Our 2025 Annual Report and Sustainability Statement reflects a year of strong operational performance, disciplined execution, improved financial resilience, and clear strategic positioning for long‑term value creation.
The 2025 report provides a comprehensive overview of our financial results, strategy, governance, and sustainability performance for the year, including a Sustainability Statement prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).
In 2025, we delivered solid results across our FPSO portfolio, supported by high operational uptime and stable long-term contracts. A key milestone during the year was the successful transition of BW Opal from construction to operations, with the FPSO achieving first gas and commencing revenue-generating operations on the Barossa field offshore Australia. This marked the completion of the largest project in the company’s history.
During the year, we continued to strengthen our strategic foundation. Following a comprehensive strategy review, the company reaffirmed our focus on two core areas: FPSO projects and operations, and floating transition solutions. We continue to see a robust pipeline of FPSO opportunities and remain committed to securing projects under structures that support predictable execution and attractive returns. At the same time, we are selectively expanding into floating transition solutions where we can leverage our offshore expertise. This includes continued development of floating offshore wind through BW Ideol, and the launch of BW Elara, a joint venture with BW Group to develop floating desalination solutions.
“Our priorities for 2026 remain clear: ensuring safe, efficient and stable operations across our fleet. We will continue building further momentum in our project pipeline, advancing FPSO opportunities into contract awards.” - CEO, Marco Beenen
BW Offshore’s Sustainability Statement is an integrated part of the Annual Report and reflects our commitment to responsible business practices, safe operations, and transparent reporting. It outlines how material impacts, risks and opportunities are identified and managed based on a double materiality assessment, with safety remaining the company’s highest priority, supported by robust HSSE systems, operational discipline, and a strong safety culture across the organisation. The Sustainability Statement also highlights concrete operational outcomes, including the successful ABATE certification of FPSO BW Catcher, the lower‑emission design of BW Opal, and strong environmental performance across the fleet, with zero significant environmental incidents during the year.
Please find the complete 2025 Annual Report and Sustainability Statement here.