BW Offshore: Second Quarter and First Half 2020 Results

HIGHLIGHTS SECOND QUARTER

• EBITDA of USD 116.2 million in Q2
• Safeguarding people, operations and partners throughout the Covid-19 pandemic
• Extensions for Petróleo Nautipa and BW Cidade de São Vicente
• Completed USD 10 million share buy-back programme
• Quarterly dividend payments introduced of USD 0.034 per share
• Equity ratio of 35.8% and USD 388.5 million in total liquidity as at 30 June

EBITDA for the second quarter of 2020 was USD 116.2 million, a decrease from USD 129.9 million in the previous quarter. EBITDA for the first half of 2020 amounted to USD 246.1 million, a decrease of USD 45.8 million (from USD 291.9 million) from in the same period of 2019.

The EBITDA for both periods reflects continued high uptime for the FPSO fleet, mainly offset by the end of the contract for Umuroa in December 2019 and reduced revenue related to variation orders compared to the same period 2019.

“We have maintained high operational uptime through a challenging period due to good risk management, planning and procedures to protect our people, operations and partners,” said Marco Beenen, the CEO of BW Offshore. “We deliver a stable financial performance and a robust balance sheet with the flexibility to distribute a sustainable quarterly dividend to shareholders and selectively progress new long-term business opportunities with solid counterparties.”

On 28 May, BW Offshore completed the USD 10 million share buy-back programme announced 31 March. At 30 June, the Company held a total of 4,156,534 treasury shares. On 10 June, BW Offshore paid a cash dividend of USD 0.034 per share to all shareholders on record as at 3 June 2020.

The Board of Directors has declared a further cash dividend of USD 0.034 per share. Shares will trade ex-dividend from and including 3 September 2020. Shareholders recorded in VPS following the close of trading on Oslo Børs on 4 September 2020 will be entitled to the distribution payable on or around 11 September 2020.

Please see attachments for the Half-Year Report and Presentation. The earnings tables are available at:

BW Offshore will host a conference call of the financial results 14:00 (CEST) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

Conference call information:

To dial in to the conference call where the first half year and second quarter results and Q&A will be hosted, please dial one of the following numbers:

Norway:

Singapore:

United Kingdom: 3

United States: Toll-Free: +1 833 526 8347 

You can also follow the presentation via webcast with supporting slides, available on:

Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call.

For further information, please contact:

Ståle Andreassen, CFO,

Anders S. Platou, Head of Corporate Finance,

or

About BW Offshore:

BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 35 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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