BW Offshore: Fourth quarter and full year results 2025 in International Shipping News 28/02/2026 Commissioning and production ramp-up for BW Opal FPSO continued with BW Offshore receiving a commissioning rate equal to 60% of the contractual dayrate. Commissioning was extended in the fourth quarter by two connection failures on the utilities and firewater seawater piping systems and a campaign to strengthen similar connections across the FPSO. In early 2026, compressor dry-gas seal replacements have impacted production regularity. BW Opal is targeting to reach 100% production capacity within the second quarter of 2026. BW Offshore will transition to a production volume-based dayrate in mid-March, with revenue recognition commencing at that time. Formal practical completion and commencement of the 15-year fixed contract is also expected in the second quarter. The Board of Directors has declared a quarterly cash dividend of USD 0.18 per share. The shares will trade ex-dividend from 4 March 2026. Shareholders recorded in VPS following the close of trading on Oslo Børs on 5 March 2026, will be entitled to the distribution, payable on or around 13 March 2026. The total dividend for 2025 amounts to USD 67.0 million (USD 0.37 per share) equal to 50% of net income for the year. This is an increase of 12% compared to 2024. “In 2025, BW Offshore achieved key operational and strategic milestones with first gas from BW Opal, high commercial uptime from the fleet and strong cash flow generation. We also delivered a dividend equal to 50% of net income marking the fifth consecutive year of increased shareholder distributions,” said Marco Beenen, CEO of BW Offshore. “With BW Opal ramping up production, we expect EBITDA growth in 2026. We continue to advance the prestigious Bay du Nord FPSO project with Equinor and with BW Elara we progress growth opportunities within floating transition solutions.” For 2026, BW Offshore expects to report EBITDA in the range of USD 340-370 million. The outlook reflects firm backlog for BW Adolo and BW Catcher and expected revenue recognition from BW Opal following the transition to volume-based rate from mid-March. On 5 December 2025, BW Offshore announced the engagement of an external adviser to assist in a strategic review. The process is a response to incoming interest for the Company considering the strong FPSO market. The Company’s main strategic focus of growing the FPSO business supported by an optimised capital structure and strong partnerships remains unchanged. FINANCIALS EBITDA for the fourth quarter of 2025 was USD 47.8 million (USD 43.9 million in Q3 2025), reflecting strong operational performance from the fleet. EBIT for the fourth quarter was USD 27.5 million (USD 22.5 million). Net financial items were negative at USD 0.5 million (positive USD 6.7 million). Loss from equity-accounted investments was USD 1.9 million (loss of USD 3.6 million), including a valuation adjustment on the Barossa finance receivable related to changes in timing of future cash flows. Tax expense was USD 1.0 million (USD 2.3 million). Net profit for the fourth quarter was USD 24.1 million (USD 23.3 million). On 31 December 2025, total equity was USD 1 293.0 million (USD 1 273.9 million), and the equity ratio was 30.2% (30.5%). As a result of strong cash generation from the fleet and asset sales in recent quarters, the Company was net cash positive by USD 211.8 million (USD 186.6 million) as of 31 December 2025. Available liquidity