BW Offshore: Second Quarter And First Half Results 2025

HIGHLIGHTS

• EBITDA USD 57 million in Q2 and USD 148 million for the first half-year
• Net profit USD 25 million in Q2 and USD 87 million for the first half-year
• Operating cashflow USD 103 million in Q2 and USD 160 million for the first half-year
• Equity ratio 30.7% and USD 531 million in available liquidity
• Q2 cash dividend USD 0.063 per share equivalent to USD 11 million
• BW Opal hooked up on the Barossa field, on track for first gas in Q3
• 2025 EBITDA guidance raised to USD 240–260 million (previously USD 220-250 million)
  

The FPSO BW Opal successfully completed commissioning and sailed from the yard in Singapore on 28 May 2025. The unit was hooked up at the Barossa gas field in June, and final offshore commissioning activities commenced.

In late June, the FEED for the FPSO to Repsol's Block 29 was completed without progressing to a contract award. Given the current status, the client will pay BW Offshore for FEED efforts and capitalised investment cost has been impaired.

“We deliver a strong quarter on the back of high operational uptime on our producing assets. The BW Opal is set to start producing gas from the Barossa field shortly before ramping-up to start its 15-year contract, providing material earnings and cashflow to BW Offshore and supporting future growth. Based on the progress to date in 2025, we are increasing our EBITDA expectation for the full year,” said Marco Beenen, CEO of BW Offshore.

“Looking further ahead, our recent strategy review concludes that BW Offshore is well positioned for the future, addressing both energy security and the energy transition. Oil and gas will remain leading sources of energy for years to come. Against this backdrop, we are reaffirming our position in the FPSO value chain as a more streamlined company, while also refining our floating transition solutions to prepare for the future,” Marco Beenen continued.

The Board of Directors has declared a quarterly cash dividend of USD 0.063 per share. The shares will trade ex-dividend from 2 September 2025. Shareholders recorded in VPS following the close of trading on Oslo Børs on 3 September 2025, will be entitled to the distribution payable on or around 11 September 2025.

To better reflect the future cash generation potential of the contract backlog, BW Offshore has decided to change to presenting expected operational cashflow, compared with previously presenting contracted future revenue. This is a function of the Barossa contract structure with significant prepayments, which will increase the difference between reported revenue and EBITDA and underlying cashflow from FPSO operations. At 30 June, the firm backlog measured by expected cashflow from operations amounted to USD 2.2 billion. For comparison the firm revenue backlog was USD 6.0 billion.

Please see attached the Q2 Presentation. The earnings tables are available at:

BW Offshore will host a webcast with an extended Q2 2025 results presentation including a strategy update at 09:00 (CEST) today. The presentation will be given by CEO Marco Beenen, CFO Ståle Andreassen and CSO Anders S. Platou.

Webcast information:
You can follow the presentation via webcast with supporting slides and a Q&A module, available on:

BW Offshore Limited – Q2 Presentation Webcast

Please note that if you follow the webcast via the above URL, you may experience a 30-second delay compared to the main conference call. The web page works best in an updated browser - Chrome is recommended.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
... or

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,000 employees and is publicly listed on the Oslo stock exchange.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments

• BW Offshore Q2 2025 and strategy update
• BW Offshore Limited Half-year report

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