Floater specialist BW Offshore has confirmed it is carrying out a limited strategic review, responding to ongoing market rumours. The Oslo-listed company said it has hired Pareto Securities to support the process as it assesses “potential options”, adding that it will provide updates when appropriate.
BW Offshore is one of the most established names in the floating production sector, with roots dating back to 1982. Over the decades, it has delivered 40 FPSO and FSO projects and built a strong global footprint. The company now operates four FPSOs, while another unit acquired earlier this year is available for redeployment.
The Norwegian operator has grown through key acquisitions, including turret mooring specialist APL in 2007 and FPSO player Prosafe Production in 2010. Its current portfolio also includes a major role in Canada’s first deepwater oil development.
In September, BW Offshore signed a heads of agreement with Equinor as the preferred bidder for the Bay du Nord FPSO offshore Newfoundland and Labrador. Following the pre-FEED stage, Equinor has initiated a bridging phase to refine the technical and commercial design, with preparations underway for a potential FEED start in early 2026. Subject to partner approvals, a full contract award is expected by the end of 2026.
Alongside its core FPSO business, BW Offshore owns 64% of floating wind developer BW Ideol and is moving into new territory through BW Elara, a 50/50 joint venture with a BW Group affiliate focused on floating desalination units. These FDUs will use BW Water technology to produce fresh water from seawater under a flexible service model, with BW Offshore overseeing project execution, hull design and system integration.
Financially, the Marco Beenen-led company reported a net profit of $23.3m for the third quarter, with total equity reaching $1.27 billion as of end-September 2025. The company has not disclosed the scope or timeline of its ongoing review, but the move comes as the FPSO market tightens and interest in redeployment and new project models continues to rise.
