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BW Offshore Q3 profits up

BW Offshore has reported an increase in profit from $17.7m to $40.4m in the third quarter as utilisation and rates remained high.

The Q3 profit rise continues a good for first nine months where earnings were up to $174.5m, up form $67.2m for the first three quarters of 2013.

The company continues to be compensated for the early termination of the floating drilling, production, storage and offloading vessel (FDPSO) Azurite by Murphy West Africa. BW Offshore recognised a $70m termination fee for the unit.

The outlook for the company remains positive, despite the recent fall in the price of oil.

"The demand situation for leased units remains good and is expected to remain at 10-12 awards per year in spite of the recent drop in oil price," the company stated in its earnings release. "BW Offshore expects outsourcing of production to be one of the solutions and part of the current cost saving initiatives by the oil companies."

Posted 21 November 2014

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

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