Annuncio • Jun 15
BW Offshore Completes Interim Performance Test for BW Opal FPSO BW Offshore has completed the Interim Performance Test (IPT) for the BW Opal FPSO, as part of the commissioning programme for the Santos-operated Barossa LNG project offshore northern Australia. The completion of IPT constitutes an important operational milestone for BW Opal. The test confirms that key production, processing and utility systems on the FPSO are operating in an integrated manner and are capable of delivering stable performance under production conditions. Following the restart of production in early May, BW Opal has continued gas production and export. Production is being managed in close coordination with Santos during this phase of the ramp-up and commissioning programme. BW Offshore remains focused on safe and stable operations, the completion of remaining commissioning activities, and progress toward Practical Completion. Practical Completion will mark the commencement of the long-term firm contract period for BW Opal. Annuncio • May 20
BW Offshore Limited Announces Cash Dividend for the First Quarter 2026, Payable on or About 1 June 2026 BW Offshore Limited announced cash dividend of USD 0.0625 per share for the first quarter 2026. Date of approval: 14 May 2026; Last day inclusive: 20 May 2026; Ex-date: 21 May 2026; Record date: 22 May 2026. Dividend payment date and delivery of Dividend Shares to shareholders: On or about 1 June 2026. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: US$0.13 (vs US$0.34 in 1Q 2025) First quarter 2026 results: EPS: US$0.13 (down from US$0.34 in 1Q 2025). Revenue: US$130.2m (down 15% from 1Q 2025). Net income: US$23.5m (down 62% from 1Q 2025). Profit margin: 18% (down from 40% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 07
Now 21% undervalued Over the last 90 days, the stock has risen 15% to kr51.40. The fair value is estimated to be kr64.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: US$0.74 (vs US$0.67 in FY 2024) Full year 2025 results: EPS: US$0.74 (up from US$0.67 in FY 2024). Revenue: US$509.5m (down 16% from FY 2024). Net income: US$134.3m (up 11% from FY 2024). Profit margin: 26% (up from 20% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 02
Third quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 4th March 2026 Payment date: 13th March 2026 Dividend yield will be 4.1%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (dividend approximately 74x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 3.7% over the next 2 years. However, it would need to fall by 56% to increase the payout ratio to a potentially unsustainable range. Annuncio • Feb 27
Bw Offshore Limited Announces Dividend for the Fourth Quarter of 2025, Payable on March 13, 2026 BW Offshore Limited announced dividend of USD 0.1830 per share for the fourth quarter of 2025, payable on March 13, 2026 with record date of March 5, 2026 and ex-date of March 4, 2026. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr45.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Energy Services industry in the United Kingdom. Total returns to shareholders of 145% over the past three years. Annuncio • Nov 20
BW Offshore Limited, Annual General Meeting, May 14, 2026 BW Offshore Limited, Annual General Meeting, May 14, 2026. Declared Dividend • Nov 17
Third quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 19th November 2025 Payment date: 28th November 2025 Dividend yield will be 8.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but not covered by cash flows (dividend approximately 74x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 11% over the next 2 years. However, it would need to fall by 56% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: US$0.13 (vs US$0.08 in 3Q 2024) Third quarter 2025 results: EPS: US$0.13 (up from US$0.08 in 3Q 2024). Revenue: US$101.2m (down 33% from 3Q 2024). Net income: US$23.5m (up 72% from 3Q 2024). Profit margin: 23% (up from 9.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annuncio • Nov 16
BW Offshore And BW Group Establish BW Elara Joint Venture For Floating Desalination Solutions Powered By BW Water Technology BW Offshore and BW Group have established a 50/50 joint venture entity (JV), BW Elara, to design and buildFloating Desalination Units (FDUs), producing fresh water from salt water to address growing global water constraints. The FDUs will combine BW Offshore's experience from developing over 40 floating production units with BW Water's 35-year desalination expertise to offer a rapidly deployable fresh water solution. BW Offshore will oversee the overall FDU project execution, including hull design and construction, and system integration, and will co-invest alongside a company affiliated with BW Group; and BW Water will design and build the desalination plant using its custom-engineered reverse osmosis systems. Access to fresh water is an emerging global challenge. While permanent infrastructure remains the typical long-term solution, there is a widening gap between immediate water requirements and availability in many areas. This challenge is particularly acute in mid-size municipal and industrial settings, where existing emergency water supply options such as containerised units are insufficient to meet demand, while large onshore desalination plants take too long to address urgent needs. Developed over the last two years on proven technology, the FDU concept offers a flexible and scalable solution to bridge that gap. A ready-built FDU can be deployed and fully operational within as little as three months from contract signing. The modular unit can supply 20 to 40 million litres of drinking water per day. It is ideal for urgent deployment in response to droughts, delays in land-based desalination projects and temporary industrial demand spikes. The JV sees clear market potential underpinning intention to develop and operate a multi-regional fleet over time. New Risk • Oct 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Annuncio • Sep 22
BW Offshore Announces First Gas Achieves on the BW Opal FPSO BW Offshore announced that the BW Opal FPSO has achieved First Gas on 20 September, after successfully reaching Ready for Start-Up (RFSU) for the Santos operated Barossa LNG project on 16 September, initiating 60% of the contractual dayrate under the charter. First Gas represents a critical juncture in the formal transition from project to operations phase and demonstrates BW Opal's readiness to deliver stable energy production. The next milestone, Interim Performance Test (IPT), will increase the payable dayrate to 85%. The final milestone, Practical Completion (PC), will conclude the delivery phase, trigger 100% of the dayrate, and mark the commencement of the 15-year firm contract period, securing long-term revenues for the Company under the charter agreement. The BW Opal FPSO, designed to process 850 million standard cubic feet per day (MMSCFD) of gas and capacity of 11,000 barrels per day of stabilised condensate, will operate in the Santos operated Barossa gas field, located285 kilometres offshore Darwin in the Northern Territory of Australia. The FPSO will play a central role in unlocking the resource potential of the Barossa field for years to come. Declared Dividend • Aug 31
Second quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 2nd September 2025 Payment date: 11th September 2025 Dividend yield will be 7.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 9.1% over the next 3 years. However, it would need to fall by 53% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: US$0.14 (vs US$0.16 in 2Q 2024) Second quarter 2025 results: EPS: US$0.14 (down from US$0.16 in 2Q 2024). Revenue: US$127.8m (down 16% from 2Q 2024). Net income: US$25.0m (down 14% from 2Q 2024). Profit margin: 20% (in line with 2Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annuncio • Aug 28
BW Offshore Limited Declares Cash Dividend for the Second Quarter 2025, Payable on or About September 11, 2025 BW Offshore Limited declared cash dividend of USD 0.0625 per share for the second quarter 2025. Date of approval: 28 August 2025. Ex-date: 2 September 2025; Record date: 3 September 2025. Dividend payment date and delivery of Dividend Shares to shareholders: On or about 11 September 2025. New Risk • Aug 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. New Risk • Jun 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Annuncio • Jun 03
BW Offshore Limited Declares Cash Dividend for the First Quarter 2025, Payable on or About 12 June 2025 BW Offshore Limited declared cash dividend of USD 11 million equal to USD 0.0625 per share for the first quarter 2025. Date of approval: 28 May 2025. Ex-date: 4 June 2025; Record date: 5 June 2025. Dividend payment date and delivery of Dividend Shares to shareholders: On or about 12 June 2025. Annuncio • May 29
BW Offshore Limited Appoints Nomination Committee BW Offshore Limited at the AGM May 28, 2025 appointed Ms. Alicia Yik as member of the nomination committee and Ms. Elaine Yew as Chair of the nomination committee. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.14 announced Shareholders will receive a dividend of US$0.14. Ex-date: 3rd March 2025 Payment date: 11th March 2025 Dividend yield will be 7.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 32% over the next 2 years. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: US$0.67 (vs US$0.56 in FY 2023) Full year 2024 results: EPS: US$0.67 (up from US$0.56 in FY 2023). Revenue: US$606.7m (down 8.0% from FY 2023). Net income: US$120.6m (up 20% from FY 2023). Profit margin: 20% (up from 15% in FY 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 2 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 4.9%. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 28
Bw Offshore Limited Declares Fourth Quarter Cash Dividend, Payable on or About 11 March 2025 BW Offshore Limited declared fourth quarter cash dividend of USD 0.14 per share for year 2024. Dividend payment date and delivery of Dividend Shares to shareholders: On or about 11 March 2025. Ex-date: 3 March 2025; Record date: 4 March 2025. Annuncio • Dec 04
BW Offshore Limited, Annual General Meeting, May 28, 2025 BW Offshore Limited, Annual General Meeting, May 28, 2025. Declared Dividend • Nov 18
Third quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 19th November 2024 Payment date: 27th November 2024 Dividend yield will be 8.3%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (13% earnings payout ratio) but not covered by cash flows (128% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 87% over the next 2 years. Since a fall of 85% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: US$0.08 (vs US$0.17 in 3Q 2023) Third quarter 2024 results: EPS: US$0.08 (down from US$0.17 in 3Q 2023). Revenue: US$150.9m (down 3.5% from 3Q 2023). Net income: US$13.7m (down 54% from 3Q 2023). Profit margin: 9.1% (down from 19% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annuncio • Nov 15
BW Offshore Limited Declares Quarterly Cash Dividend, Payable on or Around November 27, 2024 BW Offshore Limited declared a quarterly cash dividend of USD 0.0625 per share. The shares will trade ex-dividend from 19 November 2024. Shareholders recorded in VPS following the close of trading on Oslo Børs on 20 November 2024, will be entitled to the distribution payable on or around 27 November 2024. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr31.90, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Energy Services industry in Europe. Total returns to shareholders of 45% over the past three years. Reported Earnings • Sep 03
Second quarter 2024 earnings released: EPS: US$0.16 (vs US$0.066 in 2Q 2023) Second quarter 2024 results: EPS: US$0.16 (up from US$0.066 in 2Q 2023). Revenue: US$151.9m (down 8.5% from 2Q 2023). Net income: US$29.2m (up 143% from 2Q 2023). Profit margin: 19% (up from 7.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Sep 01
First quarter dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 3rd September 2024 Payment date: 11th September 2024 Dividend yield will be 7.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 11% over the next year. However, it would need to fall by 63% to increase the payout ratio to a potentially unsustainable range. New Risk • May 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 10% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 26
First quarter 2024 earnings released: EPS: US$0.20 (vs US$0.10 in 1Q 2023) First quarter 2024 results: EPS: US$0.20 (up from US$0.10 in 1Q 2023). Revenue: US$168.6m (up 1.4% from 1Q 2023). Net income: US$37.0m (up 100% from 1Q 2023). Profit margin: 22% (up from 11% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is expected to decline by 28% p.a. on average during the next 2 years, while revenues in the Energy Services industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annuncio • May 24
BW Offshore Limited Appoints Kees Van Seventer as Board Member BW Offshore Limited at its AGM held on May 23, 2024 approved appointment of Mr. Kees van Seventer as a new board member. Kees van Seventer has more than 25 years’ experience in the infrastructure, new technologies, LNG and energy transition industries. Mr. van Seventer is currently a Managing Partner at KS7 Impact Ventures. He also serves as Chairman of the KitchenSmart Foundation and is a Board member of Sohar Industrial Port Company (Oman) on behalf of the Port of Rotterdam. Mr. van Seventer was a Strategic Committee member at Royal Vopak for 18 years, where he held senior executive roles. Prior to this, he held positions at Solveigh M&A and Corporate Development, as well as Royal Pakhoed. Mr. Van Seventer studied Technical Business Management (Rijswijk) and holds an MBA from Business School Nederland. Annuncio • Apr 30
Carl Krogh Arnet, Director Do Not Stand for Re-Election at BW Offshore Limited Mr. Carl Krogh Arnet, Director has informed BW Offshore Limited that he is not available for re-election, at its AGM to be held on 23 May 2024. He will hold office until the conclusion of the 2024 Annual General Meeting. New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 6.1% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: US$0.56 (vs US$0.72 in FY 2022) Full year 2023 results: EPS: US$0.56 (down from US$0.72 in FY 2022). Revenue: US$659.2m (down 15% from FY 2022). Net income: US$100.4m (down 23% from FY 2022). Profit margin: 15% (down from 17% in FY 2022). Revenue is expected to decline by 24% p.a. on average during the next 2 years, while revenues in the Energy Services industry in Europe are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Annuncio • Dec 14
BW Group (Offeror) agreed to acquire remaining 60% in BW Energy Limited (OB : BWE) for NOK 4.2 billion in a tender offer. BW Group (Offeror) agreed to acquire remaining 60% in BW Energy Limited (OB : BWE) for NOK 4.2 billion in a tender offer on December 13, 2023. Under the terms, NOK 27 per share will be paid in cash. Offer period: From and including December 14, 2023 to January 12, 2024. DNB Markets, a part of DNB Bank ASA is acting as financial advisor and receiving agent, and Advokatfirmaet Thommessen AS is acting as legal advisor, to the BW Group Limited. Annuncio • Dec 08
BW Sirocco Holdings AS (Offeror)completed the acquisition of 84.7 % stake in BW Ideol AS (OB : BWIDL). BW Sirocco Holdings AS (Offeror) made a recommended voluntary offer to acquire a 84.7 % stake in BW Ideol AS (OB : BWIDL) on November 9, 2023. Under the terms, eligible shareholders of BW Ideol will be offered a cash offer price of NOK 12 per Share and shares on 1:1 basis. The board of directors of BW Ideol (excluding its members having a conflict of interest with respect to the Offer) (the "Board") have unanimously resolved to recommend the shareholders of BW Ideol to accept the Offer. Transaction is subject to approval of regulatory board. The offer period is expected to commence on or about 14 November 14, 2023, following registration of the Offer Document with the Norwegian Register of Business Enterprises, and end on November 28, 2023. Following the completion of the Offer, the Offeror intends to carry out a compulsory acquisition to acquire the remaining Shares.Danske Bank, Norwegian Branch, is acting as financial advisor to the Offeror and receiving agent for the Offer. Advokatfirmaet Thommessen AS is acting as legal advisor to the Offeror. Carnegie AS is acting as financial advisor to the Board.BW Sirocco Holdings AS (Offeror)completed the acquisition of 84.7 % stake in BW Ideol AS (OB : BWIDL) on December 7, 2023. The Offeror intends to exercise its right of compulsory acquisition. The Offeror hereby announces that Offer has been completed, and that the settlement of the Offer has been made in accordance Settlement of the Cash Consideration) and Settlement of the Consideration Shares. Following the Settlement, and as of today, the Offeror holds in total 30,000,561 Shares, representing 95.21% of the Shares in BW Ideol. As on December 8, 2023, BW Sirocco Holdings AS announces exercise of the right of compulsory acquisition of the remaining shares in BW Ideol AS. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: US$0.17 (vs US$0.17 in 3Q 2022) Third quarter 2023 results: EPS: US$0.17 (in line with 3Q 2022). Revenue: US$156.4m (down 11% from 3Q 2022). Net income: US$30.0m (flat on 3Q 2022). Profit margin: 19% (up from 17% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annuncio • Nov 17
BW Offshore Limited Declares Cash Dividend, Payable on or About November 28, 2023 BW Offshore Limited declared cash dividend of USD 0.035 per share. Date of approval is 15 November 2023. Ex-date is 20 November 2023. Record date is 21 November 2023. Dividend payment date and delivery of Dividend Shares to shareholders: On or about 28 November 2023. New Risk • Aug 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Annuncio • Aug 28
BW Offshore Limited Declares Cash Dividend for Second Quarter of 2023, Payable on or About 7 September 2023 BW Offshore Limited declared cash dividend for second quarter of 2023 of USD 0.035 per share. Date of approval is 25 August 2023. Ex-date is 30 August 2023. Record date is 31 August 2023. Dividend payment date and delivery of Dividend Shares to shareholders: On or about 7 September 2023. New Risk • Jul 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.08% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.08% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Rebekka Herlofsen was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 25
First quarter 2023 earnings released: EPS: US$0.10 (vs US$0.26 in 1Q 2022) First quarter 2023 results: EPS: US$0.10 (down from US$0.26 in 1Q 2022). Revenue: US$166.3m (down 14% from 1Q 2022). Net income: US$18.5m (down 61% from 1Q 2022). Profit margin: 11% (down from 24% in 1Q 2022). Revenue is expected to decline by 7.5% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 8.3%. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annuncio • May 25
BW Offshore Limited Announces Cash Dividend for First Quarter 2023, Payable on or About 6 June 2023 BW Offshore Limited announced Cash dividend amount: USD 0.035 per share for first quarter 2023 and USD 5 million of BW Energy Limited shares as in-kind distribution. Date of approval: 23 May 2023, Last day inclusive is 25 May 2023, Ex-date is 26 May 2023 Record date is 30 May 2023. Dividend payment date and delivery of Dividend Shares to shareholders: On or about 6 June 2023. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: US$0.72 (vs US$0.35 in FY 2021) Full year 2022 results: EPS: US$0.72 (up from US$0.35 in FY 2021). Revenue: US$774.1m (down 6.7% from FY 2021). Net income: US$129.7m (up 107% from FY 2021). Profit margin: 17% (up from 7.5% in FY 2021). The increase in margin was driven by lower expenses. Revenue is expected to decline by 27% p.a. on average during the next 2 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 7.6%. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: US$0.17 (vs US$0.035 in 3Q 2021) Third quarter 2022 results: EPS: US$0.17 (up from US$0.035 in 3Q 2021). Revenue: US$176.5m (down 12% from 3Q 2021). Net income: US$29.9m (up 375% from 3Q 2021). Profit margin: 17% (up from 3.2% in 3Q 2021). Revenue is expected to decline by 20% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to kr26.76, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Energy Services industry in Europe. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr15.70 per share. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: US$0.07 (vs US$0.047 in 2Q 2021) Second quarter 2022 results: EPS: US$0.07 (up from US$0.047 in 2Q 2021). Revenue: US$192.8m (down 7.2% from 2Q 2021). Net income: US$12.6m (up 48% from 2Q 2021). Profit margin: 6.5% (up from 4.1% in 2Q 2021). Over the next year, revenue is forecast to decline by 21% while the Energy Services industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr29.31, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Energy Services industry in Europe. Total loss to shareholders of 41% over the past three years. Recent Insider Transactions • Jun 07
Director recently sold kr8.2m worth of stock On the 3rd of June, Carl Arnet sold around 237k shares on-market at roughly kr34.84 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr35m more than they bought in the last 12 months. Upcoming Dividend • Jun 01
Upcoming dividend of US$0.035 per share Eligible shareholders must have bought the stock before 08 June 2022. Payment date: 17 June 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (4.8%). Higher than average of industry peers (3.4%). Reported Earnings • May 29
First quarter 2022 earnings released: EPS: US$0.26 (vs US$0.54 in 1Q 2021) First quarter 2022 results: EPS: US$0.26 (down from US$0.54 in 1Q 2021). Revenue: US$193.6m (down 12% from 1Q 2021). Net income: US$47.0m (down 52% from 1Q 2021). Profit margin: 24% (down from 45% in 1Q 2021). Over the next year, revenue is expected to shrink by 22% compared to a 4.4% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr24.55, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Energy Services industry in Europe. Total loss to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr11.42 per share. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.35 (up from US$1.77 loss in FY 2020). Revenue: US$829.3m (down 6.4% from FY 2020). Net income: US$62.6m (up US$382.5m from FY 2020). Profit margin: 7.5% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 6.7%. Over the next year, revenue is expected to shrink by 18% compared to a 3.6% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 25
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: US$0.035 (down from US$0.074 in 3Q 2020). Revenue: US$199.6m (up 2.3% from 3Q 2020). Net income: US$6.30m (down 53% from 3Q 2020). Profit margin: 3.2% (down from 6.8% in 3Q 2020). Revenue exceeded analyst estimates by 25%. Over the next year, revenue is expected to shrink by 18% compared to a 3.9% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 18% share price gain to kr29.35, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Energy Services industry in Europe. Total loss to shareholders of 51% over the past three years. Recent Insider Transactions • Sep 26
Director recently sold kr13m worth of stock On the 23rd of September, Carl Arnet sold around 500k shares on-market at roughly kr25.10 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr14m more than they bought in the last 12 months. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS US$0.048 (vs US$0.17 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$207.8m (down 1.5% from 2Q 2020). Net income: US$8.50m (down 71% from 2Q 2020). Profit margin: 4.1% (down from 14% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 10
Chief Commercial Officer recently sold kr1.9m worth of stock On the 4th of June, Rune Bjorbekk sold around 51k shares on-market at roughly kr37.62 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 27
First quarter 2021 earnings released: EPS US$0.54 (vs US$1.69 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$218.9m (down 15% from 1Q 2020). Net income: US$97.5m (up US$410.1m from 1Q 2020). Profit margin: 45% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 21
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$886.3m (down 23% from FY 2019). Net loss: US$310.3m (down 476% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue beats expectations Revenue exceeded analyst estimates by 3.8%. Over the next year, revenue is expected to shrink by 14% compared to a 9.6% decline forecast for the Energy Services industry in the United Kingdom. Is New 90 Day High Low • Jan 04
New 90-day high: kr40.63 The company is up 44% from its price of kr28.12 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr82.76 per share. Is New 90 Day High Low • Dec 10
New 90-day high: kr36.30 The company is up 22% from its price of kr29.72 on 10 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr73.04 per share. Analyst Estimate Surprise Post Earnings • Nov 21
Revenue misses expectations Revenue missed analyst estimates by 3.6%. Over the next year, revenue is expected to shrink by 28% compared to a 12% decline forecast for the Energy Services industry in the United Kingdom. Is New 90 Day High Low • Oct 21
New 90-day low: kr24.82 The company is down 26% from its price of kr33.62 on 23 July 2020. The British market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr83.13 per share. Is New 90 Day High Low • Sep 24
New 90-day low: kr26.80 The company is down 19% from its price of kr33.08 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr84.70 per share. 
