BWO - Revenue backlog of USD ~6.8bn (Gode utbytter)
Fra 16.november pres.
Highly robust balance sheet, substantial
available liquidity, and demonstrated track
record of successful de-leveraging
âą High-graded FPSO fleet with solid long-term
contract economics ensures significant debt
service capacity
âą Long-term cash flow visibility through revenue
backlog of USD ~6.8bn1
Highly robust balance sheet, substantial
available liquidity, and demonstrated track
record of successful de-leveraging
âą High-graded FPSO fleet with solid long-term
contract economics ensures significant debt
service capacity
âą Long-term cash flow visibility through revenue
backlog of USD ~6.8bn1
Kotti
12.04.2024 kl 19:21
7177
Vil intuitivt tro stĂžrst risiko i denne fasen. Det er nĂ„ de vil avdekkes om ting virker som det skal eller ikke. Presiserer dog tror, aner egentlig ikkeđ
inference
12.04.2024 kl 18:28
7209
Er med pĂ„ den, JanOrge đ
Er Barossa daâŠ. Risikoen for overskridelser. NĂ„ er man over i commisioning. Jeg kan ikke dette godt nok til Ă„ vite nĂ„r risikoen for kostnadsoverskridelser er hĂžyest er det nĂ„r man er pĂ„ 40% eller fĂžrst nĂ„e man er pĂ„ 95% lissom.
Er Barossa daâŠ. Risikoen for overskridelser. NĂ„ er man over i commisioning. Jeg kan ikke dette godt nok til Ă„ vite nĂ„r risikoen for kostnadsoverskridelser er hĂžyest er det nĂ„r man er pĂ„ 40% eller fĂžrst nĂ„e man er pĂ„ 95% lissom.
TonyB
12.04.2024 kl 17:57
7048
đ, mitt hus er dessverre allerede pantsatt, men svigermors gĂ„stol kan jo alltid aventeres pĂ„ Finnđ. Skal akkumuleres betydelig her ogsĂ„. Det gĂ„r seg seg til og «blyloddet» kan nok raskt bli «gull-loddet»
JanOrge
12.04.2024 kl 15:41
7136
Selskapets inntekter er etterhvert ganske forutsigbare. Solid backlog. PÄ de tre fartÞyene i drift antyder backloggen kontantstrÞm pÄ 2 mrd NOK per Är. Og nÄ er selskapet netto gjeldfritt Barossa ekskludert. Jeg pantsetter huset og dobler pÄ neste dip...
cinet
12.04.2024 kl 13:37
4281
BW Offshore: Recycling FPSO PetrĂłleo Nautipa in compliance with Hong Kong Convention
Recycling FPSO PetrĂłleo Nautipa in compliance with Hong Kong Convention
BW Offshore has signed an agreement to recycle FPSO PetrĂłleo Nautipa in
compliance with the Hong Kong International Convention at Baijnath Melaram ship
recycling facility (the "Facility") in India.
The Facility is certified to ISO standards and has been issued with a Statement
of Compliance by the ship classification society Class NK in accordance with IMO
Resolution MEPC.210(63) and the Hong Kong International Convention for the safe
and environmentally sound recycling of ships.
BW Offshore intend to have BW Offshore personnel continuously at the site during
the recycling period, supplemented by additional competent personnel from a
third party, to ensure Health, Safety and Environmental regulations are
followed. A Ship Recycling Plan will be prepared and provided by the Facility in
compliance with the above regulations. To further incentivise safe recycling, BW
Offshore will pay a "safe recycling" bonus upon completion provided the agreed
requirements for safe recycling are met. BW Offshore management personnel will
conduct visits to the Facility with on-site walkabouts and workforce engagement
during the recycling process.
Since its conversion to an FPSO in 2002, the unit has been in operation at the
Etame field offshore Gabon for Vaalco Energy until the contract was completed in
2022 and the unit was demobilised. Over the course of 20 years, the contract has
been extended multiple times, from a contract that was initially 2 years firm
plus 3 years of options.
The sale will free up approximately USD 9 million of liquidity.
Recycling FPSO PetrĂłleo Nautipa in compliance with Hong Kong Convention
BW Offshore has signed an agreement to recycle FPSO PetrĂłleo Nautipa in
compliance with the Hong Kong International Convention at Baijnath Melaram ship
recycling facility (the "Facility") in India.
The Facility is certified to ISO standards and has been issued with a Statement
of Compliance by the ship classification society Class NK in accordance with IMO
Resolution MEPC.210(63) and the Hong Kong International Convention for the safe
and environmentally sound recycling of ships.
BW Offshore intend to have BW Offshore personnel continuously at the site during
the recycling period, supplemented by additional competent personnel from a
third party, to ensure Health, Safety and Environmental regulations are
followed. A Ship Recycling Plan will be prepared and provided by the Facility in
compliance with the above regulations. To further incentivise safe recycling, BW
Offshore will pay a "safe recycling" bonus upon completion provided the agreed
requirements for safe recycling are met. BW Offshore management personnel will
conduct visits to the Facility with on-site walkabouts and workforce engagement
during the recycling process.
Since its conversion to an FPSO in 2002, the unit has been in operation at the
Etame field offshore Gabon for Vaalco Energy until the contract was completed in
2022 and the unit was demobilised. Over the course of 20 years, the contract has
been extended multiple times, from a contract that was initially 2 years firm
plus 3 years of options.
The sale will free up approximately USD 9 million of liquidity.
TonyB
11.04.2024 kl 20:43
4512
Ja, enig i dette. Teoretisk burde lĂ„net bli redusert til MUSD 12 som du pĂ„peker om en nyttet det pĂ„ nedbetaling. Mitt henseende var nok egentlig mer Ă„ belyse at selve egenkapitalen ikke nĂždvendigvis er styrket tilsvarende gjennom salget av aksjene og herav potensiell tilsvarende reduksjon av gjeld. Ja, gjelda er borte, men sĂ„ er ogsĂ„ (tilsvarende) aksjeposten pĂ„ aktiva-siden, sĂ„ nettoformuen, gitt eksemplet jeg brukte, ble den samme. Men nĂ„ er det jo «rentebĂŠrende gjeld» og definisjon av det som var utgangspunktet, sĂ„ jeg burde kanskje ikke dra inn mitt eksempel i dette (som ogsĂ„ nok er elementert for mange) đ
Kotti
11.04.2024 kl 19:18
4519
Selskapet rapporterte selv sin netto rentebÊrende gjeld pÄ MUSD 172 per 31.12.23. Dette inkluderte ikke aksjeposten i BWE, hadde de inkludert denne som del av kontantbeholdningen sin ville dette gitt netto rentebÊrende gjeld i selskapet ved Ärsslutt pÄ rundt MUSD 20.
NÄr selskapet ikke inkluderte aksjene i BWE som del av sin likviditet antar jeg det henger sammen med at de behandlet BWE etter egenkapitalmetoden, ikke som del av en likvid plassering. Uansett, selskapet mottok MUSD 176 for BWE og betalte MUSD 16 i utbytte. Alt annet like tilsier det en reduksjon i rentebÊrende gjeld til MUSD 12. I tillegg ordinÊr drift som gir reell EBITDA pÄ drÞyt MUSD 60 per kvartal.
Da er det ikke helt Äpenbart hvilke andre gjeldsposter som i sÄ fall inngÄr i anslaget pÄ MUSD 113 etter Q1.
NÄr selskapet ikke inkluderte aksjene i BWE som del av sin likviditet antar jeg det henger sammen med at de behandlet BWE etter egenkapitalmetoden, ikke som del av en likvid plassering. Uansett, selskapet mottok MUSD 176 for BWE og betalte MUSD 16 i utbytte. Alt annet like tilsier det en reduksjon i rentebÊrende gjeld til MUSD 12. I tillegg ordinÊr drift som gir reell EBITDA pÄ drÞyt MUSD 60 per kvartal.
Da er det ikke helt Äpenbart hvilke andre gjeldsposter som i sÄ fall inngÄr i anslaget pÄ MUSD 113 etter Q1.
TonyB
11.04.2024 kl 17:54
4477
Eksempel:
Man tar opp 1 mill i lÄn for Ä sette de i bank. Nettogjeld vil vÊre 0.
En tar opp 1 mill i lÄn for Ä investere i aksjer. Om aksjenes verdi pÄ balansetidspunkt er 1 mill, er nettogjeld fortsatt 0. (Med netto gjeld menes at en fra rentebÊrende gjeld (RBG) mÄ trekke fra verdien av kontantbeholdningen og OBS eventuelle driftsfremmede eiendeler (aksjer) som lett kan omgjÞres til kontanter.)
Selger man sÄ aksjene (som var verdsatt til 1 mill til en 1 mill og setter i banken) sÄ har man fortsatt 1 mill, men nÄ i kontant minus 1 mill i gjeld, dvs 0 i netto gjeld.
Bruker man 1 mill innstÄende i bank til Ä betale ned lÄn pÄ 1 mill, er fortsatt nettogjeld 0
Man tar opp 1 mill i lÄn for Ä sette de i bank. Nettogjeld vil vÊre 0.
En tar opp 1 mill i lÄn for Ä investere i aksjer. Om aksjenes verdi pÄ balansetidspunkt er 1 mill, er nettogjeld fortsatt 0. (Med netto gjeld menes at en fra rentebÊrende gjeld (RBG) mÄ trekke fra verdien av kontantbeholdningen og OBS eventuelle driftsfremmede eiendeler (aksjer) som lett kan omgjÞres til kontanter.)
Selger man sÄ aksjene (som var verdsatt til 1 mill til en 1 mill og setter i banken) sÄ har man fortsatt 1 mill, men nÄ i kontant minus 1 mill i gjeld, dvs 0 i netto gjeld.
Bruker man 1 mill innstÄende i bank til Ä betale ned lÄn pÄ 1 mill, er fortsatt nettogjeld 0
Redigert 11.04.2024 kl 18:07
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Kotti
11.04.2024 kl 12:59
4406
Tapet pÄ MUSD 6 skyldes kronesvekkelse pÄ drÞyt 3 % mot USD fra 31.12.23 til salgstidspunktet et stykke ut i januar.
Ellers helt enig med deg mht. beskrivelsen av gjeldsutvikling.
Ellers helt enig med deg mht. beskrivelsen av gjeldsutvikling.
trek
11.04.2024 kl 09:56
4491
Jeg er ganske sikker pÄ at du tar feil, og at analytikeren har mer eller mindre rett nÄr det gjelder gjelda. Skulle han og de andre analytikerne ha bommet fullstendig, og du ha rett nÄr Q1-tallene kommer sÄ kan du jo glede deg. Da er det egentlig bare Ä pantsette huset og kjÞpe det du kan :)
JanOrge
11.04.2024 kl 09:46
3969
Aksjebeholdningen ble solgt med et bokfÞrt tap pÄ omtrent 6 MUSD. MEN poenget er at aksjene blir omgjort til kontanter. Netto gjeld er samlet rentebÊrende gjeld fratrukket kontanter. Dette belÞpet var 31.12.2023 172 MUSD. I Q1 en fikk selskapet kontanter med 176 MUSD i tillegg til kontantene de hadde fra fÞr. Dette fÄr dermed full effekt nÄr netto gjeld skal beregnes. NÄr det gjelder noteringen av obligasjonslÄnet, sÄ medfÞrte ikke noteringen noen Þkning av gjelden. OgsÄ den konvertible obligasjonen er medtatt i tallene per 31.12.2023, og bidrar ikke i seg selv til endring av gjelden i Q1.
Ellers enig i det du skriver i siste avsnitt!
Ellers enig i det du skriver i siste avsnitt!
Redigert 11.04.2024 kl 09:49
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trek
11.04.2024 kl 09:33
3964
Aksjebeholdningen i BWE var vel ikke bokfÞrt til null, sÄ salgssummen for disse blir ikke ren netto i Q1-regnskapet.
Det ble ogsÄ notert et obligasjonslÄn pÄ 1 mrd. NOK i februar. I tillegg sÄ har du den konvertible obligasjonen som utlÞper i november.
Analytikeren har nok ganske god oversikt over akkurat dette.
Det han ikke har tatt med er at det virker sannsynlig at BWO fÄr kontrakten med Ä operere BW Oportunity som de solgte ifjor til et tyrkisk selskap. Det vil dreie seg om et ganske stort belÞp, og vil vÊre en kursdrivende nyhet.
Det ble ogsÄ notert et obligasjonslÄn pÄ 1 mrd. NOK i februar. I tillegg sÄ har du den konvertible obligasjonen som utlÞper i november.
Analytikeren har nok ganske god oversikt over akkurat dette.
Det han ikke har tatt med er at det virker sannsynlig at BWO fÄr kontrakten med Ä operere BW Oportunity som de solgte ifjor til et tyrkisk selskap. Det vil dreie seg om et ganske stort belÞp, og vil vÊre en kursdrivende nyhet.
JanOrge
11.04.2024 kl 08:49
4005
Det er flere momenter ved denne analysen jeg ikke er henger med pÄ:
1. "Netto gjeldsreduksjon til 113 MUSD..." Per Q4 sÄ er netto gjeld 172 MUSD. Salget av aksjeposten i BWE dro i land omtrent 176 MUSD. Hvilken kalkulator klarer da Ä vise at netto gjeld kun gÄr ned 61 MUSD som fÞlge av dette salget. Netto gjeld reduseres med omlag 60 MUSD per kvartal allerede pÄ ordinÊr drift. Salget av BWE-aksjene vil medfÞre YTTERLIGERE reduksjon, og sÄnn jeg ser det sÄ vil netto gjeld per Q1 nÞdvendigvis vÊre nÊrmere null, eller sÄgar at man har netto hÞyere bankbeholdning enn gjeld. (Dette er selvsagt Barossa ekskludert).
2. Fri kontantstrÞm pÄ 22 % mÄ jeg legge til grunn at han mener er Ärlig. Det er likevel noe lavt, sÄnn jeg ser det, med tanke pÄ at selskapet er netto gjeldfritt (Barossa eksklusive) fra og med dette kvartaler, og at kontantene som genereres fra ordinÊr drift ikke lenger trengs for Ä tilbakebetale gjeld.
1. "Netto gjeldsreduksjon til 113 MUSD..." Per Q4 sÄ er netto gjeld 172 MUSD. Salget av aksjeposten i BWE dro i land omtrent 176 MUSD. Hvilken kalkulator klarer da Ä vise at netto gjeld kun gÄr ned 61 MUSD som fÞlge av dette salget. Netto gjeld reduseres med omlag 60 MUSD per kvartal allerede pÄ ordinÊr drift. Salget av BWE-aksjene vil medfÞre YTTERLIGERE reduksjon, og sÄnn jeg ser det sÄ vil netto gjeld per Q1 nÞdvendigvis vÊre nÊrmere null, eller sÄgar at man har netto hÞyere bankbeholdning enn gjeld. (Dette er selvsagt Barossa ekskludert).
2. Fri kontantstrÞm pÄ 22 % mÄ jeg legge til grunn at han mener er Ärlig. Det er likevel noe lavt, sÄnn jeg ser det, med tanke pÄ at selskapet er netto gjeldfritt (Barossa eksklusive) fra og med dette kvartaler, og at kontantene som genereres fra ordinÊr drift ikke lenger trengs for Ä tilbakebetale gjeld.
trek
10.04.2024 kl 21:37
4115
I en analyse fra SEB skriver analytiker Ola Eikanger at BW Offshore opprettholder en attraktiv og bÊrekraftig utbytteavkastning pÄ ca. 9-10 prosent, og ser ut til Ä generere en fri kontantstrÞm som tilsvarer 22 prosent av sin nÄvÊrende selskapsverdi i perioden 2024-26.
SEB opprettholder kjÞpsanbefalingen pÄ BW Offshore, og Þker kursmÄlet fra 30 til 33 kroner. Det nye kursmÄlet kommer etter en oppdatert analyse basert pÄ en fartÞy-for-fartÞy SOTP-vurdering (Sum-of-the-parts), og forlengelse av opsjonsperioden for BW Catcher fra fÞrste kvartal 2027 til fjerde kvartal 2028.
For fÞrste kvartal 2024 forventer Eikanger et driftsresultat (EBITDA) pÄ 75 millioner dollar fra kjerneflÄten av FPSOer, med en netto gjeldsreduksjon til 113 millioner dollar, drevet av inntektene fra salget av eierandelen i BW Energy.
Analytikeren fremhever videre at det er begrenset med potensielle kurstriggere for BW Offshore i lÞpet av de neste seks mÄnedene, men pÄpeker at selskapet fortsatt tilbyr en attraktiv utbytteavkastning.
cinet
08.04.2024 kl 23:24
4286
Da ble det som bebudet bw LPG som ble fĂžrste med usa- notering. Hvem blir den neste?
cinet
05.04.2024 kl 18:40
4522
Dagens melding :»The Company has today settled the TRS agreement underlying 1 732 000 shares in
BW Offshore expiring 5 April 2024. The Company has subsequently entered into a
new TRS agreement with exposure to the same number of underlying shares in BW
Offshore with expiry date 4 April 2025 and a TRS price of NOK 28.25 per
underlying share.»
BW Offshore expiring 5 April 2024. The Company has subsequently entered into a
new TRS agreement with exposure to the same number of underlying shares in BW
Offshore with expiry date 4 April 2025 and a TRS price of NOK 28.25 per
underlying share.»
cinet
04.04.2024 kl 07:37
4710
inference skrev Det blir en bra backlog med dagrate 1,25 musd x 27 Ă„r đ
Lula-gjengen i petrobras ville heller forhandle videre med et heleid brasiliansk, som var 43% dyrereâŠâŠ.. sĂ„ da vil et eventuelt nytt tilbud fra bwo vĂŠre med enda bedre marginer.
trek
03.04.2024 kl 22:13
4250
Jeg tipper det var et nybygg som var tiltenkt jobben, etter som det er en kontrakt som strekker seg over 27 Ă„r.
Som vi ser her har Petrobras jobbet en stund med Ä fÄ pÄ plass en avtale for FPSO pÄ Albacora-feltet.
https://brazilenergyinsight.com/2023/06/26/petrobras-extends-deadline-for-proposals-for-the-new-fpso-for-the-albacora-field-in-the-campos-basin/
Som vi ser her har Petrobras jobbet en stund med Ä fÄ pÄ plass en avtale for FPSO pÄ Albacora-feltet.
https://brazilenergyinsight.com/2023/06/26/petrobras-extends-deadline-for-proposals-for-the-new-fpso-for-the-albacora-field-in-the-campos-basin/
cinet
03.04.2024 kl 21:18
4310
Ja det lurte jeg ogsÄ pÄ, men de har nok en genial plan . :) de har jo vÊrt i finale forhandlinger senest i hÞst. Kanskje kjÞpe et skip fra en konkurrent ? Eller overfÞring av Cather? Noen som vet?
inference
03.04.2024 kl 20:53
4340
Har egentlig BWO noe eksisterende bÄter igjen Ä tilby?
Jeg trodde alt med unntak av 4 (inkl Opal) var solgt eller hugget opp.
De fire gÄr vel inn i det de kaller core fleet og har lange kontrakter eller opsjoner som med hÞy grad av sannsynlighet blir callet.
Snart ikke mer enn 12 mnd igjen fĂžr Opal skal vĂŠre up and running heller đ
Jeg trodde alt med unntak av 4 (inkl Opal) var solgt eller hugget opp.
De fire gÄr vel inn i det de kaller core fleet og har lange kontrakter eller opsjoner som med hÞy grad av sannsynlighet blir callet.
Snart ikke mer enn 12 mnd igjen fĂžr Opal skal vĂŠre up and running heller đ
cinet
03.04.2024 kl 20:13
4385
Peteobras /sambagutta tror de kan fĂ„ tjenester gratis. NĂ„ er de andre sambagutta ute av dansen. Noen som vet hvilket skip bwo tilbydde ? Her er det frwmdeles storw myligheter da peteobras mĂ„ ha fpso âŠ.
Upstream i dag :
«Brazilian state-controlled oil company Petrobras has cancelled a tender for the charter of a mid-sized floating production, storage and offloading vessel to help revitalise operations in the mature Albacora field in the countryâs prolific Campos basin.
Petrobras had been in exclusive talks with Brazilian player Ocyan for months to contract the Albacora FPSO after negotiations with Norwegian floater specialist BW Offshore, which was the low bidder, fell apart.
A few weeks ago in a press conference to detail the companyâs 2023 financial +++
Her var prisdiskusjonen fra hĂžsten 23:
«BW Offshore emerged as the low bidder in mid-September to supply the Albacora FPSO with a proposed dayrate of $1.25 million. Brazilian group Ocyan finished second by offering a dayrate of $1.79 million.«
Satser pÄ at peteobras kryper til korset , og gjenopptar forhandlingene med bwo , ellers kommer det ikke til Ä skje sÄ mye i lula land
Upstream i dag :
«Brazilian state-controlled oil company Petrobras has cancelled a tender for the charter of a mid-sized floating production, storage and offloading vessel to help revitalise operations in the mature Albacora field in the countryâs prolific Campos basin.
Petrobras had been in exclusive talks with Brazilian player Ocyan for months to contract the Albacora FPSO after negotiations with Norwegian floater specialist BW Offshore, which was the low bidder, fell apart.
A few weeks ago in a press conference to detail the companyâs 2023 financial +++
Her var prisdiskusjonen fra hĂžsten 23:
«BW Offshore emerged as the low bidder in mid-September to supply the Albacora FPSO with a proposed dayrate of $1.25 million. Brazilian group Ocyan finished second by offering a dayrate of $1.79 million.«
Satser pÄ at peteobras kryper til korset , og gjenopptar forhandlingene med bwo , ellers kommer det ikke til Ä skje sÄ mye i lula land
Redigert 03.04.2024 kl 20:43
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inference
28.03.2024 kl 19:16
4822
Jeg er ganske sĂ„ fulllastet etter Ă„ ha penslet endel over fra BWE sĂ„ hĂ„per (og tror) den fortsetter rett nord. Men at det hangler litt med Opal / gassfeltet ref. innlimt over var nytt for meg đł
JanOrge
28.03.2024 kl 18:56
4753
Kursen kryper nÄ sakte men sikkert rett vei. Hvis den nok en gang dupper ned mot 21, sÄ dobler jeg.
cinet
28.03.2024 kl 12:31
4901
Upstream 27.3.24
«BW Offshore sticks to $4.6 billion FPSO lease deal
Floater specialist puts to rest rumours that unit destined for Santos' Barossa project offshore Australia could look for other jobs»
Norwegian floating production specialist BW Offshore has affirmed its charter agreement with Australian gas-focused independent Santos for the BW Opal floating production, storage and offloading vessel.
The confirmation effectively dismisses market conjecture that the FPSO might be offered for alternative work due to potential project delays arising from legal challenges mounted against Santosâ Barossa field development offshore Australia, thereby solidifying BW Offshoreâs commitment to a substantial contract valued at US$4.6 billion.
The Barossa contract involves supplying, leasing and operating the BW Opal for an initial 15-year period, with provisions to extend for up to 10 additional years.+++»
«BW Offshore sticks to $4.6 billion FPSO lease deal
Floater specialist puts to rest rumours that unit destined for Santos' Barossa project offshore Australia could look for other jobs»
Norwegian floating production specialist BW Offshore has affirmed its charter agreement with Australian gas-focused independent Santos for the BW Opal floating production, storage and offloading vessel.
The confirmation effectively dismisses market conjecture that the FPSO might be offered for alternative work due to potential project delays arising from legal challenges mounted against Santosâ Barossa field development offshore Australia, thereby solidifying BW Offshoreâs commitment to a substantial contract valued at US$4.6 billion.
The Barossa contract involves supplying, leasing and operating the BW Opal for an initial 15-year period, with provisions to extend for up to 10 additional years.+++»
cinet
13.03.2024 kl 10:51
5341
Petrobras er presset opp i et hjÞrne. De tror de kan diktere prisene pÄ FPSO, som bwo har store vekst forhÄpninger til . Her er Upstream :
«Petrobras admits lack of competition behind FPSO tender delays
Company is at different stages of contracting of six floaters for work offshore Brazil+++»
«Petrobras admits lack of competition behind FPSO tender delays
Company is at different stages of contracting of six floaters for work offshore Brazil+++»
hrsker
12.03.2024 kl 20:47
5558
Oslo-listed BW Offshore has finalised a contract with Spanish energy giant Repsol to provide front-end engineering and design services on a floating production, storage and offloading vessel to be deployed offshore Mexico.
Repsol has been quietly advancing the development of its deepwater Polok discovery in Block 29, with plans indicating first production is targeted for 2026.
Block 29 lies in the Gulf of Mexicoâs Salina basin, approximately 88 kilometres offshore the state of Tabasco.
Responding to an inquiry from Upstream, a BW Offshore spokesperson said: âWe can confirm that we have been awarded a nine-month FEED contract to study the deployment of an FPSO on Block 29 for Repsol in Mexico. Work on this is ongoing at the moment.â
The contract award follows a year-long bidding process that saw participation from industry players including Modec, Altera, MISC, Bumi Armada, Bluewater and Yinson.
The focus of the study could be on repurposing an existing floater â potentially the OSX-1 FPSO â to exploit the Polok find in a block that also hosts the smaller Chinwol field.
It is understood that Repsolâs development, situated in water depths ranging from 460 to 600 metres, is likely to incorporate a satellite tie-in from an adjacent area known as Block X.
Upstream earlier reported that the FEED service provider will enter a 15-year charter starting from 2026 to lease and operate an FPSO capable of producing 60,000 barrels per day of oil.
Discussions are underway between the owner of the OSX-1, Brazilâs OSX, and Repsol regarding a potential sale of the floater, although BW Offshore is understood to have the right of first refusal to buy the vessel.
Another option could see BW Offshore purchase the FPSO from Repsol and work under a lease-and-operate model, or convert the floater and assume operational responsibilities, according to one source familiar with the matter.
The OSX-1, which has been linked with several projects globally, was originally intended for Repsolâs Ca Rong Do project in Vietnam with Yinson, but this project was cancelled due to a prolonged force majeure event.
This initial plan was to upgrade the OSX-1 and charter it to Repsol for a firm 10-year period, with five extension options of one year apiece.
Built in South Korea and customised at Keppel Shipyard in Singapore, the FPSO can store up to 900,000 barrels of oil.
OSX operated the OSX-1 FPSO for now defunct sister oil company OGX from 2012 to 2020. Since then, the vessel has been idle awaiting further work
BW Offshore chief executive Marco Beenen said in a recent conference call that the companyâs strategic focus was on four FPSO opportunities, including the Repsol project.
âOut of those four, I expect we have one or two that we can materialise in the next 12 to 24 months,â said Beenen.
The company recently transferred ownership of the Yuum Kâakânaab FPSO to Mexicoâs state-owned oil company Pemex, in accordance with a 15-year lease and operate contract that started in 2007.
For Polok, Repsol is looking for a Suezmax or Aframax vessel featuring an external turret mooring system. The operator is open to either a conversion or the redeployment of an existing unit.
The decision by Repsol to award the FEED work to BW Offshore has overturned previous speculation that the Armada Claire FPSO, recently sold by Malaysiaâs Bumi Armada, might have been chosen for the field development.
Repsol has been quietly advancing the development of its deepwater Polok discovery in Block 29, with plans indicating first production is targeted for 2026.
Block 29 lies in the Gulf of Mexicoâs Salina basin, approximately 88 kilometres offshore the state of Tabasco.
Responding to an inquiry from Upstream, a BW Offshore spokesperson said: âWe can confirm that we have been awarded a nine-month FEED contract to study the deployment of an FPSO on Block 29 for Repsol in Mexico. Work on this is ongoing at the moment.â
The contract award follows a year-long bidding process that saw participation from industry players including Modec, Altera, MISC, Bumi Armada, Bluewater and Yinson.
The focus of the study could be on repurposing an existing floater â potentially the OSX-1 FPSO â to exploit the Polok find in a block that also hosts the smaller Chinwol field.
It is understood that Repsolâs development, situated in water depths ranging from 460 to 600 metres, is likely to incorporate a satellite tie-in from an adjacent area known as Block X.
Upstream earlier reported that the FEED service provider will enter a 15-year charter starting from 2026 to lease and operate an FPSO capable of producing 60,000 barrels per day of oil.
Discussions are underway between the owner of the OSX-1, Brazilâs OSX, and Repsol regarding a potential sale of the floater, although BW Offshore is understood to have the right of first refusal to buy the vessel.
Another option could see BW Offshore purchase the FPSO from Repsol and work under a lease-and-operate model, or convert the floater and assume operational responsibilities, according to one source familiar with the matter.
The OSX-1, which has been linked with several projects globally, was originally intended for Repsolâs Ca Rong Do project in Vietnam with Yinson, but this project was cancelled due to a prolonged force majeure event.
This initial plan was to upgrade the OSX-1 and charter it to Repsol for a firm 10-year period, with five extension options of one year apiece.
Built in South Korea and customised at Keppel Shipyard in Singapore, the FPSO can store up to 900,000 barrels of oil.
OSX operated the OSX-1 FPSO for now defunct sister oil company OGX from 2012 to 2020. Since then, the vessel has been idle awaiting further work
BW Offshore chief executive Marco Beenen said in a recent conference call that the companyâs strategic focus was on four FPSO opportunities, including the Repsol project.
âOut of those four, I expect we have one or two that we can materialise in the next 12 to 24 months,â said Beenen.
The company recently transferred ownership of the Yuum Kâakânaab FPSO to Mexicoâs state-owned oil company Pemex, in accordance with a 15-year lease and operate contract that started in 2007.
For Polok, Repsol is looking for a Suezmax or Aframax vessel featuring an external turret mooring system. The operator is open to either a conversion or the redeployment of an existing unit.
The decision by Repsol to award the FEED work to BW Offshore has overturned previous speculation that the Armada Claire FPSO, recently sold by Malaysiaâs Bumi Armada, might have been chosen for the field development.
Redigert 12.03.2024 kl 20:55
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BĂžrsbjarne
12.03.2024 kl 20:38
5526
BW Offshore: Partial repurchase of Senior Unsecured Convertible Bonds due 2024
12.3.2024 19.00 âą GlobeNewswire âą
Kopier link til udklipsholderen
Partial repurchase of Senior Unsecured Convertible Bonds due 2024
BW Offshore Limited has today repurchased bonds with an aggregate principal amount of USD 28,600,000 at 98.0 in its USD 297,400,000 Senior Unsecured Convertible Bonds due 2024 (ISIN: NO0010867948) for cancellation. Following the cancellation, the principal amount outstanding under the bond loan will be USD 164,000,000.
For further information, please contact:
StÄle Andreassen, CFO, +47 91 71 86 55
IR@bwoffshore.com or www.bwoffshore.com
12.3.2024 19.00 âą GlobeNewswire âą
Kopier link til udklipsholderen
Partial repurchase of Senior Unsecured Convertible Bonds due 2024
BW Offshore Limited has today repurchased bonds with an aggregate principal amount of USD 28,600,000 at 98.0 in its USD 297,400,000 Senior Unsecured Convertible Bonds due 2024 (ISIN: NO0010867948) for cancellation. Following the cancellation, the principal amount outstanding under the bond loan will be USD 164,000,000.
For further information, please contact:
StÄle Andreassen, CFO, +47 91 71 86 55
IR@bwoffshore.com or www.bwoffshore.com
ErikNordnet
12.03.2024 kl 20:14
5506
JanOrge
12.03.2024 kl 20:07
5514
KjÞper tilbake obligasjoner for 28,6 MUSD. 164 MUSD som gjenstÄr nÄ av den konvertible.
BĂžrsbjarne
09.03.2024 kl 23:53
5899
e: New Long-Term Incentive Programme 2024
8.3.2024 15.18 âą GlobeNewswire âą
Kopier link til udklipsholderen
New Long-Term Incentive Programme 2024
Options program til de ledende medarbejdere tilbydes til kurs 29,85 NOK.đđ
The Board of Directors of BW Offshore Limited ("BWO" or the "Company") has approved a New Long-Term Incentive Programme (LTIP). The programme is a combination of Share Options and Restricted Share Unit (RSUs), aimed to align the interests of the participating employees with those of the Company's shareholders. The programme is discretionary, and participants are invited on an annual basis.
The total number of options awarded under the LTIP for 2024 is 800,000 where each option will give the holder the right to acquire one BW Offshore share. A total of 6 BW Offshore employees have been invited to participate in the Share Option Programme.
The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over three years). The strike price for the options awarded on 7 March 2024 is NOK 29.85.
The options will have a vesting period of three years, followed by a three-year exercise period. Exercise windows will be set by the Company. The options will expire six years after the award date.
The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.
For the year 2024, the Board of Directors has on 7 March 2024 awarded 115,634 RSUs to 19 employees within the Company.
The RSUs will be settled in shares following a three-year vesting period from the grant date.
The following primary insiders of the Company have been awarded options under the LTIP for 2024:
Chief Executive Officer, Marco Beenen
Options awarded: 300,000
Total number of options: 1,559,372
Shares held: 49,993
Chief Financial Officer, StÄle Andreassen
Options awarded: 100,000
Total number of options: 434,355
Shares held: 229,273
Chief Commercial Officer, Rune Bjorbekk
Options awarded: 100,000
Total number of options: 512,355
Shares held: 111,424
Chief Operating Officer, Kei Ikeda
Options awarded: 100,000
Total number of options: 512,355
Shares held: 24,994
Chief Strategy Officer, Anders S. Platou
Options awarded: 100,000
Total number of options: 164,860
Shares held: 0
General Counsel, Magda K. Vakil
8.3.2024 15.18 âą GlobeNewswire âą
Kopier link til udklipsholderen
New Long-Term Incentive Programme 2024
Options program til de ledende medarbejdere tilbydes til kurs 29,85 NOK.đđ
The Board of Directors of BW Offshore Limited ("BWO" or the "Company") has approved a New Long-Term Incentive Programme (LTIP). The programme is a combination of Share Options and Restricted Share Unit (RSUs), aimed to align the interests of the participating employees with those of the Company's shareholders. The programme is discretionary, and participants are invited on an annual basis.
The total number of options awarded under the LTIP for 2024 is 800,000 where each option will give the holder the right to acquire one BW Offshore share. A total of 6 BW Offshore employees have been invited to participate in the Share Option Programme.
The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over three years). The strike price for the options awarded on 7 March 2024 is NOK 29.85.
The options will have a vesting period of three years, followed by a three-year exercise period. Exercise windows will be set by the Company. The options will expire six years after the award date.
The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.
For the year 2024, the Board of Directors has on 7 March 2024 awarded 115,634 RSUs to 19 employees within the Company.
The RSUs will be settled in shares following a three-year vesting period from the grant date.
The following primary insiders of the Company have been awarded options under the LTIP for 2024:
Chief Executive Officer, Marco Beenen
Options awarded: 300,000
Total number of options: 1,559,372
Shares held: 49,993
Chief Financial Officer, StÄle Andreassen
Options awarded: 100,000
Total number of options: 434,355
Shares held: 229,273
Chief Commercial Officer, Rune Bjorbekk
Options awarded: 100,000
Total number of options: 512,355
Shares held: 111,424
Chief Operating Officer, Kei Ikeda
Options awarded: 100,000
Total number of options: 512,355
Shares held: 24,994
Chief Strategy Officer, Anders S. Platou
Options awarded: 100,000
Total number of options: 164,860
Shares held: 0
General Counsel, Magda K. Vakil
Redigert 10.03.2024 kl 00:11
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BĂžrsbjarne
06.03.2024 kl 10:05
6344
VirksomhedsprĂŠsentation
BW Offshore prÊsenterer i dag pÄ DNB's Energy & Shipping Conference. Se venligst vedhÊftede prÊsentation. For yderligere information kontakt venligst: StÄle Andreassen, CFO, +47 91 71 86 55 IR@bwoffshore.com eller www.bwoffshore.com Om BW Offshore:
BW Offshore prÊsenterer i dag pÄ DNB's Energy & Shipping Conference. Se venligst vedhÊftede prÊsentation. For yderligere information kontakt venligst: StÄle Andreassen, CFO, +47 91 71 86 55 IR@bwoffshore.com eller www.bwoffshore.com Om BW Offshore:
JanOrge
05.03.2024 kl 10:24
6601
Cobas Þker med nesten to millioner aksjer... Det er bra det er flere som har trua. Med en slik posisjon, sÄ regner jeg med at de ser for seg oppkjÞp... De sitter pÄ over 20,7 millioner aksjer nÄ. Salt Value Þker ogsÄ...
Redigert 05.03.2024 kl 10:25
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Gjest 79
05.03.2024 kl 09:21
6662
cinet skrev gÄr den videre x utbytte pÄ ca. 0.92nok ?
USD 0,088 * NOK 10,5826 = 0,93126 i utbytte pr aksje for Q4, 2023
I fĂžlge VPS.
I fĂžlge VPS.
trek
02.03.2024 kl 08:25
7269
Hvis vi tar med at kursen hadde et fall fra nesten 25 ned til 22-tallet i lÞpet av februar, uten noen spesiell grunn (kanskje det var noen feilstilte algoritmer), sÄ har vel ikke kurslÞftet de siste to dagene vÊrt sÄ voldsomt. Fredagen fikk vi ogsÄ litt hjelp av generell optimisme i markedet. Kursene i Olje og offshoresektoren styres i stor grad av hvor stort utbytte de klarer Ä betale ut. NÄr BWO i lengre tid har klart Ä trosse spÄdommer om at de mÄ redusere pÄ utbetalingen, samtidig som som Barossa-prosjektet deriskes jo mer det nÊrmer seg oppstart uten negative nyheter, sÄ bÞr det vÊre mer Ä gÄ pÄ for kursen i lÞpet av Äret.
PÄ mandag gÄr aksjen ex. utbytte, sÄ da skal kursen i utgangspunktet ned ca 92 Þre.
PÄ mandag gÄr aksjen ex. utbytte, sÄ da skal kursen i utgangspunktet ned ca 92 Þre.
inference
01.03.2024 kl 21:23
7331
Voldsomt lÞft pÄ to dager. Too much?
BlĂ„st forbi STB og blitt min stĂžrste aksjepost đ
BlĂ„st forbi STB og blitt min stĂžrste aksjepost đ
VĂ„gakallen
29.02.2024 kl 22:22
7590
God beskrivelse av BW Offshoređ Topp Q4 resultat, med en positiv og ikke minst offensiv guiding pĂ„ strategier og sterk kontantstrĂžm. BWO vil i et velfungerende marked levere stabile utbytter fremover. đ