Third quarter results 2025

Third quarter results 2025

HIGHLIGHTS

• Q3 EBITDA of USD 43.9 million and operating cashflow of USD 142.0 million
• Robust balance sheet with USD 624 million in available liquidity
• Q3 cash dividend of USD 0.063 per share
• BW Opal achieved RFSU and first gas, receiving 60% of contractual dayrate from 16 September
• Signed Heads of Agreement with Equinor for Bay du Nord FPSO
• JV established with BW Group to design and build Floating Desalination Units (FDUs)
• BW Ideol fabrication line in France selected for EU Commission grant for up to EUR 74 million
• Successful upsizing of the corporate credit facility to USD 220 million
• Full-year 2025 EBITDA guidance range narrowed to USD 240-250 million
  
  

On 16 September, the BW Opal FPSO successfully reached ready-for-start-up (RFSU) for the Santos operated Barossa LNG project, triggering the commencement of payment of 60% of the contractual dayrate under the charter.

The Board of Directors has declared a quarterly cash dividend of USD 0.063 per share. The shares will trade ex-dividend from 19 November 2025. Shareholders recorded in VPS following the close of trading on Oslo Børs on 18 November 2025, will be entitled to the distribution payable on or around 28 November 2025.

"We are proud to deliver first gas from BW Opal, signalling the end of the construction phase and the transition to operations with subsequent revenue and cash flow recognition," said Marco Beenen, the CEO of BW Offshore. "The Bay du Nord project with Equinor is progressing towards FEED early next year, as we continue to execute on our strategy for growth and value creation supported by high commercial uptime, robust cash generation from the existing fleet and a strong balance sheet.”

FINANCIALS
EBITDA for the third quarter of 2025 was USD 43.9 million (USD 57.1 million in Q2 2025), reflecting good operational performance. The reduction is primarily due to the recognition of one-off revenues related to the Repsol project in the second quarter. EBIT for the third quarter was USD 22.5 million (USD 21.2 million).

Net financial items were positive at USD 6.7 million (USD 5.8 million). Both quarters were positively impacted by a valuation gain on the financial liability related to the Barossa project. This was driven by changes in the timing of future cash flows from the facility, as well as a favourable mark-to-market adjustment on interest rate hedges.