Bw Energy Ltd. · OSL:BWE
Bw Energy — Q3 2026 Earnings Presentation
26 slides from Bw Energy's earnings presentation, Oct 29, 2026
Slide 1: BW Energy Q3 2026
BW Energy Q3 2026 Carl K. Arnet, CEO Brice Morlot, COO Thomas Young, CFO 29 October 2026
Slide 2: Disclaimer
Disclaimer This Presentation has been produced by BW Energy Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance an
Slide 3: Drilling rig incident on the Dussafu licence
Drilling rig incident on the Dussafu licence • On 24 October, the jack-up rig Prospector 5, owned and operated by Borr Drilling, lost stability and sank while preloading ahead of planned drilling at MaBoMo • Initial focus on search and rescue operations for missing personnel • Of the 115 persons on
Slide 4: Other key Q3 2026 updates
Other key Q3 2026 updates Maromba, Golfinho and Bourdon Q3 production progressing as planned 21.5 kbopd MaBoMo Phase 2 appraisal results Q3 EBITDA Strategic entry into Angola $47M Kudu farm-down End-Q3 cash position $200M Akoum financing and RCF extension 4 1) All figures are unaudited
Slide 5: Progressing the project portfolio
Progressing the project portfolio 5 projects in execution >100 kbopd Tangible future growth in 2028 Bourdon area upsides Additional Dussafu targets Adding 222 mmboe MaBoMo Phase 2 – appraisal success, first oil to be rescheduled Maromba carbonates 2P reserves1,2 Maromba – on track Greater Golfinho a
Slide 6: Maromba on track
Maromba on track 2025 2026 2027 FPSO topside modules delivered, piping and hook-up progressing toward sail-away in Main milestones Final investment Start of jack-up Jack-up FPSO decision conversion conversion refurbishment First oil Q2 2027 completed completed Towing FPSO refurbishment Procurement a
Slide 7: Upcoming sail away to Brazil
Upcoming sail away to Brazil Hormuz transit and heavy lift Brazil entry Maromba B tow from Dubai, December 2026 Regulatory approvals ongoing • Wet-tow transit planned for December • Active engagement with all stakeholders in preparation of entry: • Security and mitigations continuously • ANP evaluat
Slide 8: Strategic entry into Angola's world-class hydrocarbon basin
Strategic entry into Angola’s world-class hydrocarbon basin Block 14 & 14K1 • Exposure to producing assets with material identified upsides • Target is to add future greenfield opportunities Angola Operating partnership • Acquisition with beneficial terms1 ‒ Low-risk production and cash flow with <2
Slide 9: Kudu farm down
Kudu farm down • Process ongoing with multiple parties Kharas-1A results fully integrated ‒ Strategic, large-scale, shallow water position with discovered resource and 3 key plays material liquids upside potential with oil and gas potential ‒ Kharas-1A confirmed multiple source rocks, light oil and
Slide 10: Operational performance
Operational performance • High Dussafu facility uptime, volumes impacted by pending well Net production workover kbopd ‒ 99% production availability on BW Adolo ‒ One MaBoMo well down from July after ESP1 having reached end of life after nearly 2 years of operation 26.3 25.2 25.2 25.3 • Golfinho imp
Slide 11: Unit cost development
Unit cost development Average unit OPEX1 USD/bbl Unit OPEX reflecting lower volumes on a largely fixed cost base 27.7 24.0 22.7 22.2 21.3 Full-year 2026 OPEX guidance unchanged 22-26 USD/bbl Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1) Unit OPEX are based on Production costs which excludes royalties,
Slide 12: MaBoMo Phase 2 update
MaBoMo Phase 2 update Appraisal wells Production well drain location New production well added to plan following successful appraisal • 13 of 14 successful exploration and appraisal wells Hibiscus & Hibiscus South • Oil found in both Northwest Hibiscus appraisal wells ‒ 30 metre column in Gamba rese
Slide 13: Dussafu offers optionality when reassessing drilling program
Dussafu offers optionality when reassessing drilling program Walt Whitman area MaBoMo Phase 2 to be rescheduled • Adding up to 20 kbopd from 5 new producers Moubenga area Espadon area MaBoMo Bourdon Phase 1 first oil Q1 2028 Frelon area WHP BW Adolo • Adding up to ~15 kbopd FPSO MaBoMo Phase 2 Incom
Slide 14: Financials Q3 2026
Financials Q3 2026 • Financial results impacted by timing of Q3 EBITDA1 liftings • USD 208 million long-term financing in $47M place the Bourdon wellhead platform • RCF extended by 18 months, strengthening liquidity through the Q3 Net loss1 growth phase $0.7M End-Q3 available liquidity1,2 $385M Golf
Slide 15: Impact of timing of liftings on financials
Impact of timing of liftings1 on financials Production and sales Realised sales oil price Revenues2 mmbbls USD/bbl before hedges USD million Production Sales 120 Realised oil price Brent spot 350 3.5 3.2 110 296 2.9 104 300 3 100 2.4 250 2.5 2.3 2.3 2.3 2.2 90 83 200 2.0 200 2 1.8 79 173 80 1.5 150
Slide 16: Cash flow development
Cash flow development Cash flow overview • Operating cash flow impacted by lower sales USD million volumes and hedge settlement • Investments related to Maromba, MaBoMo Phase 2 and Golfinho Boost +26 −45 254 • Financing activities reflect net debt movements −157 +122 200 Strong liquidity position $3
Slide 17: Robust balance sheet supporting ongoing activities
Robust balance sheet supporting ongoing activities NIBD to EBITDA1 Book equity and equity ratio Total liquidity2 USD million USD million USD million 4.00 1000 910 41% 40% 37% 40% 35% 900 3.50 811 800 544 3.00 698 529 2.7x 700 606 2.50 600 1,142 1,077 385 484 988 1,001 1,029 366 2.00 2.0x 500 333 1.8
Slide 18: 2026 guidance revised
2026 guidance revised Previous Updated Actual guidance guidance 9M 2026 Production1 24-27 ~23 24.0 kbopd (mmbbls) (8.8-9.9) (8.4) Unit OPEX2 22-26 22-26 24.5 USD/bbl CAPEX3 600-650 Suspended 391.3 USD million G&A 12-14 12-14 12.4 USD million 18 1) Reflects net production from Dussafu (73.5% Working
Slide 19: Robust investment case
Robust investment case Diversified asset base >600 mmboe with material reserves Reserves and resources1 Industry-leading growth >100 kbopd by 2028 in offshore oil and gas From 24 kbopd in 9M 2026 Capital efficient >30% IRR development model Average portfolio at USD 60 Brent2 ~2-4 USD billion Strong
Slide 20: Appendix
Appendix 20
Slide 21: Capital structure optimised to investment programme
Debt overview Maturity profile Capital structure optimised USD million USD million to investment programme • Flexible, low-cost financing 1,200 ‒ Tailored to project progress and first oil timing Akoum sale- 1,100 leaseback • Revolving credit facility extended by 18 months 1,000 Maromba B 900 Maromb
Slide 22: Protecting cash flow by hedging
Protecting cash flow by Forward hedges hedging USD/bbl 1.0 2.5 1.3 • Securing cash flows until Maromba first oil while mmbbls mmbbls mmbbls retaining exposure to higher commodity prices 90 81 82 80 • A combination of collars and swaps 70 65 69 • Compliant with RBL covenant 60 61 60 50 40 30 20 10 0
Slide 23: P&L
P&L Quarters Nine months USD MILLION Q3 2026 Q2 2026 Q3 2025 2026 2025 Revenues 94.0 332.5 200.1 598.8 665.3 Other income / (loss) (20.8) (36.2) (0.5) (56.6) 8.8 Total revenues and other income 73.2 296.3 199.6 542.2 674.1 Operating expenses (26.1) (145.5) (82.8) (233.0) (266.7) Crude oil purchases
Slide 24: Balance sheet
Balance sheet USD MILLION 30.09.2026 30.06.2026 31.12.2025 Assets Property, plant and equipment 1,715.5 1,572.1 1,308.3 Intangible assets 490.7 478.8 506.2 Right-of-use-assets 229.4 230.8 199.7 Derivatives 9.0 3.1 1.2 Deferred tax assets 31.2 31.4 31.2 Other non-current assets 102.6 107.8 109.1 Tota
Slide 25: Cash flow
Cash flow Quarters Nine months USD MILLION Q3 2026 Q2 2026 Q3 2025 2026 2025 Operating activities Profit /(loss) before tax 20.9 64.0 35.5 139.3 192.3 Adjustments for: Taxes paid (21.7) (23.6) (16.0) (61.0) (64.7) Depreciation and amortisation 26.0 70.1 51.8 145.0 161.9 Accretion expense 2.9 2.9 2.9
Slide 26: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 26