BW Offshore (BWO) Q2 2024 earnings summary

Executive summary

• Barossa project and BW Opal FPSO are 86% complete, on track for first gas in H1 2025, with long-term project economics intact.

• Q2 2024 EBITDA reached USD 77 million, with operating cash flow at USD 107 million, including USD 50 million in Barossa FPSO dayrate pre-payments.

• Net profit for Q2 was USD 29.2 million, and a cash dividend of USD 11 million (USD 0.06 per share) was declared.

• Full-year 2024 EBITDA guidance raised to USD 305–315 million, reflecting strong operational and financial performance.

• Sale of FPSO Polvo and BW Energy shares completed, generating USD 176 million in proceeds.

Financial highlights

• Q2 2024 operating revenues were USD 151.9 million, with EBITDA margin at 50.7%.

• Net profit for Q2 2024 was USD 29.2 million, with EPS of USD 0.16.

• Underlying free cash flow from the fleet was USD 57 million, and cash position rose to USD 448 million by end of Q2.

• Net cash inflow from operating activities was USD 198.1 million for 1H 2024.

• Equity ratio stood at 30.4%, and available liquidity increased to USD 728 million.

Outlook and guidance

• Full-year 2024 EBITDA guidance raised to USD 305–315 million, supported by a USD 5.4 billion firm contract backlog.

• Barossa project startup expected in H1 2025; focus remains on safe delivery and completion.

• Strategy includes unlocking value through contract extensions and selectively pursuing new FPSO projects.

• Market expects pent-up demand for FPSO projects, with several potential projects nearing FID in the next 12–36 months.

• Continued support for BW Ideol as a private company, advancing floating wind projects.