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BW Offshore Ltd (BWO.OL)

BWO.OL on Oslo Stock Exchange

21.60NOK
28 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Panoro Energy to sell 25 pct working interest in Dussafu Production
Wednesday, 22 Feb 2017 01:00am EST 

Panoro Energy ASA : Panoro Energy announces definitive sale and purchase agreement on Dussafu . Pan-Petroleum Gabon B.V. entered into a definitive sale and purchase agreement with BW Energy Gabon pte. ltd. , . Panoro will sell a 25 pct working interest in Dussafu Production sharing contract in Gabon to BWEG for $12 million dollars . Panoro will also receive a non-recourse loan from BWEG of up to $12.5 million dollars at 7.5 pct annual interest rate .Panoro will retain an 8.33 pct working interest in Dussafu PSC.  Full Article

BW Offshore to take 56 pct stake in Namibia field
Tuesday, 7 Feb 2017 01:30am EST 

Bw Offshore Ltd : says has entered into a farm-out agreement for a 56% stake of Kudu license offshore Namibia . says BW Kudu will pay for past costs upon transfer of field interest to company. Final investment decision is planned for q4 2017 . National Petroleum Corporation of Namibia (NAMCOR), the Namibian state-owned oil company, will hold the remaining 44% of the license . BW Kudu will become operator of the Kudu license .Says Kudu represents another opportunity for BW Offshore to take a proactive development role in a project that will produce for 15-25 years.  Full Article

BW Offshore in $250 mln settlement for FPSO Cidade de São Mateus
Wednesday, 4 Jan 2017 01:30am EST 

FPSO firm BW Offshore Ltd : Bw Offshore: agreement for insurance settlement for the fpso cidade de são mateus . Bw Offshore has signed an agreement with its insurers for an early repair cost settlement for fpso cidade de são mateus . Bw Offshore ltd says agreed settlement amount is approximately usd 250 million . Bw Offshore ltd says proceeds from settlement is expected to be received during q1 2017 . Bw Offshore ltd says insurance settlement will be recorded in q4 2016 financial statements . Bw Offshore ltd says as a consequence of concluding repair-evaluation and signing agreement with insurers, company has deemed it necessary to record a further impairment to net book value of fpso . Bw Offshore ltd says it is estimated that this impairment will be approximately usd 140 million, subject to a final evaluation before the Q4 2016 report is approved . The FPSO Cidade de São Mateus is currently in lay-up .Before final discussions are concluded and agreed with the client, it is not possible to establish a firm plan for when the unit will return to the field.  Full Article

Bw Offshore JV in $32 mln agreement to buy Dussafu production sharing contract offshore Gabon
Thursday, 22 Dec 2016 02:03am EST 

BW Offshore: BW Offshore has in partnership with the BW Group entered into agreement to acquire 66.67 pct of the Dussafu production sharing contract offshore Gabon . Subject to closing of this first transaction, the partnership has secured a right to acquire a further 25 pct of the Dussafu license . BW Offshore has formed a joint venture company with BW Group, known as BW Energy Holdings Pte. Ltd. ("BWEH"), for the purpose of pursuing oil and gas interests . The JV is owned 66.67 pct by BW Offshore and 33.33 pct by Maple Company Limited, a wholly owned subsidiary of BW Group Limited . The seller is Harvest Energia B.V, a wholly-owned subsidiary of Harvest Natural Resource, Inc. . A wholly-owned subsidiary of BWEH, known as BW Energy Gabon Pte. Ltd. ("BWEG"), has entered into a sale and purchase agreement with Harvest Energia B.V . Harvest Energia B.V. owns a 66.667 pct interest in the Dussafu production sharing contract with an area covering 210,000 acres located offshore Gabon . The acquisition price is USD 32 million in cash, subject to certain adjustments . Closing of the transaction is subject to fulfilment or waiver of conditions, including among others, approval by the stockholders of Harvest Natural Resource, Inc. and approval from the government of Gabon . The remaining 33.333 pct interest in the Dussafu block is owned by Pan-Petroleum Gabon B.V. ("PPGBV"), a subsidiary of the OSE-listed Panoro Energy ASA.  Full Article

BRIEF-BW Offshore Q2 EBITDA $84.6 million, beats expectations
Monday, 29 Aug 2016 01:30am EDT 

BW Offshore Ltd : Q2 revenue $172.5 million (Reuters poll $193 million) . Q2 EBITDA $84.6 million (Reuters poll $75.9 million) . Says expectations for slow market activity with few awards remains unchanged . Says positive long-term outlook is maintained . Current target is to reduce offshore personnel costs by 10-15 percent and offshore R&M spend by 10 percent through higher efficiency, renegotiated supplier agreements and subcontracts . Total process will be implemented in 2016 and take full effect from 2017 .Expects an improved market from mid-2017 providing new opportunities for gainful employment.  Full Article

BW Offshore resolves and sets terms of $100 mln rights issue
Monday, 27 Jun 2016 03:28am EDT 

BW Offshore Ltd : Rights issue resolved and announcement of terms of the rights issue . Says has now resolved and set terms of fully underwritten $100 million rights issue to be carried out in connection with plan . Says issued share capital of company will be increased by $85,598,100 through issue of 8,559,810,000 new common shares of $0.01 each . Rights issue will result in gross proceeds to company of 855,981,000 Norwegian crowns ($100 million) .Says subscription price is set at 0.10 crown per offer share, representing a discount of about 30.1 pct to theoretical price for shares of company following rights issue (TERP) calculated on basis of company's closing share price of 0.68 crown on June 24, 2016.  Full Article

BW Offshore: All lending banks support long-term financial platform
Tuesday, 21 Jun 2016 01:30am EDT 

BW Offshore Ltd :The Company has received the required consents from all of its lending banks to implement a long-term financial platform.  Full Article

BRIEF-BW Offshore announces refinancing plan, $100 mln share issue
Monday, 23 May 2016 01:49am EDT 

Bw Offshore Ltd : Q1 ebitda $97.4 million (Reuters poll $92.0 million) . Q1 net loss $2.9 million (Reuters poll profit $6.0 million) . Catcher project remains within budget with expected first oil in second half of 2017 . Has in recent weeks carried out discussions with its bank facility providers, selected bondholders in bond issues and largest shareholders in order to find a long term financial platform . Says financing plan which has been discussed is expected to contribute with more than $500 million in improved liquidity in period throughout 2020 . The plan is a balanced solution where banks, bondholders and shareholders contribute . solution requires a raising of $100 million in new equity capital and company contemplates to raise this amount via a fully underwritten rights issue . The Company's main shareholder BW Group Limited and the CEO of the Company Carl Krogh Arnet have pre-committed to subscribe for their pro rata share of the rights issue . The remaining shares to be issued in the rights issue are underwritten by a syndicate of banks . The subscription price and exact share capital increase amount will be determined by the Board of Directors and announced through a stock exchange notice . Oversubscription and subscription without subscription rights will be permitted . still believes it is prudent to expect a prolonged downturn in contract awards.  Full Article

BW Offshore announces refinancing plan, $100 mln share issue
Monday, 23 May 2016 01:46am EDT 

Bw Offshore Ltd : Q1 ebitda $97.4 million (Reuters poll $92.0 million) . Q1 net loss $2.9 million (Reuters poll profit $6.0 million) . Catcher project remains within budget with expected first oil in second half of 2017 . Has in recent weeks carried out discussions with its bank facility providers, selected bondholders in bond issues and largest shareholders in order to find a long term financial platform . Says financing plan which has been discussed is expected to contribute with more than $500 million in improved liquidity in period throughout 2020 . The plan is a balanced solution where banks, bondholders and shareholders contribute . solution requires a raising of $100 million in new equity capital and company contemplates to raise this amount via a fully underwritten rights issue . The Company's main shareholder BW Group Limited and the CEO of the Company Carl Krogh Arnet have pre-committed to subscribe for their pro rata share of the rights issue . The remaining shares to be issued in the rights issue are underwritten by a syndicate of banks . The subscription price and exact share capital increase amount will be determined by the Board of Directors and announced through a stock exchange notice . Oversubscription and subscription without subscription rights will be permitted . still believes it is prudent to expect a prolonged downturn in contract awards.  Full Article

BW Offshore: Contract for FPSO BW Pioneer extended
Monday, 25 Apr 2016 01:30am EDT 

BW Offshore Ltd:FPSO BW Pioneer contract extension and mooring system repair.Petrobras America Inc. has exercised the option to extend the fixed term of the lease contract for FPSO BW Pioneer from Q1 2017 to Q1 2020.Will in Q2 2016 replace parts of subsea mooring system for FPSO BW Pioneer.Cost for replacement will be partly covered by insurance.Replacement campaign is expected to result in about two months of downtime.  Full Article

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