BW Offshore (BWO) Q2 2026 earnings summary

Executive summary

• Q2 2026 EBITDA was $63 million, with H1 EBITDA at $110.4 million; BW Opal produced at 85% of nameplate capacity due to technical issues, delaying practical completion to Q2 2027.

• Net loss for Q2 was $102 million, mainly from a $125 million non-cash impairment on BW Opal; underlying net profit was $23 million for Q2 and $46.6 million for H1.

• Strategic review process is ongoing, with timeline extended due to BW Opal's revised completion date.

• Q2 cash dividend of $11–11.3 million ($0.063 per share) declared and paid.

• BW Catcher contract extended to end-2030, adding $490 million to firm backlog.

Financial highlights

• Q2 2026 operating revenues were $163.1 million, up from $130.2 million in Q1; H1 2026 revenue was $293.3 million.

• Q2 EBITDA was $62.5–$63 million, up from $47.9 million in Q1; EBITDA margin at 38.3%.

• Non-cash impairment of $125 million on BW Opal led to a Q2 net loss of $102–$78.7 million; underlying net profit for Q2 was $23 million.

• Net cash position maintained at $101–$101.1 million; available liquidity at $510.7–$511 million.

• Equity ratio at 28.3%, above minimum covenant.

Outlook and guidance

• 2026 EBITDA guidance revised to $250–$280 million, down from $310–$340 million, mainly due to BW Opal's delay.

• BW Opal expected to deliver annual EBITDA of $265–$275 million post-completion under a 15-year contract.

• Limited cash flow impact in 2026 as BW Opal generates revenue under interim contract; most additional investment falls into 2027.

• Focus on completing Bay du Nord FEED by year-end and signing one new FPSO project within 12 months.

• Current fleet and increased contract backlog expected to support significant future cash flow.