BW Offshore has announced second quarter and first half results 2025. 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.
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: https://www.bwoffshore.com/ir/
Source: BW Offshore
