BW Offshore CEO Sees Signs of Recovery

June 2, 2017

World Energy Reports LLC.
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BW Offshore, which delivers floating production services to the oil and gas industry, sees signs of an improved market.
"It's still early days but we definitely see a pick-up in discussions and tendering activity," CEO Carl Arnet said during the firm's first-quarter earnings presentation.
"We do expect some recovery in contract awards going forward."
Says Brazil will be important but also sees activity elsewhere.
BW Offshore reported Q1 earnings below forecast on Monday.
Regarding the FPSO Cidade de Sao Mateus, which has been off work since an explosion in February 2015: Insurance settlement gave a positive liquidity effect in Q1.
CEO says still in discussions (with Petrobras) on what will be the fate of the damaged FPSO unit.
(Reporting By Ole Petter Skonnord)

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