BW Offshore reported a net profit of $24 million for the fourth quarter of 2025. This result represented a slight increase from the $23 million recorded during the previous three-month period, according to a company statement.
The firm stated that its full-year profit for 2025 reached $240 million. It added that earnings for the 2026 fiscal year are expected to range between $340 million and $370 million, BW Offshore reported.
Commissioning and production for the BW Opal continued during the quarter at a rate equal to 60 per cent of the contractual dayrate. BW Offshore reported that the vessel is targeting full production capacity within the second quarter of 2026.
The company stated that the transition to a production volume-based dayrate is expected to occur in mid-March. It added that revenue recognition and the commencement of a 15-year fixed contract are also expected in the second quarter, according to the firm.
Marco Beenen, Chief Executive Officer of BW Offshore, noted that the firm achieved several operational milestones throughout the year. He stated that the company, “delivered a dividend equal to 50 per cent of net income marking the fifth consecutive year of increased shareholder distributions.”
The board of directors declared a quarterly cash dividend of $0.18 per share. BW Offshore said that total shareholder distributions for 2025 reached $67 million.
Technical and commercial discussions regarding the Bay du Nord are progressing on schedule under an agreement with Equinor. The company stated that the engineering phase is expected to commence in the first half of 2026.
The firm has engaged an external adviser to assist with a strategic review following interest from third parties. It noted that its main focus remains growing its production vessel business through an optimised capital structure.
A project to develop fabrication lines for floating foundations secured combined grants of €127 million ($138 million) from the European Union and the French Government. BW Offshore stated that its joint venture to build floating desalination units is moving toward an investment decision in 2026.
The company reported that its fleet maintained a weighted average uptime of 100 per cent during the final quarter of the year, and that its current contract backlog is valued at $2.2 billion.
