Marco Beenen
Chief Executive Officer
Good morning, and welcome to BW Offshore’s Second Quarter 2026 Presentation. I’m Marco Beenen, CEO, and I’m joined by Stale Andreassen, our CFO. Thank you for joining this conference call today, and we will take you through the operational highlights, the financials and our strategic priorities and then leave time for questions at the end. And you can use the Q&A function in this webcast for that. And please note our disclaimer. And then I move on to the highlights.
We have delivered a solid EBITDA of USD 63 million this quarter. BW Opal is in stable production and generates revenues currently at approximately 85% of the nameplate capacity. But due to debottlenecking issues, which we discovered as we ramped up production, practical completion has been moved to the second quarter of 2027. And that shift in timing leads to an adjustment to our full year EBITDA guidance to a range of USD 250 million to USD 280 million and this shift has also triggered a noncash impairment in this quarter, and Stale will come back to that in more detail.
There is no impact on our commitment to our quarterly cash dividend under our covenants, which equates to USD 11 million or $0.063 per share. And lastly, the strategic review continues with interested parties, but the time line is naturally impacted by the revised practical completion date for BW Opal.
I will now start with an operational update and dive a bit deeper in the progress with Opal. As mentioned, since restarting production in May, the unit has continued to deliver stable gas production and revenue generation. We successfully replaced