Bw Offshore Adr (BWOFY) Q1 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.267 -- 00:00:05.715 Good morning, everyone. Welcome to the first quarter training update of BW Offshore. 00:00:05.715 -- 00:00:10.402 My name is Marco Bienen, and together with Stol Andreasen, our CFO, I will run you through 00:00:10.402 -- 00:00:14.224 the presentation in this call. 00:00:14.468 -- 00:00:17.149 Please note our disclaimer. 00:00:17.212 -- 00:00:23.340 Starting with the highlights, we delivered a stable first quarter EBITDA of 48 00:00:23.340 -- 00:00:28.330 million US dollar and a net profit of 23 million US dollar. 00:00:28.330 -- 00:00:33.698 We reached an agreement to extend the BW catcher contract to 2030, 00:00:33.698 -- 00:00:37.062 and that increased our firm backlog. 00:00:37.062 -- 00:00:42.290 We signed the feed contracts with Equinox for the Bay de Nora PSO, targeting 00:00:42.290 -- 00:00:46.135 a final investment decision in 27. And 00:00:46.135 -- 00:00:50.962 we continue our predictable shareholder distribution program with a maximum payout under 00:00:50.962 -- 00:00:56.186 our governance. And based on that, this quarter, we will pay a cash dividend of 11 million 00:00:56.186 -- 00:01:00.450 US dollar or 6.3 cents per share. 00:01:00.450 -- 00:01:05.455 We adjusted the full year guidance reflecting the catcher contract and technical 00:01:05.455 -- 00:01:12.402 downtime on BWL PAL and Stoller will come back to both in more detail. 00:01:12.402 -- 00:01:16.707 And on the strategic review, as communicated in December, 00:01:16.707 -- 00:01:21.772 we engaged an external advisor in response to the incoming interest against the backdrop 00:01:21.772 -- 00:01:26.774 of strong FPSO market fundamentals and a significant re-rating in the 00:01:26.774 -- 00:01:31.859 sector. And this process is active and progressing. 00:01:31.8...