Presentation

BW Offshore is a global provider of floating production units and services to the oil and gas industry. It is one of the largest FPSO contractors in the world and has delivered more than 40 FPSO and FSO projects in most major oil regions around the world. The company was incorporated in 2005, but its origins date back to 1982 as a department of the shipping company Bergesen d.y. The company is owned ~50% by BW Group and has been listed on the Oslo Stock Exchange since 2006.

BW Offshore currently owns and operates a fleet of 15 FPSOs of which 11 are on contract, producing ~600 mbpd. Most of the units are on long-term contracts stretching through 2020 with a revenue-weighted duration of approximately nine years, incl. probable options. The FPSO Catcher has for some time been BW Offshore’s most extensive project. The unit is operating on the Catcher-field offshore UK and is a substantial contributor to BW Offshore’s cash flow. BW Offshore also entered the E&P business by establishing BW Energy, which initially focused on proven reservoirs in familiar regions by employing existing FPSOs to reduce capex. BW Energy was listed on the Oslo Stock Exchange in February 2020, but BW Offshore has retained a ~39% stake post the IPO.