BW Offshore reports an EBITDA of USD 86.9 million in the second quarter of 2011 compared to USD 75.6 million in the previous quarter. Adjusted for currency hedges, the EBITDA in Q2 2011 was USD 93.4 million. The increase is mainly due to the contribution from the FPSO BW Pioneer.
Including ongoing conversions, BW Offshore’s lease fleet now totals 15 FPSOs and 2 FSOs. The three ongoing FPSO conversions, BW Athena, BW Joko Tole (TSB) and P-63 (Papa Terra), are progressing in line with expectations.
The outlook for the energy market in general and BW Offshore’s position in particular remains strong and BW Offshore is currently pursuing several prospective projects. The recent turmoil in the international financial market is not expected to have any significant effects on BW Offshore’s results.
The Board has declared a cash dividend of USD 0.04 per share for the quarter.
Highlights
EBITDA of USD 86.9 million in the second quarter (USD 93.4 million adjusted for currency hedges)
Contract extension for FPSO Abo
Planned repairs of Ningaloo Vision successfully completed and production resumed
Dividend payment of USD 0.04 per share
[mappress] Source:BW Offshore, August 30, 2011;