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Bw Offshore Limited 2010 BW OFFSHORE LIMITED 2010 BWOFFSHORE WorldReginfo - c64f7b52-cd09-478b-b276-21f7862db07f BW OFFSHORE LIMITED ANNUAL REPORT I 2010 COMPETENCE REFERENCES WE DEPENDABLY BUILD, LEASE AND OPERATE GLOBAL FOOTPRINT - BW OFFSHORE HAS A CLASS LEADING PRODUCTION BW OFFSHORE OFFERS ENGINEERING PROCUREMENT BW OFFSHORE IS REPRESENTED IN ALL THE majOR OIL UPTIME – FIVE YEAR AVERAGE UPTIME IS 99.0%. CONSTRUCTION INSTALLATION SERVICES (EPCI), LEASE AND GAS REGIONS WORLD-WIDE, ACROSS ASIA PACIFIC, - FPSO BW PIONEER, THE FIRST IN THE US GULF OF MEXICO, AND OPERATION OF FPSOS AND FSOS. AMERICAS, AUSTRALIA, EUROPE AND WEST AFRICA. THE THE DEEPEST MOORED FPSO TO datE, WITH A TURRET BW OFFSHORE’S TRACK RECORD INCLUDES 24 FPSO COmpanY CURRENTLY OPERatES FPSO AND FSO UNITS IN AND MOORING SYSTEM FOR 2,500 METERS WatER DEPTH. PROJECTS AND 9 FSO PROJECTS. 15 DIFFERENT COUNTRIES, SUPPORTED BY LOCAL ONSHORE - FDPSO AZURITE, THE WORLD’S ONLY COMBINED DRILLING ADAPTING THROUGH COMPETENCE, BW OFFSHORE MEETS TEAMS AND AN ORGANIZatiON WITH A GLOBAL PRESENCE. AND PRODUCTION UNIT. ITS CLIENTS’ NEEDS THROUGH VERSATILE SOLUTIONS, - FPSO BW CidadE DE SÃO VICENTE, THE FIRST FPSO WITH EXECUTION AND OPERATIONAL EXCELLENCE FOR ON THE TUPI FIELD. OFFSHORE OIL AND GAS PROJECTS. - FPSO YÙUM K’AK’ NÁAB, THE LARGEST CONVERTED FPSO TO datE, IN THE GULF OF MEXICO. BW OFFSHORE 02-09 INTROLTD 04 KEY EVENTS 2010 06 CEO’S REPORT 09 MANAGEMENT 10-19 FOCUS AREAS 10 WE BUILD 14 WE LEASE 16 WE OPERATE 18 HSSEQ 20-38 REPORTS AND INFO 20 GLOBAL FOOTPRINT 22 TRACK RECORD 24 CORPORATE GOVERNANCE 30 DIRECTORS’ REPORT 36 SHAREHOLDER INFORMATION 38 ADDRESSES FOR MORE INFORmatiON PLEASE VISIT www.bwoffshore.com 3 WorldReginfo - c64f7b52-cd09-478b-b276-21f7862db07f BW OFFSHORE LIMITED ANNUAL REPORT I 2010 BW OFFSHORE LIMITED ANNUAL REPORT I 2010 KEY EVENTSFPSO CONTRACTS q1 Q2 Q3 Q4 KEY FIGURES UNIT TYPE CONTRACT ‘09 ’10 ‘11 ’12 ‘13 ’14 ‘15 ’16 ‘17 ’18 ‘19 ’20 ‘21 ’22 ‘23 ’24 ‘25 SENDJE BERGE FPSO LEASE ADDAX/SINOPEC, NIGERIA: 20052013 • Successful acquiSition of ProSafe Production with a total (MUSD) 2010 2009 BERGE HELENE FPSO LEASE PETRONAS, MAURITANIA: 20062013 2021 YÙUM K'AK'NÁAB FPSO LEASE PEMEX, MEXICO: 20072022 2025 ENTERPRISE ValuE OF USD 1.66 BILLION Operating revenue 549.3 219.9 EBITDA 152.3 101.3 BW CIDADE DE SÃO VICENTE FPSO LEASE PETROBRAS, BRAZIL: 20092019 2024 • Sucessful Sale of the aPl diviSion to national oilwell varco BW PIONEER FPSO LEASE PETROBRAS, US: 20112016 2019 EBITDA margin 27.7% 21.7% BW ATHENA EX BW CARMEN FPSO LEASE ITHACA, UK: 20112014 2019 FOR USD 531.5 MILLION net profit (loss) for the period 23.4 (8.8) BW JOKO TOLE EX BW GENIE FPSO LEASE KANGEAN, INDONESIA: 20122022 2026 UMUROA FPSO LEASE AWE, NEW ZEALAND: 20072015 2022 • oPerational uPtime 2010: 98.7% total assets 3,670.2 2,393.5 POLVO FPSO LEASE DEVON, BRAZIL: 20072014 2022 • Record high order intake uSd 1.8 billion: net interest bearing debt (nibd) 1,401.5 849.3 ABO FPSO LEASE AGIP, NIGERIA: 20032012 2013 equity ratio 37.5% 38.5% ESPOIR IVORIEN FPSO LEASE CNR, IVORY COAST: 20022012 2022 - GaS FPSO FOR THE TSB PROJECT (INDONESIA) PETROLEO NAUTIPA 50% FPSO LEASE VAALCO, GABON: 20022015 2017 Net change in cash and cash equivalents 160.2 0.3 - FPSO FOR THE ATHENA PROJECT (UK) CIDADE DE SAO MATEUS FPSO LEASE PETROBRAS, BRAZIL: 20092018 2024 cash and cash equivalents at end of period 228.2 68.0 NINGALOO VISION FPSO LEASE APACHE, AUSTRALIA: 20102017 2025 - EXTENSIONS OF CONTRACTS FOR FPSO SEndjE BERGE, FPSO ABO AZURITE FDPSO LEASE MURPHY, CONGO: 20092016 2024 market cap 1,915.0 671.0 AND FSO ENDEAVOR BELOKAMENKA FSO LEASE ROSNEFT/SOVCOMFLOT, RUSSIA: 20042019 enterprise value (ev) 3,317.0 1,521.0 ENDEAVOUR FSO LEASE ABAN, INDIA: 19972011 • all converSion ProjectS on Schedule P63/PAPA TERRA FPSO EPC/LEASE PETROBRAS, BRAZIL: 20132016 OSX1 EPC OSX, BRAZIL • Strong financial caPabilitieS FPSO BW ARA VLCC TAKAMA VLCC EMPLOYEES 1,900 BW OFFSHORE FLEET FPSO EBITDA WEIGHTED AVERAGE CONTRACT LENGTH OF BW OFFSHORE'S FPSO FLEET IS 6 YRS FIXED AND 11 YRS INCL OPTIONS (FEBRUARY 2011) CONSTRUCTION / EPC OPERATION FIXED PERIOD OPERATION OPTION PERIOD 4 5 WorldReginfo - c64f7b52-cd09-478b-b276-21f7862db07f BW OFFSHORE LIMITED ANNUAL REPORT I 2010 BW OFFSHORE LIMITED ANNUAL REPORT I 2010 ‘OPERATIONS WERE STEADY ON ALL UNITS DURING 2010, AND THE COMPANY HAS AGAIN COMPLETED A YEAR WITH CLOSE TO 100 PER CENT UPTIME’ CEO’S REPORT tion activity levels was seen during 2010. ment of some USD 200 million over one has completed more than 30 conversion BW OFFSHORE, A LEADING FPSO CONSTRUCTION, Both the BW Offshore divisions – Floating year. The contract has a four-year fixed projects, and has established an excellent Production, Storage and Offloading (FPSO) term with options until the end of the reputation over the years for its project ex- LEASING AND OPERATING COMPANY. and the Advanced Production and Loading field’s producing life. ecution capabilities. Consolidating experience (APL) business (sold and consequently dis- within the company from a very significant continued in 2010) – enjoyed rising levels • The provision of the marine conversion portfolio of ‘world-first’ projects – including BW Offshore changed and augmented its position in the FPSO construction, leasing and of activity during the year as a result. in a joint venture with QUIP for Brazil’s the world’s deepest production facility to Papa Terra project operated by Petrobras operating business during 2010. The company sold its APL technology division to National BW Offshore further consolidated its position is a turnkey contract with milestone pay- as a top tier company by entering into four ments for providing Petrobras with the A RETURN TO NORMAL ACTIVITY LEVELS WAS Oilwell Varco and completed the acquisition of Prosafe Production Ltd. Its combined fleet is contracts in 2010: converted unit, including certain specified SEEN DURING 2010 IN EXPLORATION FOR AND the second biggest in the world, providing a strong foothold in all major offshore oil provinces. • The provision of a gas FPSO to the utility systems but excluding the topside. PRODUCTION (E&P) OF OFFSHORE OIL AND GAS. Indonesian TSB project for Kangean The project involves no investment by Energy, which is a traditional conversion. the group. This unit represents a total investment of date as well as the first combined drilling about USD 400 million over a two-year • The FPSO OSX-1 conversion for Brazil’s and production unit (FDPSO) – constitutes a BW Offshore completed two major trans- biggest operator of FPSOs measured by economies of scale for most local opera- period. The contract has a 10-year fixed OSX, which involves management and key competitive advantage in the industry. actions during 2010: the sale of its APL market capitalization and by the number tions. Agreements put in place as part of term with four one-year options. assistance to OSX for the completion and technology division for USD 531.5 million of lease units. BW Offshore and Prosafe the transaction with National Oilwell Varco adaptation of the existing OSX-1 unit for Operations were steady on most units during to National Oilwell Varco and the acquisition Production’s comparably sized fleets in the will give BW Offshore preferential access to • The provision of the BW Athena FPSO to field-specific service. The project represents 2010. The company has overall completed of Prosafe Production for a total enterprise Asia Pacific, Africa/Europe and Americas world-class turret technology for seven years. the British Athena project for Ithaca Energy no investment for the group. a year with close to 100 per cent uptime. value of approximately USD 1.7 billion. regions provide an excellent basis for further is a conversion of the existing BW Carmen The attention devoted to health, safety This has made the company the second expansion and investment as well as sound A return to normal exploration and produc- FPSO. This unit represents a total invest- Since the beginning of 1982, BW Offshore and the environment (HSE) in all operations 6 7 WorldReginfo - c64f7b52-cd09-478b-b276-21f7862db07f BW OFFSHORE LIMITED ANNUAL REPORT I 2010 BW OFFSHORE LIMITED ANNUAL REPORT I 2010 MANAGEMENT has kept the impact of company activities BW Offshore expects no major change in the Through the course of 2010 BW Offshore on staff, contractors and the environment at competitive landscape in the immediate became a much larger group also in terms a level which makes BW Offshore a leader future, and is consequently confident that of employees. The integration of Prosafe in its class. We consider the focus on HSE to it will be able to meet its current plans for Production employees started in November be not only important morally but also a key future capital deployment at attractive and is expected to be completed by end of competitive strength in the progress of our levels of return. second quarter 2011. It has been high on business. Clients as well as staff will equally BW Offshore will maintain its focus on na- the agenda of BW Offshore to ensure that feel and appreciate that BW Offshore does tional oil companies (NOCs) and independent best practice of both companies is imple- E&P companies, and expects these com- mented in all operations. We are pleased THESE OPTIONS AND REDEPLOYMENT panies to contribute to increasing share of that the newly integrated team is already future developments. Retaining a balanced engaged and has the right spirit needed to POSSIBILITIES REPRESENTS A CONSIDERABLE Carl K. Arnet Knut R. Sæthre David Sverre Jon Myran and diverse portfolio of clients and/or take on the challenges ahead and contin- CEO CFO EVP Projects EVP Operations UPSIDE IN THE BUSINESS.
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