BW Offshore

Today, our Business Unit Manager - New Ventures, Fredrik Savio, joined other industry experts at OSEA 2024 for a panel discussion on Offshore CCUS – Technologies, Infrastructure, and Operations. The session explored a range of topics, including advancements and trends in CCUS technologies, transportation and storage operations, and how CCS can decarbonize the offshore oil and gas industry. The panel provided an opportunity to share insights, discuss challenges, and highlight innovations shaping the future of CCUS in the energy sector. It was an interesting discussion on the evolving role of CCUS in the energy transition and we look forward to continuing the conversation at OSEA throughout the week. #Smartertogether #Progressingthefuture #OSEA2024

Join us this week at Marina Bay Sands in Singapore for OSEA 2024, one of Asia’s largest offshore and marine showcases. As strategic partners of the event, we are looking forward to connecting with over 18,000 expected attendees from 70+ countries. OSEA 2024 offers a platform for professionals in the offshore and marine sectors to share insights, discuss industry trends, and explore solutions to the challenges facing the energy sector. We’re excited to be part of the conversation and look forward to engaging with industry peers throughout the week. See you at #OSEA! #Progressingthefuture #Smartertogether

We are pleased to share our Q3 results, reflecting continued operational and financial strength. EBITDA for the quarter reached USD 83 million, with a net profit of USD 13 million and operating cash flow of USD 86 million. The equity ratio stood at 29.6%, with available liquidity of USD 707 million. The Board has declared a quarterly dividend of USD 0.0625 per share, equivalent to USD 11 million.   The Barossa project is progressing according to schedule, with the BW Opal 90% complete. Commissioning and sail-away preparations are underway in Singapore, with the FPSO set to depart Q1 2025. To maintain schedule and close out variation orders, net additional investments of USD 100–150 million are expected until project completion.   Our CEO Marco Beenen stated: "As the BW Opal nears completion, we remain focused on maintaining schedule and preparing for the FPSO sail-away at the end of the first quarter next year. I’m pleased with the consistent uptime of our fleet, delivering steady cash flow, and see continued opportunities in the active FPSO market." With a USD 5.4 billion firm contract backlog, BW Offshore expects continued strong cash flows and has raised its full-year EBITDA expectations to USD 315–320 million. Read more here: https://lnkd.in/gS7UjBt   You can watch the Q3 market presentation today at 2 PM CET, hosted by our CEO Marco Beenen and CFO Staale Andreassen here: https://lnkd.in/diZHfqam #Progressingthefuture #Smartertogether

It’s now been two years since BW LNG, BW LPG and BW Offshore moved in together in Oslo, effectively establishing a new "BW Powerhouse”. Today, we’ve had the pleasure of bringing together colleagues for a "Pizza & Learn" session with our CEOs, Yngvil Eriksson Åsheim , Marco Beenen, and Kristian Sorensen. Each of them shared insights into their respective company strategies, achievements, and the qualities driving success across BW. Our 2022 move to bring these three companies under one roof was about more than logistics; it was a choice to strengthen connections, support cross-company learning, and open new opportunities for collaboration. The panel today focused on preparing for the future of the energy industry, expanding infrastructure, and exploring how we can work more effectively together. Colleagues also had the opportunity to engage directly in a Q&A session that followed. These interactions are valuable as we work together to navigate the evolving energy landscape and drive collaboration across our organisations.

BW Offshore is excited to share the latest progress in the integration and commissioning of our newbuild FPSO, BW Opal. This week, we achieved significant milestones, including the firing of the Combined Cycle Power Generation Gas Turbine Generators (GTG) 3 and 4 (out of 5). This is a critical step in advancing BW Opal’s power systems toward readiness. Adding to the week’s excitement, we proudly cooked the first meal onboard, nearly five months ahead of departure. It was a special moment to have our Client Santos and key contractors join us for this occasion. This milestone marks the beginning of providing onboard meals to our colleagues and contractors, who are working hard to bring the BW Opal to completion and prepare for Sailaway. The galley and mess room are looking fantastic, and is a testament to our commitment to building a state-of-the-art FPSO and living quarters with crew welfare at its core. #Progressingthefuture #Smartertogether

We’re pleased to welcome our BW Offshore leaders to the second edition of the Explorer People Leadership Development Programme! Through in-person sessions and online electives, this five-month journey will strengthen their leadership impact as they navigate challenges and drive growth within BW Offshore. #Smartertogether #Progressingthefuture

This week, BW Offshore marked our third annual We LEAD Day which is dedicated to reinforcing our commitment to our values, We LEAD – with Integrity.     This year’s theme, Speak Up, encouraged teams globally to engage in meaningful discussions, share experiences, and highlight the importance of raising concerns about safety, non-compliance, and ethics. Across our offices and onboard our assets, teams participated in a range of activities, from keynote sessions and breakout discussions to group reflections.     Through the annual We LEAD Awards, we also celebrated outstanding contributions related to our values, recognising nominees in the following categories: We LEAD Excellence, HSSE Excellence, Technical Excellence, Learning Excellence, and Operational Excellence. Thank you to everyone who participated, asked questions, and shared their voice. Together, we continue to shape a workplace where integrity leads the way.    #WeLEAD #Smartertogether #Progressingthefuture See if you can name the places where these moments were captured!

On Friday 4 October, BW Offshore welcomed our lenders aboard for a tour of BW Opal. This offered an opportunity to engage with the construction team and senior management, while gaining valuable insights into the progress of this significant project. We extend our heartfelt gratitude to our lenders’ support in financing the project. It was a productive and collaborative day and we are proud to highlight the strength of our partnerships. A special thanks to all our dedicated colleagues whose efforts made this day a resounding success. #progressingthefuture #smartertogether

We are pleased to announce the appointment of Mona R. Rajoo as Chief Commercial Officer. With over 20 years of experience in the oil and gas industry and a proven track record since joining BW Offshore in 2010, Mona has been key in driving commercial success. Her leadership and dedication to our commercial strategy have been invaluable. We look forward to her continued contributions in this new role as BW Offshore selectively progress floating production infrastructure projects and develop new floating energy transition solutions. “I look forward to changing perspectives by breaking down "walls". As part of BW Offshore’s journey in affirming robust relationships with our employees and partners, this is key to collaboratively build and sustain trust and confidence.” Mona Rajoo

We are pleased to announce that Mike McAreavey has been appointed Chief Technical Officer. Mike brings a wealth of experience, having served as Head of Operational Integrity since 2017, after initially joining BW Offshore in 2014 as Engineering Manager. He has an extensive background in engineering and technical management and has played an important role in BW Offshore’s development over the past decade. We look forward to his continued contribution when growing the floating production business and building a substantial position in offshore renewable energy infrastructure. “I am motivated in helping teams achieve technical excellence with a safety-first mindset. Within BW Offshore we have tremendous technical competence. I look forward to further unlocking this competence to safely drive the future success of our business.” Mike McAreavey #Progressingthefuture #Smartertogether