Prospectus. Supplement to

Transcription

1 Prospectus BW Offshore Limited Supplement to Registration Document Dated 26 September 2012 Bermuda, 22 April 2013 Joint Lead Managers: Page 1 of 7

2 Words with capital initial letter are defined under Definitions in Registration Document for BW Offshore Limited dated 26 September Business overview As per Annual Report 2012 Principal activities Below is a list of the fleet including historical and future operations: The FSO Endeavor was sold for scrap in Organizational structure As per Annual Report 2012 Description of Group that issuer is part of Below is a list of subsidiaries of the Group: Page 2 of 7

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4 Issuer dependent upon other entities Intra-group loan agreements with subsidiaries are set up based on regular market rates. Outstanding balances at year-end are unsecured. BW Offshore Limited has issued bank guarantees in favour of various customers totalling USD million at year-end 2012 (USD million at year-end 2011). 3 Trend information As per Annual Report 2012 The outlook for the energy market in general and FPSO business in particular remains good. Based on BW Offshore s products offering, geographical presence, scale and competence, the Company is very well positioned to grow its core business. BW Offshore s cash flow from the operating units is secure and based on long term contracts with national oil companies and independent oil companies. The commencement of operation for the FPSOs BW Pioneer, BW Athena and BW Joko Tole, as well as the recent extensions of contracts for Petróleo Nautipa, Berge Helene and Espoir Ivoirien will contribute to significant growth in EBITDA for 2013 and beyond. BW Offshore is currently evaluating several projects that may meet the Company s financial targets. This includes both contract extensions for existing units, as well as contracts for new units and operations. BW Offshore is committed to deliver total shareholder return at or above peers in our sector. There has been a positive development in operating earnings through the course of the year. Efforts are being made to improve operational performance across the fleet. Steps have also been taken to strengthen engineering and project execution capabilities. 4 Major shareholders Ownership Below is the list of the 20 largest shareholders as of 14 March 2013: Page 4 of 7

5 Regarding the ownership by BW Group Limited of % and measures in place to ensure that such control is not abused, the Board of BW Offshore commits the Company to good corporate governance. The composition and independence of the Board is described in the corporate governance policy of BW Offshore, and states: The Board shall consist of between five to ten directors. The directors are elected for a period of two years unless otherwise determined by the general meeting. Only a minority of the directors participating in any decision can be domiciled or living in Norway. The same shall be reflected in the composition of the Board. The Board appoints the chairman amongst the elected Board members. The Company shall have a majority of directors that are independent from the manager, the main shareholder and main business partners. Furthermore, the Board shall include at least two directors that are independent from the Company s main shareholders, i.e. shareholders holding more than 10% of the shares. The full policy is available from 5 Financial information concerning the Company's assets and liabilities, financial position and profits and losses Historical Financial Information BW Offshore Limited s consolidated financial statements have been prepared pursuant to International Financial Reporting Standards ( IFRS ) as adopted by the European Union. The consolidated financial statements have been prepared in accordance with the historical cost convention, modified by the revaluation of certain financial assets and liabilities (including derivative instruments) at fair value through equity or the income statement. The Group's accounting policies are shown in Annual Report 2012, pages 14-19, note 2 and 3 (under Consolidated Financial Statements). The separate financial statements for BW Offshore Limited have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as adopted by the European Union (IFRSs as adopted by the EU). The BW Offshore Limited's accounting policies are shown in Annual Report 2012, pages 43-44, note 2 (under Parent Company Financial Statements). According to the Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council, information in a prospectus may be incorporated by reference. Because of the complexity in the historical financial information and financial statements this information is incorporated by reference. Reference is made to the Annual Report Page 5 of 7

6 Annual Report 2012*) BW Offshore Limited Consolidated Consolidated statements of income 10 Consolidated statements of financial position 11 Consolidated statements of cash flow 13 Notes to the consolidated financial statements BW Offshore Limited Statements of income 38 Statements of financial position 40 Statements of cash flow 42 Notes to the financial statements *) including comparative figures for Statutory Auditors 2012 The Company s auditor for 2012 has been Ernst & Young AS, independent public accountants, located at P.O. Box 20, N-0051 Oslo, Norway. State Authorised Public Accountant Nicolai Homme has been responsible for the Auditor's report for Ernst & Young AS is member of The Norwegian Institute of Public Accountants. Page 6 of 7

7 Joint Lead Managers disclaimer DNB Bank ASA, Nordea Bank Norge ASA, SEB Merchant Banking and Swedbank First Securities, the Joint Lead Managers, have assisted the Company in preparing the Supplement to the Registration Document. The Joint Lead Managers have not verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and the Joint Lead Managers expressly disclaim any legal or financial liability as to the accuracy or completeness of the information contained in this Supplement to the Registration Document or any other information supplied in connection with the issuance or distribution of bonds by BW Offshore Limited. Each person receiving this Supplement to the Registration Document acknowledges that such person has not relied on the Joint Lead Managers, nor on any person affiliated with it in connection with its investigation of the accuracy of such information or its investment decision. Oslo (Norway), 22 April 2013 DNB Bank ASA Nordea Bank Norge ASA SEB Merchant Banking Swedbank First Securities Persons responsible Persons responsible for the information Persons responsible for the information given in this Supplement to the Registration document are as follows: BW Offshore Limited, Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda. Declaration by persons responsible The Company confirms that, having taken all reasonable care to ensure that such is the case, the information contained in the Supplement to the Registration Document is, to the best of our knowledge, in accordance with the facts and contains no omission likely to affect its import. Bermuda, 22 April 2013 BW Offshore Limited Page 7 of 7