Bw Offshore Limited · OSL:BWO
Bw Offshore — Q1 2025 Earnings Presentation
27 slides from Bw Offshore's earnings presentation, Jun 2, 2025
Slide 1: BW Offshore Q1 2025
BW Offshore Q1 2025 2 June 2025 CEO Marco Beenen CFO Ståle Andreassen
Slide 2: Disclaimer
Disclaimer This Presentation has been produced by BW Offshore 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
Slide 3: Highlights
Highlights • Q1 EBITDA of USD 91 million BW Opal under way for first gas in • Q1 net profit of USD 62 million Q3 2025 • Q1 cash dividend of USD 11 million equal to USD 0.063 per share Sale of BW Pioneer for USD 125 million USD 36 million arbitration settlement in April received 3
Slide 4: Operational update
Operational update
Slide 5: BW Opal enroute to field
BW Opal enroute to field • Commissioning 100% complete • Sail-away on 28 May from Singapore to Australia • 2 to 3-week tow, immediate hook-up on arrival • FPSO on track to be ready for first gas Q3 2025 • Expected completion cost well within guidance given in November 2024 5
Slide 6: Fleet and HSE performance
Fleet and HSE performance Weighted average fleet uptime1 HSE record (LTM)5 98.6% 98.5% 99.2% 97.3% 100.0% 98.9% 98.9% 99.2% 100.0% 3.0 LTI² TRI³ HPI⁴ 2.0 1.0 0.0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 • One recorded HPI 1) Weighted avera
Slide 7: Sale of BW Pioneer for USD 125 million
Sale of BW Pioneer for USD 125 million • Agreement provides flexibility for Murphy Oil and extends operations on marginal producing fields • Five-year reimbursable O&M contract signed, with potential upside related to production level • One infill well planned in 2026 7
Slide 8: Strong cash flow underpinned by the core FPSO fleet
Strong cash flow Unit 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 BW Opal Santos, Australia: 2025-2040 (2050) underpinned by BW Adolo BW Energy, Gabon: 2018-2028 (2038) the core FPSO BW Catcher Harbour Energy, UK: 2018-2025 (2043) Murphy Oil, US: 2012-2030 fleet BW Pio
Slide 9: A solid partner
“4 iy . _ A Solid partner FINANCE
Slide 10: EBITDA Performance
EBITDA Performance Q1 EBITDA 2025 EBITDA outlook • EBITDA includes USD 21 91 USD million 318220-250 million impact from arbitration USD million award (FY expected) • 2025 EBITDA outlook unchanged 100 90 80 70 60 50 40 30 20 10 0 Q1 24 Q 24 Q3 24 Q4 24 Q1 25 10
Slide 11: Income statement
Income statement USD million Q1 2025 Q4 2024 2024 Operating revenues 153.4 135.3 606.7 Operating expenses (62.1) (63.4) (288.7) EBITDA 91.3 71.9 318.0 • Reduced depreciation on BW Catcher from 2025 Depreciation & Amortisation (32.4) (41.1) (177.9) Impairment 0.0 0.0 1.1 • USD 14.8 million gain on sa
Slide 12: Q1 cash flow overview
Q1 cash flow overview USD million • USD ~6 million received in 7 pre-payment of the Barossa 15 19 25 FPSO dayrate 45 7 • USD 100 million received for the sale of BW Pioneer 100 57 70 423 423 434 • Rebalancing swap portfolio - 392 409 409 401 401 Closing swap positions for USD 19 million 306 306 292
Slide 13: Financing received tracking Barossa progress
Financing received tracking Barossa progress Funds received end Q1 2025 USD 1.15 billion USD 240 million USD ~1 billion Funds received from total debt facility equity pre-payments USD ~2.4 billion financing USD 1 150 USD 232 USD 988 USD 2 370 million million million million1 Drawn Remaining Injected
Slide 14: Strong cash flow and low leverage support growth
Strong cash flow and low leverage support growth Consolidated net debt and leverage ratio1 Equity ratio2 50% USD million 40% 1.1x 30.9% 0.9x 30% 0.6x 400 20% 0.1x 10% 0.0x 0.0x 0.0x 0.0x 0% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 -100 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Consolida
Slide 15: Solid financial position provides financial flexibility
Solid financial position provides financial flexibility Maturity profile USD million Net consolidated Available liquidity cash position USD 542 million1 100 USD 184 million 90 80 70 60 50 40 RCF reduced by USD 30 All in cost of debt 4.8% 100 million following 20 100% hedged sale of BW Pioneer 10 0 2
Slide 16: Strategic priorities
Strategic priorities
Slide 17: Progressing new prospects
Progressing new prospects Market backdrop • Demand for FPSOs remains high Likely FPSO awards 2025-20301 • High tendering and FEED-activity • Trend towards EPCI plus O&M models for large FPSOs Selection criteria Bay du Nord 3 • Firm contract periods meeting return requirements with no residual value
Slide 18: Acquiring FPSO Nganhurra for redeployment opportunities
Acquiring FPSO Nganhurra for redeployment opportunities • Signed agreement to acquire the FPSO Nganhurra • Constructed in 2006, operated offshore Western Australia until 2018 • Limited upfront payment - additional consideration contingent upon redeployment by June 2027 • High-quality unit in a scarc
Slide 19: BW Ideol building substantial floating wind EPCI pipeline
BW Ideol building substantial floating wind EPCI pipeline Eolmed: Assembly of final transition piece at the yard • Tangible EPCI pipeline for ~70 floating foundations with 1 GW Buchan project in Scotland and the 250 MW AO6 project in France • Developing fabrication lines in Ardersier (UK) and South
Slide 20: Outlook
Outlook • Complete the Barossa project for start-up during Q3 2025 • Selectively progress new FPSO projects, targeting one FID in 2025 • Continued support of BW Ideol as an early mover in floating wind EPCI • Maintain an attractive shareholder return programme 20
Slide 21: We engineer offshore production solutions
We engineer offshore production solutions to progress the future of energy.
Slide 22: Analytical information
Analytical information Unit Contract status LDT Annual firm period EBITDA range Annual depreciation Other information • Production tariff: BW Adolo 2018-2028 (2038) 47,544 USD 55 - 70 million1 USD ~27 million • USD 1.5/bbls up to 20,000 bbls/day production • USD 3/bbls for each bbls beyond 20,000 bb
Slide 23: Income statement
Income statement Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q1 2025 Q3 2024 Q4 2024 FY 2024 Q1 2025 CONTINUING OPERATIONS Operating revenue 166.3 166.1 156.4 170.4 659.2 168.6 166.1 150.9 135.3 620.9 153.4 Operating expenses (87.3) (105.2) (81.9) (79.3) (353.7) (83.1) (105.2) (67.7) (63.4) (319
Slide 24: Other comprehensive income
Other comprehensive income Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY2023 Q1 2024 Q1 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Net profit/(loss) for the period 17.8 10.9 28.9 40.0 97.6 36.8 10.9 13.0 40.8 101.5 62.2 Currency tra ns l a ti on di fferences 1.2 1.1 (3.7) 5.1 3.7 (2.2) 1.1 4.8 (6.8) (3.1) 4.8 Equi ty
Slide 25: Balance sheet
Balance sheet ASSETS 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Vessels 2,379.3 2,520.9 2,662.7 2,833.5 2,889.2 2,969.3 3,037.1 3,138.6 3,086.4 Other property, plant & equipment 6.8 4.8 2.9 2.8 2.6 2.4 2.3 2.1 2.0 Right-of-use assets 19.2 17.3 15.3 13
Slide 26: Cash flow
Cash flow Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q1 2025 Q3 2024 Q4 2024 FY 2024 Q1 2025 Profit/(loss) before taxes 20.8 14.0 36.1 42.4 113.3 39.5 14.0 15.5 40.8 127.2 79.5 Adjustments for: Depreciation and amortisation 48.2 46.3 45.9 46.8 187.2 45.7 46.3 45.6 40.3 177.9 32.4 Impairment - 5
Slide 27: Key figures
Key figures Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q1 2025 Q3 2024 Q4 2024 FY 2024 Q1 2025 EBITDA-margin 47.5 % 36.7 % 47.6 % 53.5 % 46.3 % 50.7 % 36.7 % 55.1 % 53.1 % 52.4 % 59.5 % Equity ratio 32.4 % 31.9 % 31.0 % 30.2 % 30.2 % 31.1 % 31.9 % 29.6 % 30.8 % 30.8 % 30.9 % Return on equity 11