BW Offshore (BWO) DNB Carnegie’s Energy & Shipping Conference 2026 presentation summary

Company overview and operations

• Operates four FPSOs with over 40 years of offshore experience and a market cap of $1.0bn as of February 2026.

• Achieved 99.7% commercial uptime over the last 12 months as of Q4 2025.

• FPSOs are deployed across Africa, Europe, Southeast Asia, Oceania, and the Americas.

Financial performance and shareholder returns

• Generated $708m liquidity from divestments and returned $368m to shareholders as dividends since 2020.

• 2025 EBITDA reached $240m, with a net consolidated cash position of $212m and available liquidity of $635m.

• Annual dividend distribution increased to $0.37 per share in 2025, targeting 50% of net profit for 2026 distributions.

Contracted cash flow and project backlog

• $2.2bn operating cash flow backlog, with 77% classified as firm as of Q4 2025.

• Major FPSOs under long-term contracts: BW Opal (15 years), BW Adolo, BW Catcher, and Pioneer.

• 2026 EBITDA contributions expected: BW Opal $160-170m, BW Adolo $60-70m, BW Catcher $100m, Pioneer $4-8m.