BW Offshore reported an EBITDA of $43.9 million for the third quarter of 2025, a decrease from $57.1 million in the previous quarter.
The company stated the reduction was primarily due to the recognition of one-off revenues in Q2. Net profit for the third quarter was $23.3 million, compared to $24.6 million in Q2.
A key operational highlight for the quarter was the FPSO BW Opal achieving "ready-for-start-up" (RFSU) and first gas on September 16 for the Santos-operated Barossa LNG project. This milestone triggered the commencement of 60 per cent of the contractual dayrate.
The vessel is expected to reach 100 per cent dayrate and revenue recognition upon practical completion in the first quarter of 2026.
The company's FPSO fleet delivered stable operations with a weighted average uptime of 98.7 per cent.
Cash flow from operations was $142 million, and the company ended the quarter with $624.3 million in available liquidity. The board of directors declared a quarterly cash dividend of $0.063 per share.
BW Offshore also announced it had signed a heads of agreement with Equinor as the preferred bidder for the Bay du Nord FPSO, with a FEED phase expected to commence in early 2026. Additionally, the company formed BW Elara, a 50/50 joint venture with BW Group, to build floating desalination units (FDUs).
Based on year-to-date performance, the company has narrowed its full-year 2025 EBITDA guidance to a range of $240-$250 million, from the previous $240-$260 million.