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BW Offshore expects stronger 2018

BW Offshore had a profitable 2017, producing first oil on a prestige project late in the year. The company has kicked off 2018 on a more solid platform and can benefit from a stronger market, says CEO.

Photo: PR-foto: BW Offshore

In December, it happened. BW Offshore's new vessel BW Catcher produced first oil for Premier Oil in UK waters on a contract that is so far worth USD 2.3 billion. CFO Knut Sæthre describes the event as a milestone for the carrier.

In the financial report for the fourth quarter and the full-year 2017, CEO Carl K. Arnet lists the December production as one of the key events in a year, in which the carrier delivered a profit of USD 41.2 million after taxes, compared to a deficit of USD 132.9 million the year prior.

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