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First quarter results 2021 May 25 , 2021 HIGHLIGHTS • EBITDA of USD 110.8 million • • Operating cashflow USD 114 million , excluding final settlement of USD 43 million to Petrobras related to Cidade de Sao Mateus Equity ratio 39.7 % and USD 294.4 million in available liquidity Successfully completed Floating Wind subsidiary BW Ideol private placement and listing on Euronext Growth Signed USD 4.6 billion , 15 - year firm FPSO Services contract for Barossa FPSO with Santos • Firm FPSO contract backlog of USD 7 billion at end of March , up from USD 2.6 billion at year end 2020 • Recycling of FPSO Berge Helene in April in compliance with Hong Kong convention • Cash dividend of USD 0.035 per share Contemplating inaugural green bond issue In the first quarter , BW Offshore made significant progress in executing the dual - track strategy of evolving the core FPSO business and capturing energy transition opportunities by developing adjacent business areas . The creation and listing of BW Ideol on Euronext Growth in Oslo on 18 March with BW Offshore ownership of 53.2 % of the shares was one milestone . The listing followed a successful Private Placement which attracted strong interest from leading domestic and international investors , including specialist renewable energy investors , raising gross proceeds of NOK 519.6 million . The USD 4.6 billion , 15 - year firm FPSO Services contract for the Barossa gas field , located 300 kilometres offshore Darwin in Australia , was a second milestone . The final investment decision for the project was made by Santos and its partners on 30 March 2021. Initial gas production from the FPSO is targeted for the first half of 2025. The FPSO project capex of around USD 2 billion will be financed by BW Offshore in combination with banks and equity partners , and approximately USD 1 billion in pre - payments during the construction period by the client for FPSO Services to be performed during the production period . Completion of the equity and debt financing for the Barossa project is progressing as planned with a syndicate of international project finance banks providing 14 - year debt financing during both construction and operation . BW Offshore and international infrastructure equity partners will contribute 51 % and 49 % of the project equity respectively . " We had an active start in 2021 , progressing two major strategic projects . The creation of BW Ideol as a floating offshore wind champion and signing of the Barossa contract as a new infrastructure - like FPSO project with attractive long - term returns and strong partnerships , confirm our position as a leading provider of offshore energy production solutions across energy transition and oil and gas . We are now leveraging that position to widen our funding base in support of long - term growth plans and stable direct shareholder returns , " said Marco Beenen , the CEO of BW Offshore . On 23 April BW Offshore completed the sale of FPSO Berge Helene for environmentally safe demolition and recycling in compliance with the Hong Kong Convention at Priya Blue shipyard in India . Grieg Green has been nominated as representatives to be on site at the yard to monitor progress , compliance with environmental and safety regulations and that the ship recycling plan is being applied .