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EBITDA of USD 186.8 million for the quarter
Acquisition of the Maromba field offshore Brazil
Gross production from Tortue of 1.1 million bbls
Two liftings completed, totalling 1.2 million bbls net to BW Energy
Reached agreement with Gabon Oil Company for farm-in in the Dussafu license
Extensions signed for BW Cidade de São Vicente in April
Closed new corporate facility of USD 672.5 million in May
Contemplated listing of BW Energy (see separate announcement)
Carl K. Arnet to step down as CEO, Marco Beenen appointed new CEO from 1 July 2019
Knut R. Sæthre to step down as CFO, Ståle Andreassen appointed new CFO from 1 July 2019

EBITDA for the first quarter of 2019 was USD 186.8 million, an increase from USD 148.9 million in the fourth quarter 2018. This increase was largely due to two liftings from the Tortue field. In addition, the excess-production revenue from BW Catcher contributed to the improved result.

BW Offshore signed agreements to acquire the Maromba field offshore Brazil for a total acquisition cost of USD 115 million from Petrobras (70%) and Chevron (30%). Closing of the transactions is subject to fulfilment or waiver of conditions precedents, including regulatory approvals and BW Offshore being approved as an operator in Brazil. The acquisition price will be paid over three milestones as the development progresses towards first oil.

The Company has signed an agreement to extend the lease for the BW Cidade de São Vicente by one year.

Gross production from Tortue averaged 12,500 bbls per day in the first quarter. The total gross production from the Tortue field was 1.1 million bbls of oil. Two liftings were completed in the first quarter, yielding net 1.2 million bbls to BW Energy at a realised price of USD 59 (January) and USD 66 (March) per barrel. Production cost (excluding royalty) averaged USD 20.8 per barrel in the quarter.

"We have had a good quarter with continued high uptime for the FPSO fleet led by BW Catcher and we signed a new extension for BW Cidade de São Vicente. Production was at a high level from the Tortue field and we are preparing to start phase two of the Dussafu development with an exploration well in the Ruche area to identify additional resources. We are also pleased to have executed the Maromba field acquisition, which offers a very good fit to our proven E&P strategy," said Carl K. Arnet, CEO of BW Offshore.

Separately BW Offshore today announced its plans to establish BW Energy as a separate company and seek a listing in 2019. As part of this process, Carl K. Arnet and Knut R. Sæthre to step down as CEO and CFO respectively, from 30 June 2019. They will assume the same positions at BW Energy from 1 July 2019.

Mer på link : https://www.netfonds.no/quotes/release.php?id=20190523.GlobeNewswire.HUG2245057
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23/05-2019 07:30:13: (BWO) BW Offshore: Planned listing of BW Energy

Highlights:

Establishing BW Energy as a separate E&P company with a diversified portfolio of production and development assets
Substantial growth potential with unique low-risk development strategy supported by BW Offshore's (BWO) existing FPSOs, track-record and experience
In advanced negotiations for USD 200m Reserve Based Lending facility based on Dussafu reserves, expected to close in 2019
External investors will be invited into BW Energy, while current shareholders will maintain a majority shareholding
Planned listing of BW Energy on Oslo Stock Exchange in 2019

Strategic rationale: Unlocking value that traditional oil & gas companies are not addressing

BW Offshore plans to establish BW Energy as a separate E&P company and will invite external investors into the company to finance development of the recently acquired Maromba field offshore Brazil and value-enhancing investments at the Dussafu Marin Permit offshore Gabon.

BW Energy will have a diversified portfolio of production and development assets, positioned for growth based on its unique low-risk development strategy supported by BWO's existing FPSOs, track-record and experience. BW Energy was established in late 2016 and has since developed a portfolio of attractive upstream oil and gas assets in West Africa and Brazil.

"With BW Energy, we have demonstrated our unique ability to move the threshold for commercial development of discovered resources through use of existing FPSOs, fast-track project execution and properly scaled development concepts," said Carl K. Arnet, the CEO of BW Offshore. "We will continue to target robust business opportunities based on proven reserves with sequential growth potential and unlock significant value that traditional oil & gas companies are not addressing."

"We have proven the attractiveness of our field development strategy with the Dussafu development. Our E&P activities now have a scale where it is natural to invite external investors to add to BW Energy's project execution capacity and growth potential," Carl K. Arnet added.



Attractive assets, rich inventory of exploration opportunities and experienced organisation

BW Energy will consist of:

73.5% working interest (WI) in the Dussafu Marin Permit offshore Gabon (owned by the current partnership)
56% WI in the Kudu license offshore Namibia (owned by a subsidiary of BWO)
100% WI in the Maromba field offshore Brazil (owned by a subsidiary of BWO, subject to regulatory approval)

BW Energy has as operator of the Dussafu license generated significant value by moving the project from acquisition, through field development sanctioning and to successful production in only 18 months at substantially reduced cost.

Current gross production from the Dussafu field is around 12,000 barrels of oil per day, expected to achieve approximately 20,000 barrels of oil per day in 2020 as the 4 new production wells of the phase 2 development are hooked up to the FPSO. The internal estimated recoverable reserves now stands at 80 MMboe gross including both Tortue and the Ruche discoveries, up more than 5 times from the sanctioning of the first phase. In addition, a rich inventory of exploration and appraisal opportunities represents further material upside potential.

BW Energy has assembled an experienced E&P organisation, with strong technical and operational capabilities. Following several operational achievements at Dussafu, BWO plans to expand BW Energy's portfolio by transferring its rights to interests in the Maromba field offshore Brazil. Following the transfer, BW Energy will start preparations for the phased development of the Maromba heavy oil discovery which is expected to yield between 100 and 150 MMboe. BWO will also transfer its interest in the Kudu license in Namibia to BW Energy. All of BWO's and BW Group's upstream oil & gas assets will be held through BW Energy following these transfers.

BW Energy will be led by a management team consisting of CEO Carl K. Arnet, COO Lin G. Espey and CFO Knut R. Sæthre with effect from 1 July 2019.

Planned equity raise and listing on Oslo Stock Exchange

BWO and BW Group will invite external investors to invest directly in the new entity. BW Energy targets a listing on Oslo Stock Exchange in 2019 and has retained DNB Markets and Pareto Securities as financial advisers in this respect.

To introduce BW Energy, the company's management will host investor presentations in due course. The company will provide further updates as appropriate.

https://www.netfonds.no/quotes/release.php?id=20190523.GlobeNewswire.HUG2245060