Brief: BW Offshore Q1 EBITDA Falls To $84.8 Mln

Bw Offshore

27/05/2022 06:54

May 27 (Reuters) - BW Offshore Ltd  BWO.OL :
    * Q1 EBITDA $84.8 MILLION VERSUS $110.8 MILLION YEAR AGO
    * BW OFFSHORE LTD - AWARDED LIMITED NOTICE TO PROCEED FOR
SHELL'S
GATO DO MATO DEVELOPMENT IN BRAZIL
    * ANNUAL DIVIDEND INCREASED TO INCLUDE USD 20 MILLION OF BW
ENERGY
SHARES AS IN-KIND DISTRIBUTION
    * Q1 OPERATING REVENUE $ 193.6 MILLION VERSUS $218.9 MILLION
YEAR
AGO
    * COMPANY IS IN CLOSE DIALOGUE WITH ITS SUBCONTRACTORS AND
EQUIPMENT PROVIDERS TO ENSURE EARLY IDENTIFICATION AND
MITIGATION OF POTENTIAL CHALLENGES CONSIDERING FURTHER PRESSURE
ON GLOBAL SUPPLY CHAINS IN WAKE OF RUSSIAN INVASION OF UKRAINE
AND CONTINUED COVID-19 LOCKDOWNS IN CHINA.
    * Q1 BOARD OF DIRECTORS OF BW OFFSHORE HAS DECIDED TO
INCREASE
ANNUAL DIVIDEND TO INCLUDE USD 20 MILLION OF IN-KIND
DISTRIBUTION OF BW ENERGY SHARES IN ADDITION TO ANNUAL USD 25
MILLION CASH DIVIDEND, BOTH TO BE PAID ON QUARTERLY BASIS.
    * Q1 NET PROFIT $46.3 MILLION VERSUS  $97.2 MILLION YEAR AGO
    * OUTLOOK 2022: BW OFFSHORE EXPECTS CORE FPSO FLEET TO
GENERATE
SIGNIFICANT CASH FLOW IN TIME AHEAD
    * Q1 FIRM CONTRACT BACKLOG AT END OF MARCH 2022 AMOUNTED TO
USD
6.3 BILLION, INCLUDING BAROSSA CONTRACT. WITH PROBABLE OPTIONS,
BACKLOG WAS USD 7.5 BILLION AT END OF QUARTER.
    * OUTLOOK 2022: COMPANY EXPECTS CONTINUED FOCUS ON LONG-TERM
LARGE
FIELD DEVELOPMENT INITIATIVES WITH LOW BREAK-EVEN COSTS AND LOW
CARBON EMISSIONS
    * OUTLOOK 2022: RECENT ASSET DIVESTMENTS HAVE STRENGTHENED
COMPANY'S FINANCIAL POSITION AND SUPPORT GROWTH INTO ACCRETIVE
OFFSHORE ENERGY PROJECTS AND LONG-TERM VALUE CREATION.

Source text for Eikon:  ID:nGNE4kJ33l 
Further company coverage:  BWO.OL 

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