Core Insights - BW Offshore reported strong operational performance in Q2 2025, with high uptime on producing assets and an increase in EBITDA expectations for the full year [3][9] - The FPSO BW Opal has commenced operations at the Barossa gas field, expected to contribute significantly to earnings and cash flow [2][3] - The company is strategically positioned for future energy demands, focusing on both energy security and the transition to renewable sources [4] Financial Performance - Q2 2025 EBITDA was USD 57 million, with a total of USD 148 million for the first half of the year [9] - Net profit for Q2 was USD 25 million, totaling USD 87 million for the first half [9] - Operating cash flow for Q2 reached USD 103 million, with a total of USD 160 million for the first half [9] - The company declared a quarterly cash dividend of USD 0.063 per share, amounting to USD 11 million [5][9] Contractual and Operational Updates - The firm backlog measured by expected operational cash flow is USD 2.2 billion, while the firm revenue backlog is USD 6.0 billion [6] - The FPSO BW Opal is on track to start producing gas in Q3 2025, aligning with its 15-year contract [2][9] - A recent strategy review indicates that the company will continue to refine its position in the FPSO value chain while preparing for future energy transitions [4]