Bluewater holding reports smaller net loss in H1 2025 despite lower EBITDA

Bluewater Holding B.V. announced a net loss after tax of $1.2 million for the first half of 2025, an improvement from the $1.4 million loss reported in the corresponding period of 2024. EBITDA for the six-month period ended June 30, 2025, decreased slightly to $29.3 million, down from $30.1 million in 2024, primarily due to a $9.3 million decrease in EBITDA for the FPSO Aoka Mizu. Revenue saw a significant increase, reaching $170.5 million in H1 2025 compared to $127.7 million in H1 2024.

The SPM division was a strong contributor, generating $13.3 million in EBITDA for H1 2025, driven by an accelerated EPC contract. Finance expenses decreased by $2.7 million to $12.9 million, attributed to lower interest costs on the Unsecured Bond issued in November 2022. However, currency exchange results negatively impacted the company by $4.6 million in H1 2025, a shift from a $0.4 million positive result in H1 2024, reflecting volatility in USD against EUR and GBP.

Operational highlights include the extension of a permit for project execution in Kazakhstan and an agreement on terms for the contract amendment and extension for the FPSO Aoka Mizu. Bluewater also secured new EPC contracts, including a $10 million ammonia buoy in the Middle East and $50 million for two Calm buoy systems, demonstrating strong market demand despite a reported insolvency within the Prax Group, a Bluewater client.