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Saturday, July 21, 2018

Catcher FPSO to Add about $200 mln in EBITDA/year

Maritime Activity Reports, Inc.

November 26, 2017

BW Catcher FPSO (Photo: BW Offshore)

BW Catcher FPSO (Photo: BW Offshore)

BW Offshore CEO Carl Arnet in FPSO (floating production, storage and offloading) firm BW Offshore Ltd says the Catcher field project in the British North Sea will add about $200 mln in annual EBITDA to its results when it comes on stream in December 2017.
 
** BW Offshore reported an EBITDA of $82.1 million in Q3, beating a $72 million average forecast by analysts in a Reuters poll
 
** CEO says there is more activity among potential customers, but traditional contracts to just operate and lease units have not made sense for BW Offshore at current low rate levels
 
** BW instead prefers project were it can participate in development phase and create long-term relationship with an oil firm
 
** BW is also developing Dussafu field in Gabon. CEO says Dussafu is on time an budget and first oil is targeted in second half of 2018
 
** FPSO unit Cidade de Sao de Mateus, which exploded under operation for Petrobras in February 2015, is still in lay-up at Keppel in Singapore
 
** CEO says its up to Petrobras to decide what will happen to FPSO Cidade de Sao Mateus, but BW needs to have a project before it decides to repair the unit
 
** BW Offshore currently operates 11 units, the owned fleet includes 15 FPSOs and one FSO


(Reporting by Ole Petter Skonnord, editing by Terje Solsvik)
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