Brief: BW Offshore Q1 Operating Revenue Down At $166.3 Mln

Bw Offshore

24/05/2023 06:51

May 24 (Reuters) - BW Offshore Ltd  BWO.OL :
    * FIRST QUARTER RESULTS 2023
    * CONTINUED TO EXECUTE BAROSSA FPSO PROJECT WITH OVERALL
COMPLETION AT 67% PER END OF APRIL, ACCORDING TO PLAN
    * OUTLOOK: BW OFFSHORE EXPECTS THAT CORE UNITS IN EXISTING
FLEET
WILL CONTINUE TO GENERATE SIGNIFICANT CASH FLOW IN TIME AHEAD
SUPPORTED BY USD 5.8 BILLION FIRM CONTRACT BACKLOG AT END OF
MARCH 2023, INCLUDING BAROSSA CONTRACT
    * FPSO FLEET CONTINUED TO DELIVER STABLE UPTIME IN QUARTER
WITH A
WEIGHTED AVERAGE FLEET UPTIME OF 98.6% (99.1% IN Q4 2022)
    * Q1 FLEET UPTIME WAS AFFECTED BY A SHUTDOWN ON SENDJE BERGE
    * OUTLOOK: ONGOING ASSET DIVESTMENT PROGRAMME FOR NON-CORE
FPSOS
IS EXPECTED TO BE COMPLETED IN 2023 IN LINE WITH STRATEGY,
REDUCING OPERATIONAL RISKS ASSOCIATED WITH CONVENTIONAL UNITS
AND STRENGTHENING BALANCE SHEET
    * REPURCHASED USD 14 MILLION OF SENIOR UNSECURED CONVERTIBLE
BONDS
AS PER APRIL 2023
    * Q1 OPERATING REVENUE $166.3 MILLION VERSUS $193.6 MILLION
YEAR
AGO

Source text for Eikon:  ID:nGNE8LFfSb 
Further company coverage:  BWO.OL 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))