Large impairment lowers BW Offshore's result

The BW Group's offshore company made a large impairment on its fleet in the first quarter. The impairment was largely made due to uncertainty caused by recent events in the market.

Photo: PR / BW Offshore

A large impairment had a significant impact on the first quarter result at BW Offshore, which is part of the BW Group.

In the quarter, the company impaired the value of its fleet of floating production storage and offloading (FPSO) vessels as well as "other assets" by USD 233.1 million. With the impairment, the company booked a USD 273.6 million deficit for the period as a whole, reveals an update published Tuesday.

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