May 29, 2017 / 8:20 AM / 4 months ago

BW Offshore CEO sees recovery in contract awards

OSLO, May 29 (Reuters) -

** 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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