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Second Quarter and First Half Results 2023

Second Quarter and First Half Results 2023


  • EBITDA of USD 60.9 million in Q2 and USD 139.9 million for the first half-year
  • Operating cashflow of USD 84.3 million in Q2 and USD 212.4 million for the first half-year
  • Barossa FPSO project 73% complete as of end July 2023
  • Completed refinancing of a new USD 295 million Revolving Credit Facility and signed USD 200 million Catcher Loan Facility
  • Divestment of Espoir Ivoirien and Sendje Berge for USD 35 million
  • Short-term contract extension signed for Abo FPSO
  • Repurchased USD 44.2 million of Senior Unsecured Convertible Bonds as of end July 2023
  • Dividend of USD 0.063 (NOK 0.67)1 per share for the quarter
  • Equity ratio of 31.9% and USD 400.2 million in available liquidity

EBITDA for the second quarter of 2023 was USD 60.9 million, a decrease from USD 79.0 million in the previous quarter. The decrease in EBITDA was mainly driven by costs associated with the decommissioning of Petróleo Nautipa and organisational adjustments related to the sale of Sendje Berge. The Company is expecting a cost impact in the magnitude of USD 10 million per quarter for Q3 and Q4, related to decommissioning of Petróleo Nautipa and related costs as part of the strategic rebalancing of the FPSO portfolio, as older units are leaving the fleet and organisational adjustments take place. 

BW Offshore continues to progress the Barossa FPSO project according to schedule. As of end July, the project is approximately 73% complete, while maintaining an excellent health and safety (HSE) record with over 17.5 million hours of work executed, without lost time injury. Persistent cost inflation is impacting the construction, commissioning and installation phases, and is expected to consume the EPCI (Engineering, Procurement, Construction and Installation) buffers. The overall economics of the lease and operate contract currently remain intact.

“We have a firm focus on progressing the Barossa FPSO per plan, delivering high operational uptime on our core assets, while completing the divestment of the non-core assets,” said Marco Beenen, CEO of BW Offshore. "The FPSO market remains strong, supported by high energy prices and oil and gas companies seeking efficient production solutions. We continue to pursue new projects meeting our selection criteria, however, the timing of new awards is affected by both the inflationary environment and selective lenders and co-investors.”

In July, BW Offshore completed the refinancing of its Revolving Credit Facility (RCF), into a new five-year USD 295 million RCF priced at 250 basis points above USD SOFR provided by a consortium of ten banks. In August the Company signed the loan agreement for the refinancing of its Catcher loan facility into a three-and-a-half-year senior secured USD 200 million loan facility, provided by a consortium of seven international banks. The new facility is priced at a margin of 225 basis points above USD SOFR. Completion is subjected to conditions precedent. The signing of these facilities demonstrates strong access to competitively priced debt capital for the Company and the support from the international banking community.

The Board of Directors has declared a cash dividend of USD 0.035 per share and USD 5 million of BW Energy Limited shares as in-kind distribution equivalent to USD 0.028 per share. Shares will trade ex-dividend from 30 August 2023. Shareholders recorded in VPS following the close of trading on Oslo Børs on 31 August 2023 will be entitled to the distribution payable on or about 7 September 2023.

Please see attachments for the half-year report and presentation. The earnings tables are available at:

BW Offshore will host a presentation of its financial results at 09:00 CEST today at BW Offshore’s offices at Karenslyst Allé 6 in Oslo, Norway. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

Webcast information:
You can follow the presentation via webcast with supporting slides and a Q&A module, available on:

BW Offshore Limited - Q2 Presentation Webcast

Please note, that if you follow the webcast via the above URL, you will experience a 30-second delay compared to the live presentation. The web page works best in an updated browser - Chrome is recommended.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55 or

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 6 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 2,000 employees and is publicly listed on the Oslo stock exchange.

1. Exchange rate USD/NOK 10.6804 (as of 24.08.2023).

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.