BW Offshore releases Second Quarter and First Half Result 2021


  • EBITDA of USD 91.1 million in Q2 and USD 201.9 million for the first half of 2021
  • Operating cashflow of USD 133.7 million in Q2 and USD 204.9 million for the first half of 2021
  • Equity ratio of 39.9% and USD 279.7 million in available liquidity at 30 June
  • Barossa FPSO project on track with first steel cut for hull planned for September 2021  
  • USD 1.15 billion bank financing for Barossa FPSO near completion
  • Quarterly dividend of USD 0.035 per share

In the second quarter, BW Offshore continued to make significant progress in executing the dual-track strategy of evolving the core FPSO business and capturing energy transition opportunities by developing adjacent business areas.

EBITDA for the second quarter of 2021 was USD 91.1 million, a decrease from USD 110.8 million in the previous quarter. The decrease in EBITDA was mainly driven by non-recurring costs related to lay-up of Cidade de São Vicente and sail away of Umuroa from New Zealand.

During the quarter, BW Offshore secured key equipment packages and work-scope related to the Barossa FPSO hull, mooring and topside fabrication. Project execution is progressing to plan.

The debt and equity financing for the Barossa project is near completion with a syndicate of nine international project finance banks providing a 14-year USD 1.15 billion combined construction and long-term debt financing. BW Offshore and three global infrastructure equity partners will contribute 51% and 49% of the project equity, respectively.

“2021 is a strategically important year for BW Offshore. We are very pleased with the progress made on the Barossa project, with first steel cut for the hull planned for next month. We are successfully locking in packages and contracts despite the challenging commodity market.” said Marco Beenen, the CEO of BW Offshore. “In addition to full speed on the Barossa project, we are focusing on delivering on our strategy by contributing to the energy transition, developing our floating wind project pipeline and we have now submitted bids for the ScotWind tender.”

The Board of Directors has declared a cash dividend of USD 0.035 per share. Shares will trade ex- dividend from 31 August 2021. Shareholders recorded in VPS following the close of trading on Oslo Børs on 1 September 2021 will be entitled to the distribution payable on or around 9 September 2021.

Please see attachments for the Half-Year Report and Presentation. The earnings tables are available at:

BW Offshore will host a conference call of the financial results at 09:00 (CEST) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

Conference call information:

To dial in to the conference call where the first half year and second quarter results and Q&A will be hosted, please dial one of the following numbers:

Norway: +47 2396 3938
UK: +44 3333 009 260
US: +1 6467 224 957
France: +33 170 750 737
Singapore: +65 6429 8349 (PIN: 81560184#)

You can also follow the presentation via webcast with supporting slides, available on:

Please note that if you follow the webcast via the above URL, you will experience a 30-second delay compared to the main conference call.

For further information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40

[email protected]

About BW Offshore:

BW Offshore engineers innovative floating production solutions. The Company has a fleet of 14 FPSOs with the 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 worldwide. BW Offshore has around 2,000 employees and is publicly listed on the Oslo Stock Exchange.

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

Download the Earnings Presentation

Download the Half Year Earnings Report