Bw Energy Ltd (BWEFF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, operator, and thank you all for joining BW Energy's fourth quarter and full year 2025 presentation. My name is Carl Arnett. I'm the chief executive officer of BW Energy. I will take you through some of the highlights for 2025 and the fourth quarter and some of our developments. Then you will have some more granularity on the operations from our Chief Operating Officer Brice Morlot and of course as usual some granularity on the financials by our Chief Financial Officer Thomas Young. 2025 was a strong year for BW Energy with a record annual production, another record I'm pleased to say and of course with the record production comes reduced unit OPEX. Our project portfolio is on schedule and cost and we are very pleased to have raised a total of 1 billion, approximately 1 billion of low-cost financing related to our developments. We are also pleased that our discovery last year, Burdon, is moving towards FID, and that will be more to come very soon in future reporting. So for 2025, we had a total EBITDA of 414 million, with a net profit of 133 million. Our cash at the end of 25 was 150 million. Fourth quarter figures, our net production for the quarter was 25,200 barrels per day with an EBITDA of 37.1. Our key projects are progressing into 2026. Maromba Development is on track and I will take a little bit more detail on that. And then we have Bobo Phase 2 with First Oil in 26. This is of course addressing low risk and high profitability infield drilling opportunities we have on Dösefu. We hope to sanction very soon, which will give us another cluster on Ducefou. And last but not least, we are still progressing very well on the Golfino Boost project. So some more details on the growth projects. We have the Ducefou, which will have, of course, a pivotal year in...