FPSO operator BW Offshore lowers FY EBITDA guidance due to reduced uptime

Bw Offshore

18/05/2026 06:40

Overview

Norway FPSO operator's Q1 EBITDA was $47.9 mln, net income reached $23.4 mln

Company declared Q1 cash dividend of $0.063 per share

Full-year 2026 EBITDA guidance lowered to $310-340 mln due to reduced uptime and contract changes

Outlook

Company revises 2026 full-year EBITDA guidance to $310-340 mln from $340-370 mln

BW Offshore expects current fleet to generate significant cash flow, supported by increased firm backlog

Company sees strong demand for new FPSO projects, with several FIDs expected in next 12-36 months

Result Drivers

BW OPAL SHUTDOWN - Temporary shutdown and restart of BW Opal reduced commercial uptime, affecting EBITDA guidance

BW CATCHER CONTRACT - Extension and amended terms for BW Catcher increased firm operating cash flow backlog and clarified contract end date

STABLE FLEET OPERATIONS - Fleet delivered stable operations with 100% weighted average uptime despite BW Opal shutdown

Company press release: ID:nGNE7MH5ZW

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
$23.40 mln
Q1 Adjusted Free Cash Flow
$43.30 mln
Q1 Dividend
$0.06
Q1 EBIT
$27.50 mln
Q1 EBITDA
$47.90 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 6 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)