Brief: BW Offshore Q4 EBITDA Up At $102.3 Mln

Bw Offshore

28/02/2022 06:45

Feb 28 (Reuters) - BW Offshore Ltd  BWO.OL :
    * Q4 EBITDA OF USD 102.3 MILLION AND Q4 OPERATING CASHFLOW OF USD 148.1 MILLION
    * QUARTERLY CASH DIVIDEND OF USD 0.035 PER SHARE
    * Q4 EBITDA $102.3 MILLION VERSUS $91.9 MILLION YEAR AGO
    * COMPANY EXPECTS THAT CORE UNITS IN EXISTING FLEET WILL CONTINUE TO GENERATE SIGNIFICANT
CASH
FLOW IN TIME AHEAD
    * FIRM FPSO CONTRACT BACKLOG AT END OF 2021 AMOUNTED TO USD 6.5 BILLION WHEN INCLUDING
BAROSSA
CONTRACT
    * WITH PROBABLE OPTIONS, BACKLOG WAS USD 7.7 BILLION AT END OF YEAR
    * COVID-19 PANDEMIC CONTINUES TO AFFECT OPERATIONS AND MARKET ENVIRONMENT
    * HIGHER ENERGY PRICES IN 2021 AND INTO 2022 ARE A SIGN OF IMPROVED MARKET FUNDAMENTALS AS
DISTRIBUTION OF VACCINES ACCELERATES AND MORE NATIONS NORMALISE ACTIVITY LEVELS
    * OIL AND GAS INDUSTRY IS EXPECTED TO CONTINUE TO FOCUS ON PROGRESSING LONG-TERM LARGE FIELD
DEVELOPMENT INITIATIVES WITH LOW BREAK-EVEN COSTS AND LOW CARBON EMISSIONS
    * IS SEEKING TO OPTIMISE CURRENT ASSET PORTFOLIO CONSIDERING OVERALL COST BASE
    * THIS INCLUDES POTENTIAL DIVESTMENT OR RECYCLING OF UNITS IF FPSO REDEPLOYMENT
OPPORTUNITIES DO
NOT MATERIALISE
    * COMPANY IS PROGRESSING MULTIPLE PROJECTS SUPPORTED BY FUNDING FROM PRIVATE PLACEMENT IN
2021
    * Q4 OPERATING REVENUE $203 MILLION VERSUS $222.5MLN YEAR AGO
    * Q4 NET LOSS $ 46.1 MILLION VERSUS LOSS $43.0 MILLION YEAR AGO

Source text for Eikon:  ID:nGNE79Nmv2 
Further company coverage:  BWO.OL 

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