Norway's BW Offshore posts Q4 EBITDA miss, targets 100% production capacity for BW Opal by Q2

Bw Offshore

27/02/2026 06:40

Overview

Norway-based FPSO operator's Q4 net profit was $24.1 mln

Q4 EBITDA missed analyst expectations

2025 dividend increased by 12% from 2024

Outlook

BW Offshore expects 2026 EBITDA between USD 340-370 mln

Company targets 100% production capacity for BW Opal by Q2 2026

BW Offshore sees strong FPSO market driving new project opportunities

Result Drivers

BW OPAL COMMISSIONING - BW Opal commissioning faced delays due to connection failures, impacting production regularity

HIGH FLEET UPTIME - FPSO fleet maintained a weighted average uptime of 100% in Q4

EBITDA GROWTH EXPECTATION - Co expects EBITDA growth in 2026 driven by BW Opal's production ramp-up and transition to volume-based rate

Company press release: ID:nGNE3tB19D

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Net Income
$24.10 mln
Q4 EBITDA
Miss
$47.80 mln
$54 mln (1 Analyst)
Q4 Adjusted Free Cash Flow
$107.70 mln
Q4 Dividend
$0.18
Q4 EBIT
$27.50 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"

Wall Street's median 12-month price target for BW Offshore Ltd is NOK33.00, about 36.4% below its February 26 closing price of NOK51.90

The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 4 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.)