Core Insights - BW Offshore has successfully transitioned to operational status with the BW Opal FPSO, marking the end of the construction phase and the beginning of revenue generation from the Santos operated Barossa LNG project [2][4] - The company declared a quarterly cash dividend of USD 0.063 per share, with the ex-dividend date set for 19 November 2025 [3] - The full-year 2025 EBITDA guidance has been narrowed to USD 240-250 million, reflecting strong cash generation and operational performance [10][23] Financial Performance - EBITDA for Q3 2025 was USD 43.9 million, down from USD 57.1 million in Q2 2025, primarily due to one-off revenues recognized in the previous quarter [5] - Net profit for Q3 was USD 23.3 million, slightly down from USD 24.6 million in the previous quarter [7] - The company reported a net cash position of USD 186.6 million as of 30 September 2025, down from USD 213.4 million [8] Operational Highlights - The FPSO fleet maintained a weighted average uptime of 98.7% during the quarter, despite scheduled maintenance [11] - The BW Opal FPSO achieved ready-for-start-up (RFSU) and began receiving 60% of the contractual dayrate from 16 September 2025 [2][12] - A joint venture with BW Group has been established to design and build Floating Desalination Units (FDUs) to address global water constraints [16] Project Developments - BW Offshore signed a Heads of Agreement with Equinor for the Bay du Nord FPSO project, with preparations for the FEED phase expected to commence in early 2026 [14] - The firm and probable backlog measured by expected cash flow from operations amounted to USD 2.1 billion as of 30 September 2025 [13] - The company is focused on low-carbon energy solutions and expanding into new sectors, including CO2 transport and gas-to-power [15] Market Outlook - The company anticipates that several FPSO projects will reach a final investment decision within the next 12 to 36 months, driven by growing energy consumption and interest in FPSO developments [19][21] - Increased project complexity and construction costs are leading to financial structures requiring significant day rate prepayments during construction [19] - BW Offshore is well-positioned to offer solutions for gas and harsh-weather FPSOs, with a focus on redeployments that lower costs and shorten lead times [19][22]