BW Offshore returns to quarterly profit

FPSO operator BW Offshore returned to profit during the third quarter of the year. 

Namely, according to the company’s financial report on Friday, net profit for the 2017 quarter was $3.9 million compared to a loss of $11.2 in the third quarter of 2016.

BW Offshore’s operating revenues for the quarter dropped to $152.7 million compared to $159.6 million in the prior-year period.

The company’s net debt at the end of the quarter was $1.5 billion.

BW Offshore currently operates 11 units. The owned fleet includes 15 FPSOs and one FSO. Average commercial uptime during the third quarter was 98.4% due to downtime on Sendje Berge in September.

In its report on Friday, BW said that the oil and gas markets remain challenging. The company is experiencing increased market activity for new-built FPSOs, but due to the persisting situation of oversupply, the company believes a commercially disciplined approach for new investments is warranted. Consequently, BW Offshore said it expects a low number of awards in the medium-term.

The demand for re-deployments has increased and the majority of BW Offshore’s fleet remains on long-term contracts with national and independent oil companies.

The expected start-up of production from FPSO Catcher towards the end of 2017 will be a significant contributor to the cash flow of the Company in 2018 and the years to come.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply