities 11.9 -53.4 -135.8 -46.3 Net change in cash and cash equivalents 32.7 -
Slide 13: Financing
Financing ■ Extended Umuroa bank loan up to 20 months (to March 2018) ■ Available liquidity including corporate facilities USD 348 million ■ Utilised USD 334 million of USD 800 million bank financing for the Catcher project Gross debt Instalments USD million Per 31.12.2015 USD million Per 31.12.2015
Slide 14: High revenue visibility
High revenue visibility ■ Orderbook of USD 8.6 billion as of 31 Backlog: Firm and option December 2015 − Whereof USD 3.6 billion are firm contracts USD 42% 8.6 Client overview: 58% billion Firm Option Backlog: Counterparties 16% 22% NOC Int. E&P 62% Petrobras Logos from web 8 February 2016 14
Slide 15: Outlook
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Slide 16: Our landscape
Our landscape ■ Positive ■ Uncertainities − Cost efficient production − Oil price − Extensions − Redeployments − Good quality fleet − Counterparty risk − Competitiveness of conversions − Asset values 8 February 2016 16
Slide 17: Current priorities
Current priorities ■ Catcher project ■ Cidade de São Mateus recovery project ■ Continued covenant compliance ■ Fleet performance ■ Life extension programs ■ Redeployment prospects 8 February 2016 17
Slide 18: BW Offshore
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Slide 19: Further information and IR contact
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance [email protected] 8 February 2016 19