Interim / Quarterly Report • Aug 28, 2025
Interim / Quarterly Report
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Half-Year Report 2025
Condensed Interim Consolidated Financial Information
EBITDA for the period was USD 148.4 million (USD 162.9 million)1 , reflecting consistent high commercial fleet uptime and the successful arbitration settlement with PRIO (formerly Petrorio).
Depreciation was USD 51.1 million (USD 88.4 million). The reduction relates to divestment of FPSOs and some equipment being fully depreciated. Gain from sale of fixed assets was USD 14.8 million and relates to the sale of BW Pioneer. Impairment of USD 14.5 million relates to earlier capitalised cost for engineering work on Repsol's Block 29 development in Mexico.
Operating profit was USD 94.9 million (USD 72.8 million).
Net financial items were positive by USD 16.2 million (expense USD 3.7 million). The variance mainly reflects a reduction in net interest-bearing debt and a positive impact from interest rate swaps.
Share of loss from equity accounted investments was USD 6.5 million (profit of USD 1.9 million) including a valuation adjustment on the Barossa finance receivable related to changes in timing of future expected cash flows.
Tax expense was USD 17.8 million (USD 5.0 million). The increase in tax expenses is mainly due to tax on the sale of BW Pioneer.
Net profit for the period was USD 86.8 million (USD 66.0 million).
On 30 June 2025, total equity was USD 1 279.3 million (USD 1 230.5 million) and the equity ratio was 30.7% (30.4%). As a result of strong cash generation from the fleet, combined with freeing
up liquidity from the sale of BW Pioneer in 2025, the Company was net cash positive USD 213.4 million (USD 29.0 million) by 30 June 2025. Available liquidity was USD 531 million, excluding consolidated cash from BW Ideol and including USD 100 million undrawn under the corporate loan facility.
Net cash inflow from operating activities was USD 159.5 million (USD 198.1 million), of which USD 31.6 million was prepayment from Santos related to the contract for BW Opal. Net cash outflow towards investment activities was USD 40.0 million (inflow USD 0.2 million), reflecting the net impact of investments in the BW Opal FPSO and proceeds from the sale of BW Pioneer. Net cash inflow from financing activities was USD 3.0 million (outflow USD 111.3 million). The variance primarily relates to effects from changes in net interestbearing debt.
The Company delivered a weighted average fleet uptime of 100.0% in the first six months of 2025.
In March, BW Offshore finalised the USD 125 million sale of FPSO BW Pioneer, retaining a five-year O&M agreement with the buyer. In April, the Company received USD 36 million in an arbitration settlement related to the former FPSO Polvo lease.
On 20 May, BW Energy assumed operatorship of FPSO BW Adolo, with BW Offshore continuing as lessor under current terms. Later in May, BW Offshore signed an agreement to acquire the FPSO Nganhurra, adding a highquality redeployment asset to its portfolio.
To better reflect the future cash generation potential of the contract backlog, BW Offshore
1 Figures presented are compared to (first half-year of 2024 in brackets).
now includes expected operational cashflow. The inclusion arises from the BW Opal lease structure, under which substantial prepayments widen the difference between reported revenue and underlying cash flow from FPSO operations. At 30 June, the firm backlog measured by expected cashflow from operations amounted to USD 2.2 billion. For comparison the firm revenue backlog was USD 6.0 billion.
BW Offshore progressed the BW Opal project according to schedule during the first half of 2025. The FPSO successfully completed commissioning and sailed away from Seatrium's Tuas Boulevard Yard on 28 May 2025. The unit arrived at the Barossa gas field offshore northern Australia in June, where it was hooked up and final offshore commissioning activities commenced. The FPSO is on track for first gas in Q3.
The FEED for the FPSO to Repsol's Block 29 in the Gulf of Mexico was completed without progressing to a contract award. Given the current status, the client will pay BW Offshore for FEED efforts and we have made an impairment of capitalised investment cost.
BW Offshore is committed to contribute to the energy transition by leveraging FPSO expertise to deliver low-carbon energy solutions and expand into new sectors, focusing on low-emission oil and gas, CO2 transport, gas-to-power and floating ammonia to meet evolving energy demands. The Company maintains a disciplined approach with selective and diligent allocation of capital and a commitment to creating shareholder value.
BW Offshore owns 64% of BW Ideol, a leader in offshore floating wind technology and co-development with over 14 years of experience in the development of floating wind projects. In April, a shareholder loan of EUR 6.7 million was provided to support the company's operations over the next 12 months.
The 1 GW Buchan offshore wind project in Scotland is preparing for the final consent application later this year, while in France, work continues on the three floating substructures for the Eolmed floating wind pilot, with commissioning of the three floating turbines expected by end of 2025. Recently,
BW Ideol's patented concrete Damping Pool® solution was recognised as the most suitable floating offshore wind concept for North Sea conditions in an independent study assessing 107 different foundation designs.
The Board of Directors has declared a quarterly cash dividend of USD 0.06 per share for the three months ending 30 June. The shares will trade ex-dividend from 2 September 2025. Shareholders recorded in VPS following the close of trading on Oslo Stock Exchange on 3 September 2025, will be entitled to the distribution payable on or around 11 September 2025.
BW Offshore is exposed to operational and financial risks (including currency risk, interest rate risk, credit risk and liquidity risk). The most important operational risk factors relate to FPSO operations and project execution, which could lead to accidents and oil spills into the environment if not managed properly. The overall financial risk management focuses on the unpredictability of financial markets and seeks
to minimise potential adverse effects on the Group's financial performance. More information can be found in the 2024 Annual Report.
For the second half of the year, BW Offshore will continue to prioritise the safe and efficient start up of the FPSO BW Opal.
Growing energy demand continues to drive interest in developing new infrastructure-type FPSO projects with long production profiles, low break-even costs and focus on lower emissions.
Increased project complexity, combined with higher construction costs, necessitates financial structures with significant day rate prepayments during the construction period for new lease and operate projects.
Alternatively, oil and gas majors may finance and own FPSOs, relying on FPSO specialists for the design, construction and installation scope, combined with operation and maintenance services. BW Offshore is well positioned to offer both solutions.
In recent years, the number of sanctioned FPSO projects have lagged market expectations. Consequently, there is a growing number of projects at various stages of maturity, reflecting a pent-up demand for FPSOs. Increased FEED and tendering activity are a function of this, and BW Offshore expects that a number of the FPSO projects the Company is engaging with will reach a final investment decision over the next 12 to 36 months.
The market dynamics combined with the high competence levels required for project execution, should enable better risk-reward and improved margins for FPSO companies going forward. BW Offshore continues to selectively evaluate new projects that meet required return targets, offer contracts with no residual value risk after firm period, and provide a financeable structure with strong national or investmentgrade counterparties.
Considering both the increased market activity and recent project developments, BW Offshore is evolving its execution model. This includes establishing strong project partnerships for the design, engineering and construction phases and overall strengthened risk management, to further complement the successful partner financing model established for the BW Opal.
As part of the updated strategy, the Company maintains its focus on the core gas and harshweather FPSO offering and is actively engaging in potential redeployment projects which offer lower costs and shorter lead times.
BW Offshore expects that the fleet will continue to generate significant cashflow in the time ahead, supported by the firm contract backlog.
Bermuda, 27 August 2025
Mr Andreas Sohmen-Pao Ms Rebekka Glasser Herlofsen Mr Maarten R Scholten Mr René Kofod-Olsen Mr Kees van Seventer
Sign Sign Sign Sign Sign Chair Director Director Director Director
BW Offshore Limited | First half-year 2025
We confirm to the best of our knowledge that the Condensed Interim Consolidated Financial Information for the six months ending 30 June 2025 has been prepared in accordance with IAS 34 "Interim Financial Reporting" and gives a true and fair view of BW Offshore Limited's consolidated assets, liabilities, financial position and income statement as a whole. We also confirm to the best of our knowledge that the Financial Summary includes a fair review of important events that arose during the first six months of 2025, and their impact on the Condensed Interim Consolidated Financial Information, and accounts properly for the principal risks and uncertainties for the remaining six months of the financial year, as well as major related parties' transactions.
Bermuda, 27 August 2025
Sign Sign Sign Sign Sign Mr Andreas Sohmen-Pao Ms Rebekka Glasser Herlofsen Mr Maarten R Scholten Mr René Kofod-Olsen Mr Kees van Seventer Chair Director Director Director Director
| Condensed consolidated statement of income | 8 |
|---|---|
| Condensed consolidated statement of comprehensive income | 9 |
| Condensed consolidated statement of financial position | 10 |
| Condensed consolidated statement of changes in equity | 11 |
| Condensed consolidated statement of cash flows | 12 |
| Notes | ||
|---|---|---|
| Notes to the condensed interim consolidated financial statements |
13 | |
| Note 1 | Organisation and basis of preparation | 13 |
| Note 2 | Operating segments | 14 |
| Note 3 | Revenue | 15 |
| Note 4 | Gain/ (loss) on financial instruments | 15 |
| Note 5 | Property, plant and equipment | 16 |
| Note 6 | Intangible assets and goodwill | 17 |
| Note 7 | Leases | 17 |
| Note 8 | Capital and reserves | 18 |
| Note 9 | Interest-bearing debt | 18 |
| Note 10 | Other non-current liabilities | 20 |
| Note 11 | Capital commitments | 20 |
| Note 12 | Related parties | 20 |
| Note 13 | Subsequent events | 21 |
| Key figures | 22 |
|---|---|
| Alternative Performance Measures (APMs) | 23 |
| Note | 1H 2025 | 1H 2024 | FY 2024 | |
|---|---|---|---|---|
| Revenue | 2, 3 | 281.2 | 320.5 | 606.7 |
| Operating expenses | (132.8) | (157.6) | (288.7) | |
| Operating profit before depreciation, amortisation, | 148.4 | 162.9 | 318.0 | |
| impairment and sale of assets | ||||
| Depreciation | 5 | (51.1) | (88.4) | (172.4) |
| Amortisation | 6 | (2.7) | (2.8) | (5.5) |
| Reversal of impairment/(Impairment) | 5 | (14.5) | 1.1 | 1.1 |
| Net gain/(loss) on sale of tangible fixed assets | 5 | 14.8 | - | - |
| Operating profit/(loss) | 94.9 | 72.8 | 141.2 | |
| Interest income | 11.5 | 8.6 | 17.7 | |
| Interest expense | (10.4) | (22.1) | (38.5) | |
| Fair value gain/(loss) on financial instruments | 4 | 12.8 | 5.6 | 0.1 |
| Other financial items | 2.3 | 4.2 | 20.0 | |
| Net financial items | 16.2 | (3.7) | (0.7) | |
| Share of profit/(loss) of equity-accounted investees | (6.5) | 1.9 | (13.3) | |
| Profit/(loss) before tax | 104.6 | 71.0 | 127.2 | |
| Income tax expense | (17.8) | (5.0) | (7.4) | |
| Net profit/(loss) for the period | 86.8 | 66.0 | 119.8 |
| Note | 1H 2025 | 1H 2024 | FY 2024 | |
|---|---|---|---|---|
| Net profit/(loss) for the period attributable to | ||||
| Shareholders of the parent | 86.7 | 66.2 | 120.6 | |
| Non-controlling interests | 0.1 | (0.2) | (0.8) | |
| Net profit/(loss) for the period | 86.8 | 66.0 | 119.8 | |
| Earnings per share | ||||
| Basic earnings/(loss) per share in USD net | 0.48 | 0.37 | 0.67 | |
| Diluted earnings/(loss) per share (USD) net | 0.48 | 0.34 | 0.63 |
| 1H 2025 | 1H 2024 | FY 2024 | |
|---|---|---|---|
| Profit/(loss) for the period | 86.8 | 66.0 | 119.8 |
| Other comprehensive income | |||
| Items that will not be reclassified subsequently to profit or loss: | |||
| Remeasurement of defined benefit liability (asset) | - | - | (0.1) |
| - | - | (0.1) | |
| Items that are or may be reclassified subsequently to profit or loss: | |||
| Foreign operations - foreign currency translation differences | 11.6 | (3.1) | (5.1) |
| Equity-accounted investees - share of OCI | (16.3) | 14.4 | 14.9 |
| Cash flow hedges - effective portion of changes in fair value | - | (0.5) | (0.5) |
| (4.7) | 10.8 | 9.3 | |
| Other comprehensive income for the period, net of tax | (4.7) | 10.8 | 9.2 |
| Total comprehensive income for the period | 82.1 | 76.8 | 129.0 |
| Total comprehensive income attributable to | |||
| Shareholders of the parent | 75.4 | 78.7 | 133.2 |
| Non-controlling interests | 6.7 | (1.9) | (4.2) |
| Total comprehensive income for the period | 82.1 | 76.8 | 129.0 |
(Unaudited figures in USD million)
| Note | 30.06.2025 | 30.06.2024 | 31.12.2024 | |
|---|---|---|---|---|
| ASSETS | ||||
| Vessels | 5 | 3217.2 | 2969.3 | 3138.6 |
| Other property, plant & equipment | 5 | 1.9 | 2.4 | 2.1 |
| Right-of-use assets | 5 | 20.7 | 24.0 | 21.4 |
| Intangible assets and goodwill | 6 | 89.9 | 84.0 | 80.4 |
| Equity-accounted investees | 217.1 | 235.4 | 226.4 | |
| Deferred tax assets | 62.2 | 61.6 | 64.1 | |
| Derivatives | 10.1 | 28.9 | 25.2 | |
| Other non-current assets | 7.1 | 11.6 | 8.0 | |
| Non-current assets | 3626.2 | 3417.2 | 3566.2 | |
| Inventories | - | 3.7 | 3.7 | |
| Trade and other current assets | 116.4 | 181.2 | 169.7 | |
| Derivatives | 0.6 | - | - | |
| Cash and cash equivalents | 428.3 | 448.0 | 305.8 | |
| Current assets | 545.3 | 632.9 | 479.2 | |
| Total assets | 4171.5 | 4050.1 | 4045.4 |
| Note | 30.06.2025 | 30.06.2024 | 31.12.2024 | |
|---|---|---|---|---|
| EQUITY | ||||
| Shareholders' equity | 8 | 1130.0 | 1057.2 | 1089.8 |
| Non-controlling interests | 8 | 149.3 | 173.3 | 156.8 |
| Total equity | 1279.3 | 1230.5 | 1246.6 | |
| LIABILITIES | ||||
| Interest-bearing long-term debt | 9 | 157.3 | 207.7 | 173.9 |
| Finance liability related to Barossa lease | 1408.1 | 1196.2 | 1347.4 | |
| Pension obligations | 1.9 | 1.8 | 1.8 | |
| Other non-current liabilities | 10 | 1068.5 | 976.6 | 1029.7 |
| Long-term lease liabilities | 15.5 | 17.1 | 15.1 | |
| Derivatives | 1.0 | - | 7.3 | |
| Deferred tax liabilities | 11.5 | 12.1 | 10.5 | |
| Non-current liabilities | 2663.8 | 2411.5 | 2585.7 | |
| Current tax liabilities | 21.3 | 14.3 | 13.8 | |
| Interest-bearing short-term debt | 9 | 57.6 | 211.3 | 57.5 |
| Trade and other payables | 144.4 | 178.0 | 137.6 | |
| Derivatives | - | 0.1 | - | |
| Short-term lease liabilities | 5.1 | 4.4 | 4.2 | |
| Current liabilities | 228.4 | 408.1 | 213.1 | |
| Total equity and liabilities | 4171.5 | 4050.1 | 4045.4 |
(Unaudited figures in USD million)
| Share capital |
Share premium |
Treasury share reserve |
Currency translation reserve |
Hedging reserve |
Equity component of convertible notes |
Other elements | Shareholders' equity |
Non-controlling interests |
Total equity |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Equity at 1 January 2025 | 92.5 | 1095.5 | (10.1) | (26.6) | - | - | (61.5) | 1089.8 | 156.8 | 1246.6 |
| Profit/(loss) for the period | - | - | - | - | - | - | 86.7 | 86.7 | 0.1 | 86.8 |
| Other comprehensive income | - | - | - | 5.0 | - | - | (16.3) | (11.3) | 6.6 | (4.7) |
| Dividends | - | - | - | - | - | - | (36.6) | (36.6) | - | (36.6) |
| Share-based payment | - | - | - | - | - | - | 0.4 | 0.4 | - | 0.4 |
| Other items | - | - | 1.0 | - | - | - | - | 1.0 | - | 1.0 |
| Dividends to non-controlling interests | - | - | - | - | - | - | - | - | (2.8) | (2.8) |
| Transactions with non-controlling interests | - | - | - | - | - | - | - | - | (11.4) | (11.4) |
| Total equity at 30 June 2025 | 92.5 | 1095.5 | (9.1) | (21.6) | - | - | (27.3) | 1130.0 | 149.3 | 1279.3 |
| Equity at 1 January 2024 | 92.5 | 1095.5 | (10.1) | (24.8) | 0.4 | 49.8 | (197.7) | 1005.6 | 189.7 | 1195.3 |
| Profit/(loss) for the period | - | - | - | - | - | - | 66.2 | 66.2 | (0.2) | 66.0 |
| Other comprehensive income | - | - | - | (1.4) | (0.5) | - | 14.4 | 12.5 | (1.7) | 10.8 |
| Dividends | - | - | - | - | - | - | (27.2) | (27.2) | - | (27.2) |
| Share-based payment | - | - | - | - | - | - | 0.8 | 0.8 | - | 0.8 |
| Other items | - | - | - | - | - | (0.7) | - | (0.7) | - | (0.7) |
| Dividends to non-controlling interests | - | - | - | - | - | - | - | - | (3.0) | (3.0) |
| Transactions with non-controlling interests | - | - | - | - | - | - | - | - | (11.5) | (11.5) |
| Total equity at 30 June 2024 | 92.5 | 1095.5 | (10.1) | (26.2) | (0.1) | 49.1 | (143.5) | 1057.2 | 173.3 | 1230.5 |
| 1H 2025 | 1H 2024 | FY 2024 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit/(loss) before taxes | 104.6 | 71.0 | 127.2 |
| Adjustments for: | |||
| Depreciation and amortisation | 53.8 | 91.2 | 177.9 |
| Impairment | 14.5 | (1.1) | (1.1) |
| Change in fair value of derivatives | (12.8) | (5.6) | (0.1) |
| Unrealised currency exchange loss/(gain) | 8.2 | (4.7) | (10.5) |
| Add back of net interest expense | (1.1) | 13.5 | 20.9 |
| Share of loss/(profit) of equity-accounted investees | 6.5 | (1.9) | 13.3 |
| Loss/(gain) on disposal of property, plant & equipment | (14.8) | - | - |
| Share-based payment expense | 0.4 | 0.8 | 1.5 |
| Change in: | |||
| Inventories | 3.7 | - | - |
| Trade and other receivables | (8.9) | 7.3 | 21.1 |
| Trade and other payables | (2.1) | (22.8) | (43.7) |
| Other balance sheet items and items related to operating activities |
(15.8) | (8.5) | 9.7 |
| Deferred revenues | 31.5 | 71.1 | 64.9 |
| Cash generated from operating activities | 167.7 | 210.3 | 381.1 |
| Taxes paid | (8.2) | (12.2) | (18.2) |
| Net cash from operating activities | 159.5 | 198.1 | 362.9 |
| 1H 2025 | 1H 2024 | FY 2024 | |
|---|---|---|---|
| Cash flows from investing activities | |||
| Interest received | 11.5 | 10.1 | 19.2 |
| Proceeds from disposal of property, plant & equipment | 124.3 | 29.9 | 29.9 |
| Proceeds from sale of investments | - | 176.4 | 176.4 |
| Investment in associated companies | (9.8) | (10.8) | (17.6) |
| Investment in property, plant & equipment and intangible assets |
(166.0) | (205.4) | (379.9) |
| Net cash from/(used in) investing activities | (40.0) | 0.2 | (172.0) |
| Cash flows from financing activities | |||
| Proceeds from loans and borrowings | 75.5 | 62.6 | 163.0 |
| Paid dividend and redemption | (14.2) | (14.5) | (28.8) |
| Interest paid | 10.0 | (4.9) | (13.6) |
| Repayment of loans and borrowings | (29.8) | (89.0) | (118.6) |
| Repurchase of convertible notes | - | (35.1) | (191.9) |
| Payment of lease liabilities | (2.9) | (3.2) | (6.4) |
| Sale of treasury shares | 1.0 | - | - |
| Dividends paid | (36.6) | (27.2) | (49.8) |
| Net cash from/(used in) financing activities | 3.0 | (111.3) | (246.1) |
| Net change in cash and cash equivalents | 122.5 | 87.0 | (55.2) |
| Cash and cash equivalents at beginning of period | 305.8 | 361.0 | 361.0 |
| Cash and cash equivalents at end of period | 428.3 | 448.0 | 305.8 |
(Figures in brackets refer to corresponding figures for 2024)
BW Offshore Limited (hereafter 'BW Offshore' or 'the Company') is incorporated and domiciled in Bermuda. The Company is listed on Oslo Stock Exchange, a stock exchange operated by Euronext. These condensed interim consolidated financial statements ('interim financial statements') as at and for the six months ended 30 June 2025 comprise the Company and its subsidiaries (together referred to as 'the Group'). The Group builds, owns and operates Floating, Production, Storage and Offloading (FPSO) vessels. The Group also makes strategic investments to capture energy transition opportunities.
These interim financial statements for the six months ended 30 June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2024 ('last annual financial statements'). They do not include all the information and disclosures required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.
These interim financial statements were authorised for issue by the Company's Board of Directors on 27 August 2025.
The interim financial statements are unaudited.
As a result of rounding differences, numbers and or percentages may not add up to the total.
In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by the management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.
The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those followed in the preparation of BW Offshore's annual consolidated financial statements for the year ended 31 December 2024.
The Group's activities are construction and lease and operation of FPSOs, as well as offshore floating wind.
The Group identifies segments on the basis of those components of the Group that are regularly reviewed by the Senior Management team. The reported measure of segment profit is net operating profit (EBIT). Deferred tax assets and non-current financial assets are not allocated to the segments. Operating segment disclosures are consistent with the information reviewed by the Senior Management team.
Segment performance for the first half-year 2025 and 2024 is presented below:
| 1H 2025 | ||||
|---|---|---|---|---|
| USD MILLION | FPSO | Floating wind |
Eliminations | Total |
| Revenues | 275.9 | 2.2 | - | 278.1 |
| Other revenue | 3.0 | 0.1 | - | 3.1 |
| Total revenues | 278.9 | 2.3 | - | 281.2 |
| Operating expenses Administrative expenses |
(104.9) (22.1) |
(5.8) - |
- - |
(110.7) (22.1) |
| Operating profit /(loss) before depreciation/amortisation, impairment and sale of assets |
151.9 | (3.5) | - | 148.4 |
| Depreciation, amortisation and impairment Profit/(loss) from sale of fixed assets |
(65.3) 14.8 |
(3.0) - |
- - |
(68.3) 14.8 |
| Operating profit/(loss) | 101.4 | (6.5) | - | 94.9 |
| Capital expenditure | 248.7 | 1.0 | - | 249.7 |
| Total assets for reportable segments Assets not allocated to segments |
3969.9 | 132.5 | (17.1) | 4085.3 86.2 |
| Consolidated total assets | 4171.5 | |||
| Total liabilities for reportable segments Liabilities not allocated to segments |
2841.8 | 33.5 | (17.1) | 2858.2 34.0 |
| Consolidated total liabilities | 2892.2 |
| 1H 2024 | ||||
|---|---|---|---|---|
| USD MILLION | FPSO | Floating wind |
Eliminations | Total |
| Revenues | 318.6 | 1.8 | - | 320.4 |
| Other revenue | - | 0.1 | - | 0.1 |
| Total revenues | 318.6 | 1.9 | - | 320.5 |
| Operating expenses Administrative expenses |
(137.0) (13.5) |
(7.1) - |
- - |
(144.1) (13.5) |
| Operating profit /(loss) before depreciation/amortisation, impairment and sale of assets |
168.1 | (5.2) | - | 162.9 |
| Depreciation, amortisation and impairment Profit/(loss) from sale of fixed assets |
(86.1) - |
(4.0) - |
- - |
(90.1) - |
| Operating profit/(loss) | 82.0 | (9.2) | - | 72.8 |
| Capital expenditure | 242.3 | 1.3 | - | 243.6 |
| Total assets for reportable segments | 3 839.9 | 130.5 | (8.6) | 3 961.8 |
| Assets not allocated to segments | 88.3 | |||
| Consolidated total assets | 4050.1 | |||
| Total liabilities for reportable segments Liabilities not allocated to segments |
2768.4 | 24.5 | (8.6) | 2784.3 35.3 |
| Consolidated total liabilities | 2819.6 |
| USD MILLION | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|---|---|---|---|
| Americas | 1.8 | 141.2 | 129.7 |
| Europe/Africa | 783.2 | 873.9 | 811.5 |
| Asia and the Pacific | 2 544.7 | 2064.7 | 2301.3 |
| Total non-current assets1 | 3 329.7 | 3079.8 | 3242.5 |
1 Excluding deferred tax assets, derivatives, equity accounted investments and other non-current assets
The Group generates revenue primarily from rendering of services on operating FPSOs and chartering of FPSOs to its customers. The Group recognises most of its revenue over time.
| FPSO | Floating wind | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 1H | 1H | FY | 1H | 1H | FY | 1H | 1H | FY | |
| USD MILLION | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 |
| Revenue streams | |||||||||
| Revenue from contracts with | |||||||||
| customers | 129.1 | 146.4 | 252.8 | 2.1 | 1.8 | 2.6 | 131.2 | 148.2 | 255.4 |
| Leasing revenue | 146.9 | 172.2 | 350.8 | - | - | - | 146.9 | 172.2 | 350.8 |
| Other revenue | 3.0 | - | - | 0.1 | 0.1 | 0.5 | 3.1 | 0.1 | 0.5 |
| Total revenue | 279.0 | 318.6 | 603.6 | 2.2 | 1.9 | 3.1 | 281.2 | 320.5 | 606.7 |
| Revenues by geographic areas1 | |||||||||
| Americas | 87.6 | 54.7 | 106.2 | - | - | - | 87.6 | 54.7 | 106.2 |
| Europe/Africa | 189.4 | 263.1 | 494.7 | 2.2 | 1.9 | 3.1 | 191.6 | 264.9 | 497.8 |
| Asia and the Pacific | 2.0 | 0.8 | 2.7 | - | - | - | 2.0 | 0.9 | 2.7 |
| Total revenue | 279.0 | 318.6 | 603.6 | 2.2 | 1.9 | 3.1 | 281.2 | 320.5 | 606.7 |
1 For the FPSO segment, the classification of revenue per region is determined by where the FPSO operate, while the classification in the floating offshore wind segment is based on the geographic location of the customer.
The following table provides information about receivables and contract assets.
| USD MILLION | 1H 2025 | 1H 2024 | FY 2024 |
|---|---|---|---|
| Receivables included in trade and other current assets | 71.7 | 143.4 | 133.9 |
| Contract assets included in trade and other current assets | 19.6 | 13.6 | 19.0 |
| Contract liabilities included in trade and other payables | 19.2 | 19.3 | 22.9 |
The majority of the Group's contracts consist of a lease for the FPSO as well as an operating agreement. The Group has assessed the underlying risk profile to be equal.
The contract assets primarily relate to the Group's rights to consideration for work completed but not billed at the reporting date.
The contract liabilities primarily relate to advance consideration received from customers or advance billing where the Group has an unconditional right receive payment and the customer contract is non-cancellable.
| USD MILLION | 1H 2025 | 1H 2024 | FY 2024 |
|---|---|---|---|
| Gain/(loss) on interest rate swaps | (21.4) | (2.1) | (6.4) |
| Gain/(loss) on forward exchange contracts | - | (0.3) | (0.3) |
| Gain/(loss) on cross-currency swaps | 12.8 | (5.6) | (12.4) |
| Swaps settled | 20.8 | 12.1 | 17.6 |
| Gain/(loss) on other financial instruments | 0.6 | 1.5 | 1.6 |
| Net gain/(loss) on financial instruments | 12.8 | 5.6 | 0.1 |
| USD MILLION | Vessels in operation | Vessels under construction | Other property, plant & equipment |
Right-of-use assets | Total |
|---|---|---|---|---|---|
| Balance at 1 January 2025 Additions |
838.2 - |
2300.4 247.0 |
2.1 0.1 |
21.4 1.1 |
3162.1 248.2 |
| Adjustments | - | - | - | 0.2 | 0.2 |
| Exchange differences | - | - | 0.1 | 0.6 | 0.7 |
| Disposals | (105.8) | - | - | (105.8) | |
| Impairments | - | (14.5) | - | - | (14.5) |
| Current year depreciation | (48.1) | - | (0.4) | (2.6) | (51.1) |
| Balance at 30 June 2025 | 684.3 | 2532.9 | 1.9 | 20.7 | 3239.8 |
| USD MILLION | Vessels in operation | Vessels under construction | Other property, plant & equipment |
Right-of-use assets | Total |
|---|---|---|---|---|---|
| Balance at 1 January 2024 | 1010.2 | 1823.3 | 2.8 | 13.8 | 2850.1 |
| Additions | 0.4 | 227.5 | - | 14.3 | 242.2 |
| Exchange differences | - | - | - | (0.2) | (0.2) |
| Disposals | (9.1) | - | - | - | (9.1) |
| Current year depreciation | (84.1) | - | (0.4) | (3.9) | (88.4) |
| Reversal of impairment | 1.1 | - | - | - | 1.1 |
| Balance at 30 June 2024 | 918.5 | 2050.8 | 2.4 | 24.0 | 2995.7 |
Capital expenditures for the first half-year of 2025 are mainly related to investments in BW Opal. Impairment of USD 14.5 million relates to earlier capitalised cost for engineering work on Repsol's Block 29 development in Mexico.
The level of depreciation depends on the estimated useful life of the different components of the vessels and the residual value at the end of the useful life. The estimated useful life used for depreciations is based on experience and knowledge of the vessels owned by the Group.
No impairment triggers were identified for the first half-year of 2025.
| USD MILLION | Software | R&D | Technology | Goodwill | Total intangible assets |
|---|---|---|---|---|---|
| Balance at 1 January 2025 | 1.3 | 6.4 | 46.2 | 26.5 | 80.4 |
| Additions | 0.5 | 1.0 | - | - | 1.5 |
| Exchange differences | - | 0.8 | 6.2 | 3.7 | 10.7 |
| Current year amortisation | (0.1) | (0.5) | (2.1) | - | (2.7) |
| Balance at 30 June 2025 | 1.7 | 7.7 | 50.3 | 30.2 | 89.9 |
| USD MILLION | Software | R&D | Technology | Goodwill | Total intangible assets |
| Balance at 1 January 2024 | 0.5 | 5.5 | 53.6 | 28.2 | 87.8 |
| Additions | 0.1 | 1.3 | - | - | 1.4 |
| Exchange differences | - | (0.2) | (1.4) | (0.8) | (2.4) |
| Current year amortisation | (0.1) | (0.5) | (2.2) | - | (2.8) |
| Balance at 30 June 2024 | 0.5 | 6.1 | 50.0 | 27.4 | 84.0 |
Technology and Goodwill on the balance sheet relate to BW Ideol.
The BW Opal lease contract is assessed to be an operating lease. The contract has a firm period of 15 years plus 10 years of options.
Future minimum payments receivable under non-cancellable operating lease contracts are as follows:
| USD MILLION | 1H 2025 | 1H 2024 | FY 2024 |
|---|---|---|---|
| Not later than one year | 280.5 | 241.9 | 204.1 |
| Later than one year and not later than five years | 797.8 | 784.5 | 775.5 |
| Later than five years | 1794.9 | 1937.0 | 1850.3 |
| Total amount | 2873.2 | 2963.4 | 2829.9 |
The number of issued shares was 184 956 320 on 30 June 2025 (184 956 320). There were 214 000 000 authorised shares at 30 June 2025 (214 000 000). The Company held a total of 3 740 585 treasury shares on 30 June 2025 (4 141 437). Consequently, the number of outstanding shares was 181 215 735. Refer to note 12 for further information regarding treasury shares.
Cash dividend for Q4 2024 was paid in March 2025 with USD 0.14 per share. Cash dividend for Q1 2025 was paid in June 2025 with USD 0.0625 per share.
BW Offshore Limited had in 2017 issued preference shares with a preferential dividend right to ICBC Financial Leasing Co., Ltd. (ICBCL) for a subscription price of USD 275 million. The Company plans to redeem the preference shares in full over an estimated term of 12 years.
The investment by ICBCL is presented as a non-controlling interest in the statement of the financial position of BW Offshore. As of 30 June 2025, preference shares for an amount of USD 103.1 million was outstanding.
BW Offshore's ownership in BW Ideol Group is 64%. The remaining 36% of the investment is presented as non-controlling interests in the consolidated statement of the financial position of the Company.
The Group had the following long-term interest-bearing debt:
| Carrying amount long term | Carrying amount short term | Total interest-bearing debt | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| USD MILLION | Effective interest rate | Maturity date | 30.06.2025 | 30.06.2024 | 2024 | 30.06.2025 | 30.06.2024 | 2024 | 30.06.2025 | 30.06.2024 | 2024 |
| USD 295 million Corporate Facility | USD SOFR + 2.50% | 10-July-28 | (1.2) | (1.7) | (1.4) | (0.6) | (0.6) | (0.6) | (1.8) | (2.3) | (2.0) |
| Convertible Bond | 2.50% | 12-Nov-24 | - | - | - | - | 153.8 | - | - | 153.8 | - |
| USD 200 million Catcher Facility | USD SOFR + 2.25% | 17-Feb-27 | 56.5 | 113.1 | 84.8 | 56.6 | 56.5 | 56.6 | 113.1 | 169.6 | 141.4 |
| BWO06 – NOK 1 000 million Bond | NIBOR + 5.00% | 29-Nov-28 | 98.8 | 92.8 | 87.3 | (0.1) | (0.2) | (0.2) | 98.7 | 92.6 | 87.1 |
| Other facilities1 | 3.50% | 30-Jun-26 | 3.2 | 3.5 | 3.2 | 1.7 | 1.8 | 1.7 | 4.9 | 5.3 | 4.9 |
| Total long-term debt | 157.3 | 207.7 | 173.9 | 57.6 | 211.3 | 57.5 | 214.9 | 419.0 | 231.4 |
1 Other facilities comprise interest-bearing debt in BW Ideol Group
The following table sets out the maturity profile of the Group's interest-bearing debt based on contractual undiscounted payments.
| USD MILLION | Q3 25 | Q4 25 | Q1 26 | Q2 26 | 2025 | 2026 | 2027-2029 | Total |
|---|---|---|---|---|---|---|---|---|
| USD 295 million Corporate Facility | - | - | - | - | - | - | - | - |
| USD 200 million Catcher Facility | 14.3 | 14.3 | 14.3 | 14.3 | 28.6 | 57.2 | 28.4 | 114.2 |
| BWO06 - NOK 1 000 million bond1 |
- | - | - | - | - | - | 93.1 | 93.1 |
| Other facilities | 0.4 | 0.5 | 0.5 | 0.5 | 0.9 | 0.9 | 3.1 | 4.9 |
| Total | 14.7 | 14.8 | 14.8 | 14.8 | 29.5 | 58.1 | 124.6 | 212.2 |
1 Bond loan illustrated at swapped USD/NOK rate
The Revolving Corporate Facility and the Catcher Loan Facility are subject to certain covenants, including minimum book equity of 25% of total assets, debt to EBITDA of maximum 5.5, minimum USD 75.0 million of available liquidity and interest coverage ratio of minimum 3.0.
The bond loan is subject to certain covenants, including minimum book equity of 25% of total assets and minimum USD 75 million of available liquidity including undrawn amounts available for utilisation by the Company.
As per end of the first half-year 2025, the Company is in compliance with all covenants.
Other long-term liabilities comprise of upfront payments related to charter contracts. Payments received under operating leases are recognised as operating revenue on a straight-line basis over the lease term. This implies that there might be significant timing differences between cash flows and recognised revenue from a particular lease. The Group will receive approximately USD 1.1 billion in total advance lease payments during the construction period of the Barossa project.
Total unrecognised contractual capital commitments at 30 June 2025 amounted to USD 109.7 million (USD 715.2 million). This is mainly related to the Barossa project and operation.
On 7 March 2024, BW Offshore Limited approved a new Long-Term Incentive Programme (LTIP). The programme is a combination of Share Options and Restricted Share Unit (RSUs).
The total number of options awarded under the LTIP for 2025 is 800 000 where each option will give the holder the right to acquire one BW Offshore share.
| Number of instruments | |
|---|---|
| CEO Marco Beenen | 300 000 |
| CFO Ståle Andreassen | 100 000 |
| CCO Mona Rajoo | 100 000 |
| COO Mike Mcareavey | 100 000 |
| CSO Anders Platou | 100 000 |
| General Counsel Ming Yen Yip | 100 000 |
| Total share options awarded in 2025 | 800 000 |
The strike price is NOK 32.19 and is calculated as the volume-weighted average share price five trading days prior to the grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over three years). The options have a vesting period of three years, followed by a three-year exercise period. The options will expire six years after the award date.
For 2025, a total of 92 400 RSUs has been rewarded to 18 employees. The RSUs will be settled in shares following a three-year vesting period from the grant date.
In June, BW Offshore completed an exercise window under its Long-Term Incentive Programme (LTIP), during which a total of 400 852 vested options were exercised. The Company's obligation under the programme was settled using existing treasury shares. A third-party conducted sale process has now concluded, with the shares sold at a price of NOK 32.73 each.
There are no subsequent events.
| 1H 2025 | 1H 2024 | FY 2024 | |
|---|---|---|---|
| EBITDA-margin | 52.8% | 50.8% | 52.4% |
| Equity ratio | 30.7% | 30.4% | 30.8% |
| Return on equity | 18.2% | 11.0% | 11.1% |
| Return on capital employed | 11.9% | 7.8% | 7.5% |
| Net interest-bearing debt (USD million) | (213.4) | (29.0) | (74.4) |
| Cash flow per share (USD) | 0.86 | 1.07 | 1.96 |
| EPS - basic (USD) | 0.48 | 0.37 | 0.67 |
| EPS - diluted (USD) | 0.48 | 0.34 | 0.63 |
| Shares - end of period (million) | 181.2 | 180.8 | 180.8 |
| Share price (NOK) | 30.2 | 30.8 | 30.0 |
| Market cap (NOKm) | 5482 | 5560 | 5415 |
| Market cap (USDm) | 545 | 521 | 476 |
1 Earnings before interest, taxes, depreciation and amortisation / Operating revenues 2 Equity / Total assets 3 Annualised net profit / Equity previous period (adjusted for preference shares) 4 EBIT (annualised) / Capital employed previous period 5 Interest bearing debt - cash and cash equivalents 6 Net cash flow from operating activities / Number of shares (weighted average) 7 Parent net profit / Number of shares end of period (adjusted for treasury shares)
BW Offshore discloses alternative performance measures in addition to those required by IFRS, as the Company believes these provide useful information regarding BW Offshore's historical financial performance.
The Group discloses alternative performance measures in addition to those required by IFRS, as we believe these provide useful information to management, investors and security analysts regarding our historical financial performance.
EBIT, as defined by the Group, means earnings before interest and tax.
EBITDA, as defined by the Group, means EBIT excluding depreciation and amortisation, impairment and disposal and gain from the sale of tangible fixed assets. EBITDA may differ from similarly titled measures from other companies.
| USD MILLION | 1H 2025 | 1H 2024 | FY 2024 |
|---|---|---|---|
| Revenue | 281.2 | 320.5 | 606.7 |
| Operating expenses | (132.8) | (157.6) | (288.7) |
| Operating profit before depreciation, amortisation, impairment and sale of assets (EBITDA) |
148.4 | 162.9 | 318.0 |
| Depreciation | (51.1) | (88.4) | (172.4) |
| Amortisation | (2.7) | (2.8) | (5.5) |
| Reversal of impairment /(Impairment) | (14.5) | 1.1 | 1.1 |
| Net gain/(loss) on sale of tangible fixed assets | 14.8 | - | - |
| Operating profit/(loss) (EBIT) | 94.9 | 72.8 | 141.2 |
Capital expenditures mean investments in vessels, intangible assets and property and other equipment, including capitalised interest. Capital expenditure may differ from investment in operating fixed assets and intangible assets presented in the consolidated statement of cash flows, as capital expenditure may also contain non-cash transactions.
| USD MILLION | 1H 2025 | 1H 2024 | FY 2024 |
|---|---|---|---|
| Vessels and other property, plant & equipment | 247.1 | 227.9 | 477.6 |
| Intangible assets | 1.5 | 1.4 | 3.4 |
| Total capital expenditures | 248.6 | 229.3 | 481.0 |
| Change in working capital | (82.6) | (23.9) | (101.1) |
| Investment in operating fixed assets and intangible assets | (166.0) | (205.4) | (379.9) |
Net interest-bearing debt is defined as short-term and long-term interest-bearing debt less cash and cash equivalents.
| USD MILLION | 1H 2025 | 1H 2024 | FY 2024 |
|---|---|---|---|
| Long-term interest-bearing debt | 157.3 | 207.7 | 173.9 |
| Short-term interest-bearing debt | 57.6 | 211.3 | 57.5 |
| Cash and cash equivalents | (428.3) | (448.0) | (305.8) |
| Net interest-bearing debt | (213.4) | (29.0) | (74.4) |
Order backlog is defined as the aggregated revenue backlog from firm contracts and probable options. To better reflect the future cash generation potential of the contract backlog, BW Offshore has decided to include expected operational cashflow.
Equity ratio is an indicator of the relative proportion of equity used to finance the Group's assets, defined as total equity divided by total assets.
Washington Mall Phase 2 4th Floor, Suite 400 22 Church Street Hamilton HM 1189 Bermuda
30 Pasir Panjang Road #14-31/32 & #15-32 Mapletree Business City Singapore 117440 Tel: +65 6632 7888
NORWAY AS Karenslyst Allé 6 P.O. Box 33 Skøyen NO-0212 Oslo Norway Tel: +47 2313 0000
First Floor, Horizons House 81-83 Waterloo Quay Aberdeen AB11 5DE United Kingdom Tel: +44 (0) 1224 900 260
Level 1, 1 Briggs Street Darwin, Northern Territory, 0800 Australia Tel: +61 (0) 438 706 818
Bermuda: Hamilton Singapore Norway: Oslo, Arendal Brazil: Rio de Janeiro USA: Houston Gabon: Port Gentil
United Kingdom: Aberdeen France: Paris UAE: Dubai Australia: Darwin
[email protected] www.bwoffshore.com
www.bwoffshore.com
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