Q4 2024 BW Offshore Ltd Earnings Call Transcript

Feb 27, 2025 / 08:00 AM GMT

Release Date Price: $2.2 (-21.43%)

Transcript

Key Points

Positve

BW Offshore Ltd (BWOFY) reported a full-year EBITDA of $380 million, exceeding initial expectations.
The company declared a total cash dividend of $59 million for the year, a 22% increase from the previous year.
The BWal FPSO for the Barossa project is on track for sail away by the end of April, with construction and integration at 99% completion.
BW Offshore Ltd (BWOFY) maintains a strong cash position with over $300 million available, supporting financial flexibility.
The company has a robust backlog of $6.2 billion, with $5.3 billion being firm, ensuring future revenue streams.

Negative

EBITDA for 2025 is anticipated to dip temporarily to $220-$250 million, down from 2024.
The company faces challenges with recognizing revenue from BWal until practical completion, affecting 2025 EBITDA.
Depreciation is expected to decrease in 2025, impacting financial results.
The market for FPSO projects is active but awards have been lagging, putting pressure on timelines for new projects.
BW Offshore Ltd (BWOFY) faces higher financial costs compared to clients, impacting contract model preferences.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BWO.OL - BW Offshore Ltd
Q4 2024 BW Offshore Ltd Earnings Call
Feb 27, 2025 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome everyone to this 4th quarter 2024 presentation of BWF Shore. My name is Mark Ubane, CEO, and I will present today together with our CFO Stola Andreasen.

We can start with the disclaimer. Yeah, please take notes and then I move on to the highlights.

2024 was a year with high up time, good financial results, and continued strong balance sheet.

Our full year Abida of $380 million US dollar is in line with the latest guidance and above the initial expectations set at the start of 2024.

Our full year net profit came in at $120 million US dollar.

And this is the basis for increased shareholder return.

With the Q4 dividend of $25 million US dollar, and that results in a

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