BW Offshore (BWO) Q1 2026 earnings summary

Executive summary

• Q1 2026 EBITDA was $47.9–$48 million, net profit $23–$23.4 million, and EPS $0.13, with strong commercial uptime from the core fleet.

• BW Catcher contract extended to 2030, adding $490 million to backlog and increasing total backlog to $2.3 billion, 97% of which is firm.

• FEED contract signed for Bay du Nord FPSO, targeting FID in early 2027; new office opened in St. John's to support the project.

• Q1 dividend of $11–$11.3 million ($0.063/share) declared and paid, consistent with annual policy.

• Strategic review process is ongoing, focusing on FPSO business growth and capital structure optimization, with no change to operational priorities.

Financial highlights

• Q1 2026 operating revenues were $130.2 million, EBITDA $47.9 million, and net profit $23.4 million.

• Operating cash flow for Q1 was $43–$43.3 million; net consolidated cash position at $166.7–$167 million.

• Available liquidity at quarter-end was $568 million, including undrawn revolving credit facility.

• CapEx in Q1 was $29 million, with $20 million related to BW Opal commissioning and repairs.

• Q1 cash dividend declared at $0.063 per share.

Outlook and guidance

• 2026 EBITDA guidance revised to $310–$340 million, down from $340–$370 million, reflecting BW Opal downtime and BW Catcher contract terms.

• BW Opal expected to reach practical completion mid-2026, with post-completion annual EBITDA of $265–$275 million.

• Focus on completing Bay du Nord FEED in 2026 and targeting one FPSO FID within 12 months.

• Ambition to win one new FPSO project every other year, with Americas as a key focus region.

• High FEED and tendering activity with several FPSO projects expected to reach FID in 12–36 months.