Q1 2023 BW Offshore Ltd Earnings Call Transcript

May 24, 2023 / 12:00PM GMT

Release Date Price: kr25.67 (-3.49%)

Transcript

Marco Beenen

BW Offshore Limited - CEO

Welcome, everyone. My name is Marco Beenen, CEO, and I will host this conference call together with our CFO, Stale Andreassen. And in this call, we will present BW Offshore's first quarter 2023 results. Please note our disclaimer. And then I move on with highlights.

I'm pleased to report good progress on Barossa, now 67% complete by end of April. We have divested BW Opportunity for USD 125 million, and we continue our return to shareholders with a combination of cash and dividend in-kind in BW Energy shares. That's roughly 50-50 and equivalent to about USD 45 million on an annual basis. The EBITDA in the first quarter came in at $79 million, operating cash flow $128 million, and that includes $78 million of the prepayments of the Barossa day rate.

Moving on with an update on operations, starting with Barossa. As I just mentioned in the highlights, the Barossa project is progressing well, with 67% complete and on track for first oil in the first half of 2025 as planned. We're extremely pleased with the excellent safety performance on this project

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