BW Offshore falls after slight profit miss, unchanged dividend

Bw Offshore

24/05/2023 10:23

** Shares in BW Offshore  BWO.OL  fall 3.3% after it
reported Q1 profit slightly below expectations and kept dividend
unchanged despite better liquidity
    ** "Maybe the market was hoping for increased dividends
given the sale of an FPSO and the liquidity situation?" Carnegie
analyst Erik Aspen Fosså says in an emailed comment after what
he describes a "pretty neutral report"
    ** The sale of BW Opportunity boosted available liquidity to
$521 million in Q1, from $371 million in Q4, Carnegie writes in
a note, saying this should support higher dividends
    ** Dividends (cash and BW Energy shares) remain unchanged at
$11 million per quarter or $45 million annually, which Carnegie
says implies a dividend yield of 10%; the company announced a Q1
dividend of $0.063 per share
    ** BW Offshore reports Q1 EBITDA of $79.0 million, a touch
below consensus of $80 million and down from $104.9 million in
Q4

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))