Brief: BW Offshore Q1 EBITDA Down At $110.8 Mln

Bw Offshore

25/05/2021 06:40

May 25 (Reuters) - BW Offshore Ltd  BWO.OL :
    * REG-BW OFFSHORE: FIRST QUARTER RESULTS 2021
    * MAJORITY OF BW OFFSHORE'S FLEET REMAINS ON CONTRACT WITH
NATIONAL AND INDEPENDENT OIL COMPANIES
    * EXPECTS THAT EXISTING FLEET WILL CONTINUE TO GENERATE
SIGNIFICANT CASH FLOW IN TIME AHEAD
    * Q1 EBITDA $110.8 MLN VS $129.9 MLN AS REPORTED YR AGO
    * Q1 OPER REVENUE $218.9 MLN VS $257.7 MLN AS REPORTED YR
AGO
    * COVID-19 PANDEMIC CONTINUES TO AFFECT OPERATIONS AND
MARKET
ENVIRONMENT
    * HAS DECLARED A CASH DIVIDEND OF USD 0.035 PER SHARE
    * HIGHER OIL PRICES IN 2021 ARE A SIGN OF IMPROVED MARKET
FUNDAMENTALS AS DISTRIBUTION OF VACCINES ACCELERATES AND SOME
NATIONS ARE RESUMING MORE NORMAL ACTIVITY LEVELS
    * Q1 CASH DIVIDEND OF USD 0.035 PER SHARE
    * Q1 NET PROFIT $97.2 MLN VS LOSS $273.6 MLN AS REPORTED YR
AGO
    * MAINTAINS A SELECTIVE APPROACH TO SUCH OPPORTUNITIES,
CONSIDERING ONLY A FEW HIGH-END PROJECTS WHICH CAN BE DEVELOPED
IN PARTNERSHIP WITH GLOBAL INFRASTRUCTURE INVESTORS
    * HAS A ROBUST FINANCIAL POSITION AND IS POSITIONED TO
CONTINUE TO
DEPLOY CAPITAL TOWARDS FUTURE ACCRETIVE OFFSHORE ENERGY PROJECTS
AND LONG-TERM VALUE CREATION, AND TO PROVIDE GROWING RETURNS TO
SHAREHOLDERS AND A QUARTERLY CASH DIVIDEND
    * Q1 EBIT $41.4 MLN VS LOSS $198.7 MLN AS REPORTED YR AGO
    * EXPECTATION IS OIL AND GAS INDUSTRY WILL CONTINUE TO FOCUS
ON
LONG-TERM LARGE FIELD DEVELOPMENT INITIATIVES WITH LOW
BREAK-EVEN COSTS

Source text for Eikon:  ID:nGNE6rV8Sm 
Further company coverage:  BWO.OL 

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