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BW Offshore Limited

BW Offshore Limited

BWO.OL
BW Offshore LimitedNO flagOslo Stock Exchange
44.65
NOK
- -
- -
8.09BMarket Cap
BW Offshore Limited
BWO.OL
(Oslo Stock Exchange)

Recent

price

44.65

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
12.64
14.38
15.45
16.25
18.19
80.52
9.36
3.38
4.71
5.12
4.9
4.59
4.28
3.65
3.36
2.81
5.96
Revenue per Share
0.47
-1.96
0.02
1.38
3.18
-15.72
-1.47
0.22
0.18
0.45
-1.56
0.35
0.72
0.56
0.67
0.74
0.33
Basic EPS, GAAP
2.02
-2.76
-0.31
3.69
3.13
-3.15
-0.15
1.17
0.43
1.81
1.68
1.19
-0.44
-1.36
-0.09
0.42
2.98
Free Cash Flow per Basic Share
- -
1.4
0.7
1.16
1.4
2.49
- -
- -
0.19
0.18
0.3
0.14
0.14
0.14
0.28
0.33
- -
Dividend per Share
0.16
0.12
0.12
0.12
0.12
0.5
1.03
0.5
0.5
0.5
0.51
0.51
0.51
0.51
0.51
0.51
0.49
Book Value per Share
27.16
16.67
15.99
15.87
17.11
68.31
10.16
6.79
6.94
7.34
5.21
5.1
5.88
6.13
6.45
6.65
7.24
Tangible Book Value per Share
43
59
59
59
59
14
90
185
185
185
181
181
181
181
181
181
187
Basic Weighted Avg Shares
549
846
909
956
1,070
1,108
845
626
870
947
886
829
774
659
607
510
1,118
Sales/Revenue/Turnover
14.25
14.45
2.47
18.05
26.42
24.8
23.12
17.04
17.14
20.98
17.16
15.93
17.69
17.95
23.09
28.38
25.66
Operating Margin (%)
90
183
227
264
223
262
227
229
339
412
284
270
209
187
178
96
412
Depreciation Expense
20
-116
1
81
187
-216
-133
40
34
83
-282
63
130
100
121
134
61
Net Income, GAAP
- -
- -
95.67
30.72
16.95
- -
- -
5.29
52.47
55.2
- -
- -
13.49
13.86
5.82
13.59
41.77
Effective Tax Rate (%)
3.73
-13.65
0.14
8.51
17.49
-19.52
-15.73
6.36
3.85
8.72
-31.84
7.55
16.75
15.23
19.88
26.36
5.46
Profit Margin (%)
-1,470
64
-169
-81
-151
-8
158
-98
-132
-20
13
209
-66
24
266
218
-20
Working Capital
200
1,690
1,548
1,459
1,434
1,461
1,567
1,198
1,113
1,040
971
1,014
1,060
1,322
1,536
1,525
1,040
LT Debt
1,373
1,172
1,130
1,124
1,198
944
920
1,259
1,321
1,458
945
1,021
1,151
1,195
1,247
1,293
1,458
Total Equity
- -
- -
0.03
4.09
7.89
- -
- -
3.78
2.64
3.29
- -
- -
5.13
3.91
4.68
4.32
6.16
Return on Invested Capital (%)
- -
- -
0.19
7.07
13.52
- -
- -
4.18
3.8
5.59
- -
- -
11.18
8.51
8.53
8.26
3.8
Return on Capital (%)
356.52
-1,673.91
18.84
1,179.71
2,713.04
-3,134.78
-267.4
43.03
36.22
89.3
-305.08
67.68
140.22
108.54
130.38
145.19
65.95
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'19
Sep'19
Dec'19
ST Debt
184
19
229
LT Borrowings
1,136
- -
1,026
LT Finance Leases
17
158
15
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
185
185
185
Market Capitalization
1,059
1,212
1,316

Working Capital

FRC

•

in mil. unless spec.
Jun'19
Sep'19
Dec'19
Total Current Assets
553
140
572
Cash, Cash Equivalents & STI
265
85
244
Accounts Receivable, Net
206
18
134
Inventories
57
12
63
Total Current Liabilities
518
116
592
Payables & Accruals
- -
- -
- -
ST Debt
184
19
229
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.7%
6.53%
3.72%
Free Cash Flow
-206.96%
-119.29%
-547.65%
Net Income, GAAP
-48.55%
-1.22%
11.36%
Sales/Revenue/Turnover
-6.01%
-10.38%
-16.02%
Total Cash Common Dividend
- -
- -
18.88%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
166
166
- -
- -
659
2024
169
152
- -
- -
607
2025
- -
- -
- -
- -
510

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.1
- -
- -
- -
0.56
2024
0.2
- -
- -
- -
0.67
2025
- -
- -
- -
- -
0.74

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.07
- -
- -
- -
0.14
2024
0.13
- -
- -
- -
0.28
2025
- -
- -
- -
- -
0.33
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Business
BW Offshore Limited (BWO.OL) provides floating production solutions to the offshore oil and gas industry, including engineering, procurement, construction, installation, lease and operation services for floating production storage and offloading (FPSO) vessels and floating storage and offloading (FSO) units; it also offers turret, mooring, swivel, subsea umbilicals risers and flowlines (SURF) and installation services, as well as solutions for floating offshore wind and emerging low-carbon energy projects such as floating desalination units. The company operates a fleet of three FPSOs with additional units under development or redeployment, including BW Opal chartered to Santos for 15 years at the Barossa field in Australia with startup targeted for early 2026, FPSO Nganhurra acquired in 2025 for redeployment by June 2027, and FPSO BW Adolo with operational control transferred to BW Energy Gabon in 2025 under a charter featuring mutual put-and-call options exercisable in 2028. Founded in 1982 as a department of Bergesen d.y. and listed on the Oslo Stock Exchange since 2006, BW Offshore is headquartered in Hamilton, Bermuda, and maintains global operations across the Americas, Europe, Africa, Asia and the Pacific; it is majority-owned by BW Group and advances a strategy encompassing conventional FPSO optimization, newbuild and conversion projects, and expansion into renewable energy infrastructure. Recent developments include delivery of BW Opal from Seatrium in May 2025, the sale of FPSO Polvo to BW Energy, selective evaluation of FPSO redeployment opportunities amid tight market conditions, and formation of a 50-50 joint venture with BW Group subsidiary BW Water for floating desalination units targeting FID and market entry by end-2026; in Q3 2025, the company narrowed its full-year EBITDA guidance to USD 240-250 million due to BW Opal contract timing while maintaining a strong cash position of USD 388 million.