Bw Offshore Adr (BWOFY) Q2 2026 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 00:00:00.250 -- 00:00:05.672 Good morning and welcome to BW Offshore's second quarter 2026 presentation. 00:00:05.672 -- 00:00:10.953 I'm Marco Beenen, CEO, and I'm joined by Stale Andreassen, our CFO. 00:00:10.953 -- 00:00:13.454 Thank you for joining this conference call today. 00:00:13.454 -- 00:00:18.896 And we will take you through the operational highlights, the financials and our strategic 00:00:18.896 -- 00:00:21.817 priorities, and then leave time for questions at the end. 00:00:21.817 -- 00:00:27.078 And you can use the Q&A function in this webcast for that. 00:00:27.238 -- 00:00:30.379 And please note our disclaimer. 00:00:31.923 -- 00:00:37.206 and then I move on to the highlights. We have delivered a solid EBITDA 00:00:37.206 -- 00:00:40.808 of 63 million US dollar this quarter. 00:00:40.808 -- 00:00:47.511 BW Opal is in stable production and generates revenues currently at approximately 00:00:47.511 -- 00:00:51.053 85% of the nameplate capacity. 00:00:51.053 -- 00:00:56.016 But due to the bottlenecking issues, which we discovered as we ramped up production, 00:00:56.016 -- 00:01:01.513 practical completion has been moved to the second quarter of 2027. 00:01:01.513 -- 00:01:05.714 and that shift in timing leads to an adjustment to our full year EBITDA guidance to a 00:01:05.714 -- 00:01:10.795 range of 250 to 280 million US dollar. 00:01:10.795 -- 00:01:15.976 And this shift has also triggered a non-cash impairment in this quarter and Stole 00:01:15.976 -- 00:01:19.476 will come back to that in more detail. 00:01:19.476 -- 00:01:23.537 There is no impact on our commitment to our quarterly cash dividend under our covenants, 00:01:23.537 -- 00:01:28.938 which equates to 11 million US dollar or 6.3 cents per share. 00:01:29.541 -- 00:01:34.903 and la...