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- EBITDA USD 77 million in Q2 and USD 163 million for the first half-year
- Net profit USD 29 million in Q2 and USD 66 million for the first half-year
- Operating cashflow USD 107 million in Q2 and USD 198 million for the first
half-year
- Equity ratio 30.4% and USD 728 million in available liquidity
- Q2 cash dividend USD 0.0625 per share equivalent to USD 11 million
- Barossa FPSO project 86% complete at end-July 2024
- Completion of FEED work on the Sakarya project
- Full-year 2024 EBITDA expectation raised to USD 305-315 million
BW Offshore continues to progress the Barossa project according to schedule. As
of end July 2024, the project was 86% completed. All 16 top-side modules have
been lifted onto the FPSO, representing an important project milestone.
Integration work is well underway and pre-commissioning and commissioning
activities have started to ramp up.
In the third quarter, BWO completed Front-End Engineering Design (FEED) work and
early engineering related to the Sakarya redeployment project. The work
generated an EBITDA contribution of approximately USD 7 million in the second
quarter of 2024 and a further approximately USD 10 million is expected to be
recognised in the third quarter. Sakarya is set to progress as a local-content-
oriented project in Turkey with limited scope for BW Offshore to provide further
value-added services meeting own return requirements.
“BW Offshore continues to deliver high commercial uptime across the FPSO fleet
and the topside integration and commissioning of the BW Opal is proceeding to
plan,” said Marco Beenen, CEO of BW Offshore. “We are selectively progressing
several potential FPSO projects in a very active market and the Sakarya FEED
shows that that we can create material value in preparatory phases, even if a
final contract does not materialise.”
The Board of Directors has declared a quarterly cash dividend of USD 0.0625 per
share. The shares will trade ex-dividend from 3 September 2024. Shareholders
recorded in VPS following the close of trading on Oslo Børs on 4 September
2024, will be entitled to the distribution payable on or around 11 September
2024.
BW Offshore expects that the fleet will continue to generate significant cash
flows in the time ahead, supported by the USD 5.4 billion firm contract backlog
at the end of June 2024. BW Offshore expects to report an EBITDA in the range
USD 305-315 million for 2024, an increase from previously in the range of USD
290-310 million.
Please see attached the half year report and presentation. The earnings tables
are available at:
Investors | BW Offshore
BW Offshore will host a webcast of the financial results 09:00 (CEST) today. The
presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.
Webcast information:
You can follow the presentation via webcast with supporting slides and a Q&A
module, available on:
BW Offshore Limited - Q2 Presentation Webcast
(https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fevents.webcas
t.no%2Fviewer-
registration%2FeKq9RZgt%2Fregister&data=05%7C02%7Cerland.ostensen%40bwoffshore.c
om%7C76d4e897df0f4bdbe17608dcc1b3eeac%7Cd7f771bb43b44406b6cde22a0d40ab77%7C0%7C0
%7C638598225782443306%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMz
IiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=sjOSUr2Qk5n6btdvM2Swn59G8VDa
25jfaWihe43r%2BKw%3D&reserved=0)
Please note, that if you follow the webcast via the above URL, you will
experience a 30 second delay compared to the main conference call. The web page
works best in an updated browser - Chrome is recommended.
For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
IR@bwoffshore.com or www.bwoffshore.com
About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has
a fleet of 3 FPSOs with potential and ambition to grow. By leveraging four
decades of offshore operations and project execution, the Company creates
tailored offshore energy solutions for evolving markets world-wide. BW Offshore
has around 1,200 employees and is publicly listed on the Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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