Bw Offshore Adr (BWOFY) Q1 2025 Earnings Call

Investor webinar replay

Watch the replay and follow the connected company analysis, news, and investor updates for Bw Offshore Limited.

Watch the replay

Replay transcript excerpt

WEBVTT 00:00:00.166 -- 00:00:05.273 Good morning and good afternoon. Welcome to our first quarter update of BW Offshore. 00:00:05.273 -- 00:00:10.299 My name is Marco Bienen, CEO, and I'm taking this call together with our CFO, Stola 00:00:10.299 -- 00:00:12.299 Andreasen. 00:00:12.602 -- 00:00:15.586 I'll start with a disclaimer and 00:00:15.586 -- 00:00:18.407 then moving on to highlights. 00:00:18.891 -- 00:00:23.917 First of all, BW Opal is on its way to Australia, on track for first 00:00:23.917 -- 00:00:26.626 gas in the third quarter. 00:00:26.626 -- 00:00:31.673 We have signed an agreement to sell BW Pioneer for 125 million US 00:00:31.673 -- 00:00:36.319 dollar. And that comes together with a five-year operations and maintenance contract 00:00:36.319 -- 00:00:40.845 to support our client Murphy with operational continuity. 00:00:40.845 -- 00:00:46.032 And then we won a 36 million US dollar arbitration settlement, which was in connection 00:00:46.032 -- 00:00:51.620 to disputed payments with our client Prio, formerly Petorio. 00:00:51.620 -- 00:00:55.786 That was during our operations of Polvo in Brazil. 00:00:55.786 -- 00:01:01.354 And we continue our shareholder distribution program, and that marks the 21st 00:01:01.354 -- 00:01:04.916 consecutive quarterly dividend payment. 00:01:05.620 -- 00:01:09.343 Moving on with an update on our operations, 00:01:09.927 -- 00:01:13.149 starting with BWO Pal. 00:01:13.452 -- 00:01:18.740 As I said, BWO Pal left the CTM yard fully commissioned, and that was on the 28th 00:01:18.740 -- 00:01:21.180 of May. 00:01:21.807 -- 00:01:27.234 It will take about two to three weeks to its field offshore Darwin in Australia, 00:01:27.234 -- 00:01:32.201 and then it follows a hookup to the submerged buoy with the mooring and riser s...