Engineering offshore production solutions to progress the future of energy

We are proud to have executed 40 FPSO and FSO projects, and our goal is to build on the four decades of accumulated offshore operations and project execution experience to create tailored offshore energy solutions for evolving global markets.

2.1

USD billion operating cash flow backlog

99.3%

Commercial uptime

890

Employees

Assets in operation

Why invest

Proven offshore production partner

We have more than four decades of experience engineering, building, and operating floating production solutions. The company’s track record in delivering complex FPSO projects provides a solid foundation for predictable operations and disciplined project execution.

Long-term cash flow visibility

A significant contract backlog, supported by long-term FPSO charters with global energy companies, creates visibility on future earnings and supports a stable financial profile. The business model is anchored in recurring, production-linked revenues with limited commodity exposure.

Disciplined capital allocation

BW Offshore prioritises a robust balance sheet and measured capital deployment. The company focuses on fulfilling its financial obligations, optimising its capital structure, and returning capital to shareholders when conditions allow. Investment decisions are guided by clear risk-adjusted return requirements.

Operational excellence and asset reliability

High uptime across the FPSO fleet and continuous improvements in safety and operating efficiency are central to BW Offshore’s value proposition. Strong operational performance extends asset life, strengthens client relationships, and contributes to steady cash flow generation.

Positioned for the energy transition

While core operations remain in conventional offshore production, BW Offshore is selectively advancing floating energy solutions aligned with long-term energy transition trends. This approach offers future-oriented optionality without compromising financial discipline or the company’s focus on proven competencies.

Our business

BW Offshore is part of a value chain that provides a safe and affordable supply of energy, an important factor for economic growth and security in both developed and developing economies.

BW Offshore's activities in the energy value chain

Exploration

Development

FPSO construction

Production
contracting

Production

FPSO operation

Decommissioning

Recycling

Processing

End use

Our operations

Executing complex projects and operating advanced production systems for more than four decades has instilled the importance of thorough engineering, trust and teamwork throughout the organisation.

Lease and operate

BW Offshore provides long-term FPSO leasing and operations with proven execution, high reliability, and safe, efficient production throughout the contract life.

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Innovative design

Unique, innovative and fit for purpose. BW Offshore has a strong in-house project execution resource pool

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Turret, Mooring, Swivel, Surf & Installation

BW Offshore has an in-house specialised competence team for worldwide project delivery and operational support.

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Our FPSO fleet

BW Offshore brings together extensive floating production experience with a global FPSO fleet.

BW Offshore engineers innovative floating production solutions. The Company has four FPSOs in operation with potential and ambition to grow by leveraging four decades of offshore operations and project execution to create tailored offshore energy solutions for evolving markets worldwide.

Present in all major oil and gas regions

40+

delivered projects

40+

years of experience

assets in operation

asset available for redeployment

Purpose

We engineer offshore production solutions to progress the future of energy

Strategic priorities

Our strategy is structured around two core areas:

FPSO projects and operations

Ambition: Win one new FPSO project every other year with investment-grade energy companies and solid NOCs.

Floating transition solutions

Ambition: Establish one or two additional segments by 2030, including offshore wind, floating desalination, and gas-to-power with CCS.

Key focus areas

To unlock further business potential, we are focusing on:

Simplification

We are removing complexity to operate with greater speed and clarity. By simplifying how we design, decide and deliver, we become more efficient and more focused on value creation. 

 Standardise and simplify concept design

Standardise risk/reward

Optimise internal processes 

Client orientation

We are sharpening our commercial focus by aligning more closely with what our clients need. From tendering through operations, we are building trust by being easier to work with and delivering what we promise.

Enhance tendering activities with a client-centric approach

Increase efficiency in contract negotiations

Bring operational performance to the next level

Predictable project delivery

Become a partner clients can count on to delivers projects on time, on budget and with greater certainty. Stronger partnerships and better cost control will be key to building that reliability.

Build reliable EPC partnerships

Deliver projects as planned

Provide clarity and certainty on project costs

Collaboration

We are investing in leadership, empowering teams and driving a culture of shared accountability. At the same time, we are embracing smarter ways of working, including new technologies, to enable better decisions and stronger collaboration across the business.

Develop leaders and empower teams

Fully achieve our HSSE commitments

Work smarter together using artificial intelligence

Strategic priorities

FPSO projects and operations

Ambition: Win one new FPSO project every other year with investment-grade energy companies and solid NOCs.

Floating transition solutions

Ambition: Establish one or two additional segments by 2030, including offshore wind, floating desalination, and gas-to-power with CCS.

Our history

Executing complex projects and operating advanced production systems over the past four decades has instilled the importance of thorough engineering, trust and teamwork throughout the organisation.

1935

Bergesen d.y. founded

by Sigvald Bergesen

founded by Sigvald Bergesen

See history

1967

Dry Bulk Market Entry

founded by Y.K Pao

1978

LPG Market Entry

founded by Y.K Pao

1986

Bergesen listing

founded by Y.K Pao

1999

Acquisition of N&T Argonaut

founded by Y.K Pao

2003

Bergesen acquisition and de-listing

founded by Y.K Pao

1955

World-Wide Steamship Co. founded

by Y.K Pao

See history

1969

First VLCC World Chief

founded by Y.K Pao

1979

Largest independent shipping group in the world: 200 vessels of 20million dwt

founded by Y.K Pao

1996

Leader in crude and gas shipping markets with 100 vessels

founded by Y.K Pao

2000

LNG Market Entry

founded by Y.K Pao

2005-2006

Merging, restructuring, and rebranding into BW Offshore. Listing on the Oslo Stock Exchange.

founded by Y.K Pao

2008

Acquisition of APL

founded by Y.K Pao

2010

Acquisition of Prosafe Production

Sale of APL

founded by Y.K Pao

2013

Acquisition of AO&M Contract with Statoil for FPSO Peregrino

founded by Y.K Pao

2016

Acquisition of stake in Dussafu field

founded by Y.K Pao

2018

First oil BW Adolo

founded by Y.K Pao

2020

Listing of BW Energy on the Oslo Stock Exchange

founded by Y.K Pao

2022

BW Opal 50% complete

founded by Y.K Pao

2024

Divestment of BW Energy

founded by Y.K Pao

2007

World's first FPSO in the Gulf of Mexico
(Yúum K'ak'Náab)

founded by Y.K Pao

2009

First FPSO with drilling capabilities (FDPSO Azurite)

founded by Y.K Pao

2012

Re-entering North Sea FPSO market (BW Athena)

founded by Y.K Pao

2014

Contract for BW Catcher

founded by Y.K Pao

2017

First oil BW Catcher

founded by Y.K Pao

2019

Acquisition of stake in Maromba field

founded by Y.K Pao

2021

Listing of BW Ideol on the Oslo Stock Exchange

founded by Y.K Pao

2023

Taking BW Ideol private

founded by Y.K Pao

2025

First gas BW Opal
‍
‍BW Elara established

founded by Y.K Pao

About FPSOs

Learn more about the FPSO (Floating Production Storage and Offloading) by exploring the unit below.

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Energy transition

We are ready for the next phase of the energy transition.
‍
BW Offshore is actively developing innovative floating solutions to address the challenges of climate change and the energy transition. From integrated carbon capture and storage modules designed to facilitate the decarbonisation of traditional oil & gas FPSOs to stand-alone floating low-carbon fuel production units, our concepts will progress the future of energy.

BW Offshore

Emitters

Terminal

Transport

CO₂ Injection

CO₂ Storage

CO2 Storage

Capture

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Operational integrity

Operational Integrity (OI) is a corporate support function that sets performance requirements and targets for BW Offshore. It also provides an assurance framework to demonstrate OI performance across the full asset lifecycle, from design and construction to installation and operations.

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Our people

BW Offshore is built on the experience, expertise and commitment of our people - onshore and offshore. Across disciplines, locations and roles, our teams work together to deliver complex offshore solutions safely, reliably and for the long-term.

Onshore expertise:

Highly qualified professionals across engineering, commercial, finance, IT, legal and corporate functions. Onshore teams provide specialist expertise and coordination across the organisation, working closely with clients, partners and suppliers to support operations, projects and long-term value creation across global value chains.

Offshore operations:

Dedicated offshore teams supporting continuous 24/7 operations across our FPSO fleet. In addition to daily operations, crews carry out maintenance, upgrades and modifications while in operation, underpinned by rigorous planning and coordination to maximise uptime and operational performance.

Global collaboration:

Teams working across regions and time zones, combining local knowledge with global experience.

Our values - CARE:

Collaborative, Ambitious, Reliable and Enduring guide how we work together and make decisions every day. They reflect how our people collaborate across teams, take responsibility and build long-term value for clients, partners and communities.