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 40 FPSO and FSO projects in all 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 14 FPSOs of which ten are on contract. The FPSO Catcher was for some time 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. In March this year, BWO secured a long-term contract with Santos for the FPSO to the Barossa gas field in Australia. The contract added USD 4.6bn in firm backlog and the unit is expected to commence operations in H1’25.

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, with BW Offshore currently holding a ~35% stake.

In February this year, BW Offshore invested EUR 60 million in Ideol S.A, creating BW Ideol. The new company is an integrated floating offshore wind company with proven floating foundation technology and several partnerships in key floating wind regions. The new company was successfully listed on Euronext Growth March this year, with BW Offshore owning ~53% of the company.