Bw Offshore Limited · OSL:BWO
Bw Offshore — Q4 2025 Earnings Presentation
29 slides from Bw Offshore's earnings presentation, Feb 27, 2026
Slide 1: BW Offshore Q4 2025
BW Offshore Q4 2025 27 February 2026 CEO Marco Beenen CFO Ståle Andreassen
Slide 2: Disclaimer
Disclaimer This Presentation has been produced by BW Offshore Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance
Slide 3: Highlights
Highlights Q4 cash dividend raised to USD 33 • 2025 EBITDA USD 240 million million equal to USD 0.18 per share • 2025 net profit USD 134 million • Q4 EBITDA of USD 48 million First cargo delivered from Darwin LNG • Q4 net profit of USD 24 million as BW Opal is ramping up production • Strategic revie
Slide 4: Operational Update
Operational Update 4
Slide 5: BW Opal FPSO is ramping up production
BW Opal FPSO is ramping up production • Gas production is ongoing, targeting 100% within Q2 2026 • First cargo delivered from Darwin LNG • Commissioning impacted by reinforcement work on seawater piping systems in late 2025 and compressor gas seal replacement in early 2026 • Transitioning to volume-
Slide 6: Fleet and HSE performance
Fleet and HSE performance Weighted average fleet uptime1 HSE record (LTM)5 97.3% 100.0% 98.9% 98.9% 99.2% 100.0% 99.9% 98.7% 100.0% 3.0 LTI² TRI³ HPI⁴ 2.0 1.0 0.0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1) Weighted average fleet uptime ba
Slide 7: Strong cash flow underpinned by core FPSO fleet
Strong cash flow Unit 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 underpinned by BW Opal Santos, Australia: 2026-2041 (2051) BW Adolo BW Energy, Gabon: 2018-2028 (2038) core FPSO fleet BW Catcher Harbour Energy, UK: 2018-2026 (2043) Pioneer Murphy Oil, US: 2012-2030 BW
Slide 8: Progressing the Bay du Nord FPSO to FEED in 2026
Progressing the Bay du Nord FPSO to FEED in 2026 • Pre-FEED completed and bridging phases ongoing • FEED planned to commence in H1 2026, subject to final agreements • Technical and commercial discussions with Equinor progressing on schedule Bay du Nord • Expression of interest (EOI) process for majo
Slide 9: Finance
Finance
Slide 10: EBITDA performance
EBITDA performance Q4 EBITDA FY 25 EBITDA • Q4 EBITDA higher than Q3, 48 USD million 240 USD million mainly driven by strong operational performance 91 401 • 2025 performance within 346 72 318 guidance 306 57 240 • BW Opal on 60% 44 48 commissioning charter rate • Not included in EBITDA until practi
Slide 11: 2026 EBITDA outlook
2026 EBITDA outlook1 2026 EBITDA outlook BW Adolo • Expected to operate at or near full capacity in 2026 with 340-370 EBITDA contribution of USD 60-70 million USD million (FY expected) BW Catcher • EBITDA contribution of USD 160-170 million Pioneer • O&M contract running until 2030, USD 4-8 million
Slide 12: Income statement
Income statement USD million Q4 2025 Q3 2025 2025 2024 Operating revenues 127.1 101.2 509.5 606.7 Operating expenses (79.3) (57.3) (269.4) (288.7) EBITDA 47.8 43.9 240.1 318.0 • Net profit Q4 USD 24.1 million Depreciation & amortisation (20.3) (21.4) (95.5) (177.9) Impairment 0.0 0.0 (14.5) 1.1 • Ne
Slide 13: Q4 cash flow overview
Q4 cash flow overview USD million • Strong cash generation from 55 the fleet in recent quarters 108 21 9 15 1 • BW Opal 60% commissioning 7 11 rate recognised as operating 15 cash flow • Reduction in BW Opal investments 388 395 381 • BW Ideol proceeds from share issue and new debt of USD 8.9 million
Slide 14: Strong cash flow and low leverage support growth
Strong cash flow and low leverage support growth Consolidated net debt and leverage ratio1 Equity ratio2 USD million 50% 40% 30.2% 30% 0.1x 280 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 20% 10% -220 0% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Consolida
Slide 15: Solid financial position provides flexibility
Solid financial position provides flexibility Maturity profile USD million USD 33 million cash Available liquidity dividend for Q4 2025 100 USD 635 million1 90 USD 0.18 per share 80 70 60 50 Net consolidated 40 cash position All in cost of debt 4.9% 30 USD 212 million 100% hedged 20 10 0 2026 2027 2
Slide 16: Prioritising a strong balance sheet and shareholder return
Prioritising a strong balance sheet and shareholder return Capital allocation framework Growing dividend distribution +12% USD per share 0.37 • Maintain strong cash flow from the FPSO fleet 0.33 0.27 • Grow FPSO business through new projects to 0.24 increase free cash flow 0.14 • Develop floating tr
Slide 17: Strategic priorities
Strategic priorities
Slide 18: Promising FPSO market outlook
Promising FPSO market outlook Selection criteria • Secure return requirement through firm +75 likely FPSO awards 2025-20301 contract period Contracting type by region • Strong counterparties • Partner model 20 Lease Lease/Own Own 1 Competitive offering 15 8 1 • Gas FPSO expertise • Harsh-environment
Slide 19: Progressing new prospects
Progressing new prospects Focus on 2-4 prospects each year, ambition to win one project every other year Bay du Nord 3 Bay du Nord, Albacora and KAN are identified tender Kan + others targets for 2026 3 4 Identified projects for BW 12 Target 17 Hurra redeployment Albacora + others 4 7 17 3 Leveragin
Slide 20: Floating transition solutions
Floating transition solutions Commercial Project status and Solution viability characteristics Floating offshore wind • Completion of three floating foundations for the EolMed 30 MW project • Fos3F-project in France selected for the European Commission’s Innovation Fund for a grant up to EUR 74 mill
Slide 21: Delivered on strategic priorities in 2025
Delivered on strategic priorities in 2025 BW Opal achieved First Gas Signed Heads of Agreement with Equinor for Bay du Nord and progressing towards FEED Distributed USD ~ 67 million in dividends based on 2025 results - 12% increase YoY 21
Slide 22: Outlook
Outlook • Contract start-up on BW Opal • Start of FEED for Bay du Nord • Progress new FPSO projects, targeting one FID within 12 months • Bring first FDU to market • Maintain an attractive shareholder return programme 22
Slide 23: We engineer offshore production solutions to progress the future of energy
We engineer offshore production solutions to progress the future of energy. 23
Slide 24: Analytical information
Analytical information Unit Contract status LDT Annual firm period EBITDA range Annual depreciation Other information • Production tariff: BW Adolo 2018-2028 (2038) 47,544 USD 60 - 70 million1 USD ~27 million • USD 1.5/bbls up to 20,000 bbls/day production • USD 3/bbls for each bbls beyond 20,000 bb
Slide 25: Income statement
Income statement Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 CONTINUING OPERATIONS Operating revenue 166.3 166.1 156.4 170.4 659.2 168.6 151.9 150.9 135.3 606.7 153.4 127.8 101.2 127.1 509.5 Operating expenses (87.3) (105.2)
Slide 26: Other comprehensive income
Other comprehensive income Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Net profit/(loss) for the period 17.8 10.9 28.9 40.0 97.6 36.8 29.2 13.0 40.8 119.8 62.2 24.6 23.3 24.1 134.2 Currency tra ns l a tion di fferences 1.2 1.1
Slide 27: Balance sheet
Balance sheet ASSETS 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Vessels 2,379.3 2,520.9 2,662.7 2,833.5 2,889.2 2,969.3 3,037.1 3,138.6 3,086.4 3,217.1 3,299.7 3,373.2 Other property, plant & equipment 6.8 4.8 2.9 2.8 2.
Slide 28: Cash flow
Cash flow Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Profit/(loss) before taxes 20.8 14.0 36.1 42.4 113.3 39.5 31.5 15.5 40.8 127.2 79.5 25.1 25.6 25.1 155.3 Adjustments for: Depreciation and amortisation 48.2 46.3 45.9 46.
Slide 29: Key figures
Key figures Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 EBITDA-margin 47.5 % 36.7 % 47.6 % 53.5 % 46.3 % 50.7 % 51.0 % 55.1 % 53.1 % 52.4 % 59.5 % 44.7 % 43.5 % 37.6 % 47.1 % Equity ratio 32.4 % 31.9 % 31.0 % 30.2 % 30.2 % 3