BW Offshore tracks worst day in 1-yr after Q2 miss

Bw Offshore

28/08/2023 08:57

** Shares in BW Offshore  BWO.OL  fall 9% in heavy volumes
after the Norwegian owner and operator of FPSO vessels reported
quarterly operating earnings below analyst expectations 
    ** Carnegie says that BW Offshore's EBITDA of $61 million
missed the $76 million estimate seen by the broker and was below
Factset consensus of $74 million
    ** Carnegie notes that costs related to decommissioning of
Petroleo Nautipa and divestment of Sendje Berge impacted EBITDA
negatively by around $15 million
    ** On the construction of the Barossa FPSO, the company now
states that they expect cost inflation to consume project
buffers, the broker says
    ** Dividends (cash and BW Energy shares) remain unchanged at
$11 million per quarter or $45 million annually, which Carnegie
says implies dividend yield of 9%
    ** The company declared Q2 dividend of $0.063 per share 
        ** The stock is on track for its worst day since August
2022
  
        ** About 676.9 thousand shares of the company have
traded so far today, about three times their 30-day moving
average full-day volume of 210.3 thousand shares
  

 





 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))