BW Offshore: Fourth quarter and full year results 2025

Core Insights - BW Offshore reported strong operational performance in 2025, achieving key milestones with the BW Opal FPSO and generating significant cash flow, leading to a dividend distribution equal to 50% of net income for the year, marking the fifth consecutive year of increased shareholder distributions [4][3] Financial Performance - EBITDA for Q4 2025 was USD 47.8 million, up from USD 43.9 million in Q3 2025, while full-year EBITDA reached USD 240.1 million [6][8] - Net profit for Q4 2025 was USD 24.1 million, slightly higher than USD 23.3 million in Q3 2025 [7] - The total dividend for 2025 amounted to USD 67.0 million, equivalent to USD 0.37 per share, representing a 12% increase compared to 2024 [3][8] Operational Highlights - BW Opal FPSO is progressing towards 100% production capacity, targeting completion in Q2 2026, with a transition to a volume-based dayrate expected in mid-March 2026 [2][4] - The FPSO fleet maintained a weighted average uptime of 100% in Q4 2025, an improvement from 98.7% in Q3 2025 [10] Strategic Developments - The company is engaging in a strategic review in response to strong market interest in the FPSO sector, focusing on growing its FPSO business with an optimized capital structure [5] - BW Offshore is advancing the Bay du Nord FPSO project with Equinor, with the FEED phase planned to commence in the first half of 2026 [11] Future Outlook - For 2026, BW Offshore expects EBITDA in the range of USD 340-370 million, supported by a firm backlog and anticipated revenue recognition from BW Opal [4][8] - The company is well-positioned to capitalize on the growing demand for FPSO projects, with a focus on strong partnerships and improved project execution models [14][17]