Profitable 3Q for BW Offshore

BW Offshore, an Oslo-based provider of floating production units, has reported that its net profit for 3Q 2013 was $18.0 million, compared with net loss of  $57.5 million recorded in the same period od 2012.

Operating revenues for Q3 2013 amounted to USD 238.4 million, compared to USD 255.1 million in Q2 2013 and $235.9 million in Q3 2012.

EBITDA for Q3 2013 amounted to USD 115.5 million, compared to USD 107.7 million in Q1 2013. The increase in EBITDA is reflecting stable operation in the quarter from the fleet as well as no further changes to the cost estimate for the completion of the Papa Terra project.

Operating profit for Q3 2013 amounted to USD 48.6 million compared to USD 41.5 million in the previous quarter. Net profit amounted to USD 18.0 million for the quarter compared to USD 22.3 million in the previous quarter.

Total equity at 30 September 2013 amounted to USD 1,141.4 million. The equity ratio was 34.3% at the end of the quarter, up from 34.0% last quarter.

Total available liquidity as of 30 September 2013 amounted to USD 400.7 million. During the quarter the Company successfully completed a USD 284.6 million financing facility related to BW Joko Tole. Net debt amounted to USD 1,628.8 million at 30 September 2013, compared to USD 1,649.7 million at 30 June 2013.

Net cash inflow from operating activities was USD 95.5 million compared to USD 95.9 million in the previous quarter. Net cash outflow from investing activities was USD 33.3 million compared to cash outflow of USD 21.3 million in the previous quarter. This is mostly related to capital expenditures for life extension activities. Net cash outflow from financing activities was USD 73.8 million compared to cash outflow of USD 52.8 million in the previous quarter.

November 21, 2013

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 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 31 1 2 3 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

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