BW Offshore raises 2025 EBITDA guidance after strong Q2 performance

BW Offshore announced a strong Q2 2025, with EBITDA reaching $57 million and net profit at $25 million. This contributed to first-half figures of $148 million and $87 million, respectively. Operating cash flow stood at $103 million for Q2 and $160 million for the first half, supported by 100% weighted average fleet uptime across its producing assets. The company's financial health is further underscored by an equity ratio of 30.7% and available liquidity of $531 million.

A key highlight was the BW Opal FPSO, which completed commissioning and was hooked up at the Barossa gas field in June, on track for first gas in Q3 2025. This progress led BW Offshore to raise its 2025 EBITDA guidance to $240-$260 million, up from the previous $220-$250 million. The company also declared a Q2 cash dividend of $0.063 per share, equivalent to $11 million.

In late June, the FEED for the FPSO to Repsol's Block 29 was completed without a contract award, resulting in an impairment of capitalised investment costs. Despite this, BW Offshore maintains a firm backlog measured by expected operational cash flow of $2.2 billion, with a revenue backlog of $6.0 billion.