Bw Offshore Limited · OSL:BWO
Bw Offshore — Q1 2026 Earnings Presentation
27 slides from Bw Offshore's earnings presentation, May 18, 2026
Slide 1: BW Offshore Q1 2026
BW Offshore Q1 2026 18 May 2026 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 USD 48 million BW Catcher 5-year contract extension • Q1 net profit USD 23 million • 2026 EBITDA guidance revised to USD 310-340 million Signed Bay du Nord FPSO FEED • Strategic review progressing Q1 cash dividend of USD 11 million equal to USD 0.063 per share 3
Slide 4: Operational Update
Operational Update 4
Slide 5: BW Opal progressing towards Practical Completion
BW Opal progressing towards Practical Completion • Replacement of dry gas seals of the export compressors completed in March • Production recommenced in early May, after a temporary shutdown during March and April for cleaning the heat exchangers in the dewpoint trains • Root cause analysis of heat
Slide 6: BW Catcher contract extension through 2030
BW Catcher contract extension through 2030 USD ~490m added to firm backlog • Contract extended to 31 December 2030 (± 6 months) • Includes a 10% reduction to the dayrate • Removes previous one-year extension options • Clarified contract end enables marketing of the unit for new projects • Effective
Slide 7: Fleet and HSE performance
Fleet and HSE performance Weighted average fleet uptime1 HSE record (LTM)2 100.0% 98.9% 98.9% 99.2% 100.0% 99.9% 98.7% 100.0% 100.0% 3.0 LTI 3 TRI 4 HPI 5 2.0 1.0 0.0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Zero reportable incidents in Q1
Slide 8: Strong cash flow underpinned by core FPSO fleet
Strong cash flow Unit 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 underpinned by BW Opal Santos, Australia: 2026-2041 (2051) BW Adolo BW Energy, Gabon: 2018-2028 (2038) core FPSO fleet BW Catcher Harbour Energy, UK: 2018-2030 Pioneer Murphy Oil, US: 2012-2030 BW Hurra
Slide 9: Signed FEED with Equinor for Bay du Nord FPSO
Signed FEED with Equinor for Bay du Nord FPSO • FEED contract signed on 29 April • FEED phase includes further maturation of the FPSO design, finalising execution plan, commercial alignment with selection of subcontractors and vendors • Expected to run through end of 2026 • Final Investment Decision
Slide 10: Finance
Finance
Slide 11: EBITDA performance
EBITDA performance Q1 EBITDA Revised 2026 EBITDA outlook • Limited Q1 contribution from 48 USD million 310-340 USD million BW Opal due to temporary shutdown 91 Previously USD 340-370 million • 2026 EBITDA outlook revised ~USD 20 million BW Opal to reflect BW Opal timing and ~USD 10 million BW Catche
Slide 12: Income statement
Income statement USD million Q1 2026 Q4 2025 2025 Operating revenues 130.2 127.1 509.5 Operating expenses (82.3) (79.3) (269.4) EBITDA 47.9 47.8 240.1 • EBITDA stable quarter-on- Depreciation & amortisation (20.4) (20.3) (95.5) quarter Impairment 0.0 0.0 (14.5) • Net profit Q1 USD 23.4 million Gain
Slide 13: Q1 cash flow overview
Q1 cash flow overview USD million 29 43 • Continued investment activity 15 related to BW Opal in Q1 2 15 2 7 • Dividend paid in Q1 2026 33 reflect Q4 2025 dividend top- up adjustment 11 395 340 329 13
Slide 14: Net cash balance provides flexibility through the investment cycle
Net cash balance provides flexibility through the investment cycle Consolidated net debt and leverage ratio1 Equity ratio2 USD million 50% 260 40% 160 30.0% 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 30% 60 20% -40 -140 10% -167 -240 0% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 24 Q3 24 Q4 24
Slide 15: Solid financial position provides resilience and flexibility
Solid financial position provides resilience and flexibility Maturity profile USD million USD 11.3 million cash Available liquidity dividend for Q1 2026 100 USD 568 million1 90 USD 0.063 per share 80 70 60 50 Net consolidated 40 cash position All in cost of debt 4.9% 30 USD 167 million 100% hedged 2
Slide 16: Strategic priorities
Strategic priorities
Slide 17: Promising FPSO market outlook
Promising FPSO market outlook Selection criteria • Secure return requirement through firm 75+ likely FPSO awards 2026-20301 contract period Contracting type by region • Strong counterparties • Partner model 20 Lease Lease/Own Own Competitive offering 15 6 • Gas FPSO expertise 1 • Harsh-environment s
Slide 18: Progressing new prospects
Progressing new prospects Focus on 2-4 prospects each year, ambition to win one project every other year Bay du Nord 4 Albacora, Buzios 12, KAN and Zama are identified Kan + others 2 tender targets for 2026 4 4 Identified projects for BW 11 Target 14 Hurra redeployment Albacora + others 4 6 15 3 Lev
Slide 19: Floating transition solutions
Floating transition solutions Commercial Solution viability Project status Floating offshore wind • BW Offshore owns 68% 3-5 years • Grid connection with first power in April for 30 MW EolMed project Floating desalination • 50/50 JV between BW Offshore and BW Group established in 2025 <2 years • Uti
Slide 20: Outlook
Outlook • Contract start on BW Opal • Complete FEED for Bay du Nord in 2026 • Target one FPSO FID within 12 months • Bring first FDU to market • Maintain an attractive shareholder return programme • Strategic review – actively evaluating options 20
Slide 21: We engineer offshore production solutions to progress the future of energy
We engineer offshore production solutions to progress the future of energy. 21
Slide 22: Analytical information
Analytical information Annual firm period Annual Unit Contract status LDT EBITDA depreciation Other information • Production tariff: 1 BW Adolo 2018-2028 (2038) 47,544 USD 60 - 70 million USD ~27 million • USD 1.5/bbls up to 20,000 bbls/day production • USD 3/bbls for each bbls beyond 20,000 bbls/da
Slide 23: Income statement
Income statement Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 CONTINUING OPERATIONS Operating revenue 168.6 151.9 150.9 135.3 606.7 153.4 127.8 101.2 127.1 509.5 130.2 Operating expenses (83.1) (74.5) (67.7) (63.4) (288.7) (62.1) (70.7) (57.3) (79.3) (269.4
Slide 24: Other comprehensive income
Other comprehensive income Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Net profit/(loss) for the period 36.8 29.2 13.0 40.8 119.8 62.2 24.6 23.3 24.1 134.2 23.4 Currency tra ns l a tion di fferences (2.2) (0.9) 4.8 (6.8) (5.1) 4.8 6.8 (0.9) 0.7 11.4 (1.4) E
Slide 25: Balance sheet
Balance sheet ASSETS 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Vessels 2,889.2 2,969.3 3,037.1 3,138.6 3,086.4 3,217.1 3,299.7 3,373.2 3,399.7 Other property, plant & equipment 2.6 2.4 2.3 2.1 2.0 1.9 2.4 2.5 2.4 Right-of-use assets 25.9 24.0 22.2 21
Slide 26: Cash flow
Cash flow Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Profit/(loss) before taxes 39.5 31.5 15.5 40.8 127.2 79.5 25.1 25.6 25.1 155.3 26.4 Adjustments for: Depreciation and amortisation 45.7 45.5 45.6 41.1 177.9 32.4 21.4 21.4 20.3 95.5 20.4 Impairment (1.1
Slide 27: Key figures
Key figures Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 EBITDA-margin 50.7 % 51.0 % 55.1 % 53.1 % 52.4 % 59.5 % 44.7 % 43.5 % 37.6 % 47.1 % 36.8 % Equity ratio 31.1 % 30.4 % 29.6 % 30.8 % 30.8 % 30.9 % 30.7 % 30.5 % 30.2 % 30.2 % 30.0 % Return on equity 10