Dividend hike, Barossa FPSO project progression boost BW Offshore shares

Bw Offshore

27/05/2022 09:32

** Shares in BW Offshore  BWO.OL  rise 5% after the
Norwegian owner and operator of floating production storage and
offloading (FPSO) vessels released its Q1 results featuring an
increase in dividend  urn:newsml:reuters.com:*:nFWN2XI13H
    ** The annual dividend was hiked to include $20 million of
BW Energy shares as in-kind distribution
    ** The company's Q1 EBITDA of $85 million came in above
Carnegie estimate when adjusted for impact from sold BW Joko
Tole
    ** The broker also highlights that Barossa FPSO project
 urn:newsml:reuters.com:*:nFWN2LL0Y2 is progressing as planned 
    ** Late on Thursday BW Offshore said it had received a
Limited Notice To Proceed for Shell's Gato do Mato development
in Brazil  urn:newsml:reuters.com:*:nL5N2XJ0IJ
    ** Carnegie flags some investors' concerns around growth and
associated delivery model, funding and operating risks the
project brings, adding at the same time it had calculated the
contract could add NOK 4.7 per share to its valuation
    ** BW Offshore peers Subsea 7  SUBC.OL  and DOF  DOF.OL  are
up 2%  urn:newsml:reuters.com:*:nL5N2XJ13Y and 5%, respectively, amid investment
forecast hikes by Norway's oil and gas firms  urn:newsml:reuters.com:*:nO9N2W2013
    ** BW Offshore share price is at its highest in over 11
months
    


 (Reporting by Agata Rybska)
 ((agata.rybska@thomsonreuters.com))