FPSO provider BW Offshore saw earnings almost double for 2013 after being boosted by full-year contributions from their new BW Athena and BW Joko Tole vessels.
The floating production units, which only began operation in mid-2012, helped increase earnings at the Norwegian firm to $447million, up 80% on the previous year.
Reduced provisions for cost overruns on the Papa Terra field, in Brazil’s Campos Basin, saw the firm post pre-tax profits of $120million for the year – compared to just $30million in 2012.
The firm, which bought a 30% stake in the Polvo oil field off Brazil late last year, operates the FPSO Polvo which produces on the 12,000 barrels a day field. This month it is also scheduled to take ownership of the Blue Opal oil tanker from Daewoo after a $83million deal at the turn of the year.
“The outlook for BW Offshore’s products and services remains good due to the geographical presence, scale and competence of the company,” the firm said in a statement.
“BW Offshore’s cash flow from the operating units is secure and based on long term contracts with national and independent oil companies. The fleet of BW Offshore will continue to generate a steady cash flow in the time ahead, providing a sound basis for dividend payments as well as for further investments in new assets.”