Net profit during the quarter rose to $33.1m compared to $28.7m in the previous corresponding period of last year. Revenue also improved 10% year-on-year to $237.3m.
“All operating units experienced stable performance with an average uptime of 99.5% during the first quarter,” BW Offshore said, adding that the market outlook remains bright.
BW Offshore owns and operates a fleet of 14 FPSOs, one FSO and one VLCC.
“BW Offshore is currently evaluating several projects meeting the company’s financial targets. In addition the company is in negotiations for contract extensions for existing units,” the company said.
“BW Offshore intends to grow selectively and expects to see an improvement in the risk and reward balance for new FPSO projects.”
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