BW Offshore hits first gas on BW Opal, narrows 2025 guidance

BW Offshore's Q3 2025 results highlight key achievements, including the BW Opal FPSO reaching ready-for-start-up and first gas on September 16, triggering 60% of its contractual dayrate. The company also signed a Heads of Agreement with Equinor for the Bay du Nord FPSO project, progressing towards FEED in early 2026. Financial performance included a Q3 EBITDA of $43.9 million and a net profit of $23.3 million.

A significant strategic development is the establishment of a 50/50 joint venture, BW Elara, with BW Group to design and build Floating Desalination Units. Furthermore, BW Ideol's fabrication line in France was selected for an EU Commission grant of up to €74 million for concrete floating foundations. BW Offshore reported a robust balance sheet with $624 million in available liquidity and narrowed its full-year 2025 EBITDA guidance to $240-250 million.