Floating production ship contractors BW Offshore said it expects operations to grow over the next year after seeing second quarter revenues rise.
Delays to the Papa Terra project cost the company almost $15million as the FPSO scheduled for the project spent six months in a Brazil yard.
Pre-tax earnings fell slightly as a result, to $107.7million for the second quarter, but revenues were up to $255.1million from the $222.2million in the previous three months.
The company, which operates 14 FPSOs and one FSO, said it saw an average uptime of 99.6% during the second quarter.
“The outlook for the energy market in general and FPSO business in particular remains good,” said the company.
“Based on BW Offshore’s products, geographical presence, scale and competence, the company is well positioned to grow its core business.”
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