HOUSTON, TEXAS - MARCH 12: Daniel Yergin Vice Chairman, S&P Global, left, moderates as ExxonMobil Upstream Company President Dan Ammann speaks at CERAWeek by S&P Global in Houston, Tuesday, March 12, 2025. (Kirk Sides/Houston Chronicle via Getty Images)Houston Chronicle via Getty ImagesExxonMobil, which heads up the consortium developing the massive Stabroek oil and gas resource play offshore Guyana, announced on Monday that it has reached final investment decision (FID) on its Hammerhead project after rece ...

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]

Core Insights - SBM Offshore reported strong financial results for the first half of 2025, driven by solid project execution and the start-up of two major FPSOs, leading to increased revenue and EBITDA guidance for the year [2][9][33] Financial Performance - Directional revenue for 1H 2025 reached US$2,311 million, a 26% increase from US$1,840 million in 1H 2024, primarily due to a 100% increase in Turnkey revenue [10][9] - Directional EBITDA for 1H 2025 was US$682 million, a 10% increase from US$620 million in the same period last year, with significant contributions from Turnkey projects [12][10] - Profit attributable to shareholders rose to US$274 million, or US$1.57 per share, compared to US$128 million, or US$0.71 per share, in 1H 2024 [15][10] Operational Highlights - The company brought online two large FPSOs in Brazil with a combined capacity of 405,000 bbls/day, and FPSO ONE GUYANA is preparing for first oil [3][23] - The fleet now consists of 17 FPSOs with a total production capacity of 2.7 million bbls/day [3][24] - Achieved an uptime average of 99.4% across the fleet in the first half of 2025 [5][28] Market Outlook - The deepwater market remains robust, driven by demand for cost-efficient and low-emission oil production [6][7] - The company is on track to return a minimum of US$1.7 billion to shareholders from 2025 to 2030, with potential upside from existing backlog and new awards [7][9] Strategic Initiatives - The company is innovating for long-term sustainability, having secured approval for a near-zero emission FPSO and collaborating with Microsoft on carbon capture technology [8][31] - A EUR150 million dividend was paid, and a EUR141 million share repurchase program is underway, with approximately 34% completed [32][9] Guidance - The Directional revenue guidance for 2025 has been increased to above US$5.0 billion, with EBITDA guidance raised to above US$1.6 billion [33][9]