Through continuous development and exploration of new business segments, BW Offshore has always been an industry pioneer. Executing complex projects and operating advanced production systems over the past four decades has instilled the importance of thorough engineering, trust and teamwork throughout the organisation.
The Company has an extensive track record of project execution and operations, as well as a robust balance sheet and strong financial capabilities. Since its origin, BW Offshore has executed 40 FPSO and FSO projects.
The origin of BW Offshore dates back to 1982, as a department of Bergesen d.y., when Berge Sisar (an LPG FPSO later replaced by Berge Troll) was installed in Angola.
In 2003, World-Wide acquired Bergesen d.y. ASA, the world’s largest gas carrier operator. The acquisition brought together two well-established businesses with similar commitments to quality and industry leadership. Bergesen Worldwide was established as a holding company incorporated in Bermuda on 29 October 2003 under an internal group restructuring implemented in 2003 and 2004.
In 2005, a further reorganisation took place, accompanied by the rebranding of the business under a single group brand, BW. BW Offshore Ltd was listed on the Oslo Stock Exchange in 2006, while BW Group Ltd was incorporated in Bermuda and became the holding company of the Group on 10 April 2007.
BW Group is a significant shareholder in BW LNG, BW LPG, BW Epic Kosan, BW Offshore, BW Energy, BW Dry Cargo, BW Solar, Hafnia, DHT, Navigator, and Cadeler.
In 2007, BW Offshore acquired APL (Advanced Production and Loading) ASA, a producer of technology for the offshore oil and gas industry, and in 2010 this was followed by the acquisition of Prosafe ASA, another FPSO company listed in Norway. The merged company constituted one of the largest FPSO fleets in the world, a position that has been maintained to date.
The use of existing FPSOs to trigger offshore developments has been an instrumental part of BW Offshore’s strategy, as FPSO redeployments require less time and capital than traditional tanker conversions or newbuilds. This approach led to the creation of BW Energy, an E&P company involved in the acquisition, development and production of proven oil and natural gas fields. BW Energy was listed on the Oslo Stock Exchange in 2020, with BW Offshore and BW Group as main shareholders.
BW Offshore is actively engaged in the energy transition by developing clean energy production solutions, applying its offshore engineering and operations capabilities to drive future value creation through its 53.2 per cent ownership in BW Ideol, a leading floating offshore wind company. BW Ideol was listed on Euronext Growth Oslo in March 2021, and has a dual strategy as a floater EPCI (Engineering, Procurement, Construction and Installation) and maintenance services provider, and as a floating wind farm project developer and co-owner.