BW Offshore posts Q2 loss, cuts 2026 EBITDA outlook on BW Opal delay

Bw Offshore

24/08/2026 06:46

Overview
Norway floating production firm's Q2 net loss driven by $125 mln non-cash impairment on BW Opal
Q2 EBITDA was $62.5 mln; full-year 2026 EBITDA guidance cut due to BW Opal delay
Company extended BW Catcher contract, adding $490 mln to backlog

Outlook
Company revises 2026 EBITDA guidance to $250-280 mln from $310-340 mln
Company expects limited 2026 cash flow impact from BW Opal delay
Strategic review ongoing; timeline impacted by BW Opal completion delay

Result Drivers
BW OPAL DELAY AND IMPAIRMENT - Delay in Practical Completion for BW Opal to Q2 2027 led to a $125 mln non-cash impairment and cut to full-year EBITDA guidance; additional investment and borrowing costs triggered the impairment
STABLE BW OPAL PRODUCTION - BW Opal produced at 85% of nameplate capacity, delivering revenues in line with production under an interim contract, limiting cash flow impact in 2026

Company press release: ID:nGNEbbFYp

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Net Loss
 
$102.10 mln
 
Q2 Adjusted Free Cash Flow
 
$41.50 mln
 
Q2 Dividend
 
$0.063
 
Q2 EBITDA
 
$62.50 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil related services and equipment peer group is "buy"
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)