When looking at BBP's 2009 EBITDA you need to increase it by...

When looking at BBP's 2009 EBITDA you need to increase it by $18m to remove the effects of Varanus Island incident, as this is abnormal. Thus their 2009 normalised EBITDA is really $348-358m. Note too that this reprersents the current assets 9 as all other assets sold have been pre completion and therefore not contributed to EBITDA this year. Key to value would also be what forecasts have been provided for future years, and we are not privy to this.