Q1 2026 BW Offshore Ltd Earnings Call Transcript

May 18, 2026 / 07:00AM GMT

Release Date Price: $12.25

Transcript

Key Points

Positve

BW Offshore Ltd (BWOSF) delivered a stable first-quarter EBITDA of USD 48 million and a net profit of USD 23 million.
The company reached an agreement to extend the BW Catcher contract to 2030, adding approximately USD 490 million of firm operating cash flow to its backlog.
BW Offshore Ltd (BWOSF) signed the FEED contract with Equinor for Bay du Nord FPSO, targeting a final investment decision in 2027.
The company continues its predictable shareholder distribution program, declaring a cash dividend of USD 11 million or $0.063 per share for the quarter.
BW Offshore Ltd (BWOSF) maintains a strong safety record with zero incidents reported in the quarter, and the fleet delivered 100% commercial uptime, excluding BW Opal.

Negative

The company had to revise its 2026 EBITDA outlook to between USD 310 million to USD 340 million due to temporary shutdowns and amended contract terms.
BW Opal experienced technical downtime, impacting its contribution to the quarter's results.
The updated terms for the BW Catcher contract include a 10% discount to the previous day rate.
Cash flow generation was reduced in the quarter, mainly due to the impact from BW Opal's limited contribution.
BW Offshore Ltd (BWOSF) incurred additional CapEx related to BW Opal's commissioning and repair work, impacting overall cash flow.

Marco Beenen

BW Offshore Ltd - Chief Executive Officer

Good morning, everyone. Welcome to the first-quarter trading update of BW Offshore. My name is Marco Beenen, and together with Stale Andreassen, our CFO, I will run you through the presentation in this call. Please note our disclaimer. Starting with the highlights.

We delivered a stable first-quarter EBITDA of USD48 million and a net profit of USD23 million. We reached an agreement to extend the BW Catcher contract to 2030, and that increased our firm backlog. We signed the FEED contract with Equinor for Bay du Nord FPSO, targeting a final investment decision in '27. And we continue our predictable shareholder distribution program with a maximum payout under our governance. And based on that, this quarter, we will pay a cash dividend of USD11 million or $0.063 per share. We adjusted the full-year guidance, reflecting the Catcher contract and technical downtime on BW Opal, and Stale will come back to both in more detail.

And on the strategic review, as communicated in December, we engaged an external adviser in response to the

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