Marco Beenen
Chief Executive Officer

Good morning, everyone. Welcome to the first quarter trading update of BW Offshore. My name is Marco Beenen, and together with Stale Andreassen, our CFO, I will run you through the presentation in this call. Please note our disclaimer. Starting with the highlights. We delivered a stable first quarter EBITDA of USD 48 million and a net profit of USD 23 million.

We reached an agreement to extend the BW Catcher contract to 2030, and that increased our firm backlog. We signed the FEED contract, Equinor for Bay du Nord FPSO, targeting a final investment decision in '27. And we continue our predictable shareholder distribution program with a maximum payout under our governance. And based on that, this quarter, we will pay a cash dividend of USD 11 million or $0.063 per share. We adjusted the full year guidance, reflecting the catcher contract and technical downtime on BW Opal, and Stale will come back to both in more detail.

And on the strategic review, as communicated in December, -- we engaged an external adviser in response to the incoming interest against the backdrop of strong FPSO market fundamentals and a significant re-rating in the sector. And this process is active and progressing. Our Board and management are fully engaged, and we will provide a more substantive update when the process reaches a conclusion, but not before. But what I can confirm is that our operational priorities and capital allocation framework are unchanged. So we are not holding -- we're not in a holding pattern waiting for an outcome.

Then moving on with the operational update, starting with BW