Catcher FPSO to Add about $200 mln in EBITDA/year
BW Offshore CEO Carl Arnet in FPSO (floating production, storage and offloading) firm BW Offshore Ltd says the Catcher field project in the British North Sea will add about $200 mln in annual EBITDA to its results when it comes on stream in December 2017.
** BW Offshore reported an EBITDA of $82.1 million in Q3, beating a $72 million average forecast by analysts in a Reuters poll
** CEO says there is more activity among potential customers, but traditional contracts to just operate and lease units have not made sense for BW Offshore at current low rate levels
** BW instead prefers project were it can participate in development phase and create long-term relationship with an oil firm
** BW is also developing Dussafu field in Gabon. CEO says Dussafu is on time an budget and first oil is targeted in second half of 2018
** FPSO unit Cidade de Sao de Mateus, which exploded under operation for Petrobras in February 2015, is still in lay-up at Keppel in Singapore
** CEO says its up to Petrobras to decide what will happen to FPSO Cidade de Sao Mateus, but BW needs to have a project before it decides to repair the unit
** BW Offshore currently operates 11 units, the owned fleet includes 15 FPSOs and one FSO
(Reporting by Ole Petter Skonnord, editing by Terje Solsvik)
(Reporting by Ole Petter Skonnord, editing by Terje Solsvik)