Bw Offshore Adr (BWOFY) Q3 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.597 Welcome and good morning, everyone. Thank you for participating in the third quarter 00:00:04.597 -- 00:00:09.684 market update of BW Assure. My name is Marco Bienen, CEO, and 00:00:09.684 -- 00:00:14.070 our CFO, Stola Andreasen, joins me in this call. 00:00:14.070 -- 00:00:19.237 At the end of our update, there will be an opportunity to ask questions via the Q&A function 00:00:19.237 -- 00:00:23.964 of the webcast, and we will be happy to address these. 00:00:23.964 -- 00:00:28.971 Starting with our disclaimer, please take note And then I move 00:00:28.971 -- 00:00:31.673 on to the highlights. 00:00:31.816 -- 00:00:37.024 Our main highlight is first gas and receiving day rates with our new flagship BW 00:00:37.024 -- 00:00:42.032 Opel. This marks the end of the construction phase and the start of operations with cash 00:00:42.032 -- 00:00:44.272 flow recognition. 00:00:44.315 -- 00:00:49.844 In early September, we signed the heads of agreement with Equinor for debate in or FPSO 00:00:49.844 -- 00:00:56.451 and the project is progressing towards the start of engineering in early 26. 00:00:57.001 -- 00:01:02.609 We established a joint venture with BW Group to design and build floating desalination 00:01:02.609 -- 00:01:04.191 units. 00:01:04.191 -- 00:01:09.599 And then on the financials, our EBITDA guidance narrowed based on our year-to-date performance 00:01:09.599 -- 00:01:14.766 and our fourth quarter outlook to the range of 240 to 250 million 00:01:14.766 -- 00:01:16.559 US dollars. 00:01:16.559 -- 00:01:21.805 And we continue our predictable shareholder distribution program, similar as previous 00:01:21.805 -- 00:01:27.111 quarter, and consistent with last year, we will adjust to 50% annual net profit 00:01:27.111 -- 00:01:29...