BW Offshore (BWO) DNB Energy & Shipping Conference 2025 Presentation summary

Company overview

• Global FPSO owner/operator with over 40 years of experience and OSE listing since 2006.

• Market cap of approximately USD 490 million as of February 2025; BW Group holds a 49.9% stake.

• Operates 3 FPSOs with 99.3% uptime in 2024 and a probable backlog of USD 6.2 billion.

• 64% owner of floating wind company BW Ideol, expanding into energy transition markets.

Financial performance and dividends

• 2024 EBITDA reached USD 318 million, with net profit of USD 120 million.

• USD 59 million in dividends paid for 2024, representing 50% of net profit and a 12% yield.

• Total dividend distribution since 2021 amounts to USD 177 million.

• Available liquidity stands at USD 540 million, supporting future growth and distributions.

Core projects and backlog

• Revenue backlog at end Q4 2024 is USD 6.2 billion, with 85% firm contracts.

• Key FPSOs: BW Opal (first gas mid-2025), BW Adolo, BW Catcher, and BW Pioneer.

• BW Opal expected to generate USD 255–265 million annual EBITDA; BW Catcher ~USD 160–170 million.

• BW Opal construction 99% complete, commissioning 85% complete, sail-away scheduled for April 2025.