Norway · Delayed Price · Currency is NOK BW Offshore Earnings Call Transcripts
Fiscal Year 2025
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Strong Q4 and full-year 2025 results with EBITDA of $240M and net profit of $134M, supporting a 12% dividend increase. 2026 EBITDA guidance is $340M-$370M, with BW Opal ramping up and a robust $2.2B cash flow backlog. Strategic review ongoing amid a strong FPSO market.
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Q3 saw first gas and cash flow from BW Opal, strong cash and profit, and a narrowed EBITDA outlook. The FPSO and wind markets remain robust, with new projects and a desalination JV advancing. Dividend guidance and capital strength are maintained.
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Q2 saw strong operational and financial performance, with EBITDA of $57 million and net profit of $24.6 million. 2025 EBITDA guidance was raised to $240–$260 million, supported by high fleet uptime and the imminent startup of BW Opal. Robust liquidity and a disciplined dividend policy underpin long-term growth ambitions.
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Q1 saw strong financial results, with $91M EBITDA and $62.2M net profit, boosted by asset sales and arbitration gains. BW Opal’s project is on track, and the company maintains robust liquidity and a solid backlog, while actively pursuing new FPSO and floating wind opportunities.
Fiscal Year 2024
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Delivered strong 2024 results with $380M EBITDA and $120M net profit, supporting a 22% dividend increase. BW Opal is on track for first gas by mid-2025, and significant revenue growth is expected from new FPSO projects and full BW Opal contribution in 2026.
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Q3 saw strong cash flow and a net profit of $13 million, with EBITDA guidance for 2024 raised to $315-$320 million. Barossa project costs increased by $100-$150 million, but liquidity remains robust and dividend payments continue.
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Barossa project is on track and 86% complete, driving an increased 2024 EBITDA outlook of $305–$315 million. Strong cash flow and liquidity support ongoing dividends and new FPSO bids, while the company adapts to evolving contract models and market conditions.