Bw Energy Ltd. · OSL:BWE
Bw Energy — Q1 2026 Earnings Presentation
62 slides from Bw Energy's earnings presentation, May 20, 2026
Slide 1: BW Energy Q1 2026 and strategy update
BW Energy Q1 2026 and strategy update Carl K. Arnet, CEO Brice Morlot, COO Thomas Young, CFO Jérôme Bertheau, CTO Martin Simensen, VP IR, Moderator 20 May 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: Today's presenters
Today’s presenters Moderator CEO CFO COO CTO VP Investor Relations Carl K. Arnet Thomas Young Brice Morlot Jerome Bertheau Martin Seland Simensen 3
Slide 4: Q1 2026 and strategy update
Q1 2026 and strategy update Q1 EBITDA1 All development projects on plan and cost $111M Bourdon and new Golfinho wells FID Q1 net profit1 Production target lifted to >100 kbopd in 2028 $33M Strong financial position and cash End-Q1 cash position1 generation supporting growth strategy $161M Solid Q1 o
Slide 5: Delivering on the growth strategy
Delivering on the growth strategy Maromba Golfinho Boost Bourdon Golfinho wells on track on track sanctioned sanctioned ✓ Fully funded ✓ Initial subsea work completed ✓ FID of low-risk Akoum • FID of 50 mmboe near existing ✓ Jack-up acquired, WHP • Optimising FPSO and operations development (MaBoMo
Slide 6: A successful value creation journey continues
A successful value creation journey continues 2028 2025-2026 >100 kboepd 2023 2022 Maromba 2019 Bourdon 2017-2018 New Golfinho wells Acquired Golfinho 2016 MaBoMo platform BW Energy Acquired added at Dussafu established Acquired and Maromba licence developed Dussafu in 18 months ~$300m 5x ~$1,500m E
Slide 7: A differentiated model for unlocking proven reserves
A differentiated model for unlocking proven reserves Efficient Re-use financing infrastructure Targeting overlooked assets with material resource potential Repurposing existing infrastructure for faster, lower-cost developments Growth Prove, strategy Phased developments optimising deployed capital t
Slide 8: Growth strategy demonstrated
Growth strategy demonstrated Dussafu Golfinho Maromba 2P reserves, mmboe1 2P reserves, mmboe2 2P reserves, mmboe 19 47 86 22 40 24 0 ear end 20 ear end 2025 ear end 202 Today Ac uisition in 20 9, ear end 2025 no developed 2P reserves Remaining reserves Produced 8 1) Gross, BW Energy interest 73.5% 2
Slide 9: Track record of expanding a high-quality resource base
Track record of expanding a high-quality resource base Growing reserve base Exceptional reserve replacement Net 2P reserves (mmboe)1 Reserve replacement ratio2 350 300 >3x 293 Including Golfinho 250 229 Golfinho acquisition 861 210 200 171 150 Maromba 122 292 100 22 77 74 Reserve growth 50 Dussafu 8
Slide 10: Operated portfolio in global high-potential basins
Operated portfolio in global high-potential basins 25 kboepd 2 5 633 mmboe 27 years Q1 2026 production Operated producing assets Projects in execution Net 2P reserves + 2C resources1 2P reserve life2 developing ~222 mmboe net Dussafu Maromba 51 Dussafu 85 Golfinho Gabon 122 293 mmboe Kudu 340 mmboe
Slide 11: In countries with strong support for IOC engagement
In countries with strong support for IOC engagement • Stable offshore operating environment • Licence extended 20 years (2048) with option for another 5 • Pragmatic, technically driven value-extraction approach balancing political risk Gabon Core area • Proven, long-term working relationship with na
Slide 12: Executing high-value developments
Executing high-value developments 3 projects in execution 2 new FIDs made Tangible growth Bourdon area upsides 154 mmboe 68 mmboe Additional Dussafu targets 2P reserves1 2P reserves1,2 Maromba carbonates Greater Golfinho area • Maromba • Bourdon Material undeveloped resources near all • Golfinho Boo
Slide 13: Clear path to sustaining >100 kbopd
Clear path to sustaining >100 kbopd Net production kbopd Walt Whitman Niosi Guduma Golfinho prospects Exploration Maromba carbonates3 Appraisal and upsides Bourdon Phase 2 Golfinho Phase 2+32 Maromba upsides3 MaBoMo phase 2 Golfinho Boost Maromba phase 1+2 Projects in execution Bourdon phase 1 Golfi
Slide 14: Strengthening the investment case
Strengthening the investment case Diversified asset base >600 mmboe with material reserves Reserves and resources1 Industry-leading growth >100 kbopd by end-2028 in offshore oil and gas From 25 kbopd in Q1 2026 Capital-efficient development model >30% IRR Average portfolio at USD 60 Brent2 Strong ca
Slide 15: Operated asset portfolio
Operated asset portfolio Dussafu Golfinho Maromba Repeatable strategy Future growth backed Transformative delivering sustained by material undeveloped project on track high production discoveries 15
Slide 16: Operational performance
Operational performance • Dussafu completed well workover and ESP1 replacement Net production ‒ 86% production availability kbopd • Golfinho production increased despite impact from 36.0 maintenance on one well; full recovery expected in June 32.3 7.3 ‒ 79% production availability 5.7 26.3 25.2 25.2
Slide 17: Unit cost reflects production
Unit cost reflects production Average unit OPEX1 Q1 2026 unit OPEX USD/bbl 26.9 USD/bbl 26.9 22.7 20.4 21.3 Updated full-year 2026 OPEX guidance 16.5 22-26 USD/bbl From previous 20-24 USD/bbl Absolute OPEX largely stable from the previous quarter Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 17 1) Unit OP
Slide 18: Gabon
Gabon 18 ’y BW ENERGY
Slide 19: Dussafu: BW Energy's core strategy in practice
Dussafu: BW Energy’s core strategy in practice MaBoMo BW Adolo Jack-up rig converted to Refurbished FPSO wellhead platform Net production1 Unit OPEX Net 2P + 2C recoverable Reserves growth 19.2 kbopd USD 16/bbl 136 mmbbls >7x Q1 2026 Q1 2026 Since 2017 19 1) BW Energy 73.5% working interest
Slide 20: Infrastructure-led appraisal at Dussafu
Infrastructure-led appraisal at Dussafu 2P reserves development since inception1 11 of 12 successful exploration and appraisal wells since 2017 Cumulative production Oil discoveries Prospects Successful well ~7x 163 Sauterelle Walt Whitman Walt Whitman NW W Moubenga Moubenga Walt Walt Updip Whitman
Slide 21: 18-month drilling programme optimised for value creation
18-month drilling programme MaBoMo Phase 2 optimised for value creation Appraisal wells Production well drain location Additional production well, subject to appraisal results • Q3 2026: 2 appraisal wells in North-West Hibiscus ‒ Targeting additional reserves and production potential Hibiscus field
Slide 22: Bourdon FID unlocking growth and future area developments
Bourdon FID unlocking growth and future area developments BW Adolo FPSO 25 mmboe 2P reserves1 MaBoMo WHP New Q1 2028 wellhead Targeted first oil platform >25% Bourdon IRR at USD 60/bbl2 Abeille Bourdon Bourdon Southeast ~200 mmboe Updip Oil in place upsides near Bourdon Bourdon Southwest 22 1) Gross
Slide 23: Capital-efficient design with capacity to scale
Capital-efficient design with capacity to scale Oil discoveries Prospects • New wellhead platform with 12-slot wellbay MaBoMo ‒ Additional capacity to facilitate nearby upsides WHP • Initial production from 3 ESP wells Ruche ‒ Routed to production and test manifold Pipelines between Hibiscus Adolo &
Slide 24: Bourdon capital overview
Bourdon capital overview Phase 1 net CAPEX1 USD million Efficient lease structure 00 Short-term lease signed with MSFL for 12 + 12 months ellhead Lease covers 100% Long-term lease in progress (term sheet signed) platform of WHP cost until covering 100% WHP CAPEX at highly competitive terms first oil
Slide 25: Long-term repeatability in Dussafu area
Long-term repeatability in Dussafu area Bourdon Phase 2 drilling in 2028-2029 Walt Whitman area • ~200 mmboe oil in place upsides near Bourdon • Targets: Abeille, Bourdon Updip, Southwest, and Southeast • Leveraging the 12 dry-tree well slots of Akoum WHP Moubenga area Frelon area Walt Whitman appra
Slide 26: Brazil
Brazil 27
Slide 27: Golfinho growth phase initiated with first infill campaign
Golfinho growth phase initiated with first infill campaign Existing gas pipeline Camarupim tie-back (part of infill campaign) Brigadeiro area (prev. BM-ES-23) Golfinho main + new infills BW Energy operated Net production New infill wells FID Unlocking future upsides 100% 5.9 kbopd ~50 mmboe >500 mmb
Slide 28: Material runway at Golfinho
Material runway at Golfinho Reserves and resources Oil Gas mmboe1 4 Camarupim 05 Produced 40 40 Golfinho 2P reserves 2P reserves 2 resources year end 202 today FPSO • Highly prospective licence with multiple growth opportunities Brigadeiro • Foundation for multiple development phases beyond current
Slide 29: Golfinho Boost project on track
Golfinho Boost project on track • Set to optimise operations leading to increased production and reduced OPEX Production increase Increased reserves1 • On track for incremental production increase in +3 kbbls/day 12 mmbbls H1 2027 Net CAPEX Breakeven at 10% • CAPEX-efficient project with attractive
Slide 30: Tripling production with first campaign
Tripling production with first campaign • Adding ~50 mmboe in reserves Golfinho net production kboepd Phase 2-4: ‒ Proven locations (42% oil), Near-field appraisal targets leveraging existing gas export Phase 1: pipeline from FPSO to shore 40 +20 kboepd First Infill campaign 35 • Production start en
Slide 31: Golfinho infills phase FID capital overview
Golfinho infills phase 1 FID capital overview Phase 1 net CAPEX USD million Breakeven1 Payback IRR2 450 ~40 USD/bbl ~2 years >50% 280 USD 280 million with optionality 170 USD 170 million committed • USD 170 million of CAPEX committed to long-lead items ‒ Investments starting mid-2026 ‒ Early initiat
Slide 32: Unlocking Greater Golfinho area
Unlocking Greater Camarupim Oil, proven developed Oil, undeveloped discovery Gas, proven developed Golfinho area Gas, undeveloped discovery Prospects Infill wells Optimisation phase: Ongoing Golfinho Boost project ~21 km Golfinho Phase 1: ~50 mmboe 2P reserves1 Optimisation + Phase 1 Golfinho infill
Slide 33: Transformative Maromba project
Transformative Maromba project Rig to wellhead platform conversion ongoing on time and on budget FPSO refurbishment ongoing Plateau production target Net 2P reserves Unit OPEX Breakeven at 10% 60 kbopd 122 mmboe <USD 10/bbl USD ~40/bbl First oil by end-2027 34
Slide 34: Maromba execution on track
Maromba execution on track FPSO Wellhead platform Drilling & completion Polvo PSO ac uired ack up ac uired All tangibles on order ry dock completed ( arch) onversion started ( anuary) rilling services tender ong lead items ordered eg extension (2 of done) O tender (final stage) Topsides refurbishmen
Slide 35: FPSO modifications following plan
FPSO modifications following plan Steel renewal completed following drydock in Q1 2026 New module delivery to start Q3 2026 for integration On track for H1 2027 sail-away 36
Slide 36: Jack-up conversion progressing per plan
Jack-up conversion progressing per plan • Conversion at yard in Dubai ‒ Condition Assessment now completed ‒ Equipment refurbishment ongoing • Some logistics impact from Straight of Hormuz closure ‒ Close monitoring on all material delivery with vendors, material can be re-routed to other ports or a
Slide 37: Set for continued high activity
Set for continued high activity FPSO commissioning activities 2025 2026 2027 through H2 2026, ANP Audit scheduled end-2026 Main milestones Final investment Start of jack-up Jack-up FPSO decision conversion conversion refurbishment First oil completed completed WHP equipment delivery and FPSO refurbi
Slide 38: Maromba phase 1 unlocks up to 1 billion barrels of nearby potential
Maromba phase 1 unlocks up to 1 billion barrels of nearby potential Potential future platform 1 billion boe Potential in nearby carbonates Wellhead platform (WHP) Maromba FPSO Future phase, Carbonates Potential future platform Maromba WHP will enable carbonate appraisal program post phase 2 Phase 1
Slide 39: Namibia
Namibia 40
Slide 40: Charting optimal path to unlock the Kudu value potential
Charting optimal path to unlock the Kudu value potential • Proven gas discovery with approximately 1.5 Tcf1 of recoverable resources ‒ Shallow-water licence in the attractive Orange Basin ‒ 8 wells drilled historically, 5 with hydrocarbons confirmed by DSTs and core ‒ New 3D seismic supports an upgr
Slide 41: Financials and outlook
Financials and outlook a : ‘ Tt (o>) Ning ye BwENetgy — <i _ o4 . t= - 2 eA Ve
Slide 42: Financial highlights
Financial highlights • Strong revenue generation Q1 EBITDA1 Improved realised prices • 2026 guidance updated $111M Production and cost outlooks adjusted • Two new project FIDs made Liquidity supporting growth strategy Q1 net profit1 • Akoum sale and leaseback signed $33M + USD 100 million RBL accord
Slide 43: Financial performance
Financial performance1 Production and sales Realised sales oil price Revenues mmbbls USD/bbl USD million Production Sales 100 Realised oil price Brent spot 300 282 4 3.7 3.5 90 250 3.2 3 2.9 2.9 2.8 79 200 80 200 193 2.4 75 173 2.5 2.3 2.3 2.2 69 2 70 150 1.8 124 67 62 1.5 60 100 1 50 50 0.5 0 40 0
Slide 44: Stable cash, ample liquidity
Stable cash, ample liquidity Cash flow overview • Operating cash flow impacted by working capital USD million build from late lifting 5 • Investments mostly Maromba and Golfinho Boost developments • Financing drawn from revolving credit facility and Maromba project financing 5 2 25 Strong liquidity
Slide 45: Leveraging the balance sheet to support growth phase
Leveraging the balance sheet to support growth phase NIBD to EBITDA1 Book equity and equity ratio Total liquidity2 USD million USD million USD million 4.00 1000 46% 45% 41% 40% 37% 900 3.50 811 800 1,029 529 3.00 700 606 1,001 2.50 600 407 988 484 366 2.00 2.0x 500 333 421 966 400 263 1.50 1.5x 296
Slide 46: Capital structure optimised to investment programme
Debt overview Maturity profile Capital structure optimised USD million USD million to investment programme • Flexible, low-cost financing 1,000 Akoum sale- ‒ Tailored to project progress and first oil timing leaseback 900 Maromba B • USD 100 million RBL Accordion fully committed Maromba 800 FPSO Fac
Slide 47: Clear capital allocation framework prioritising accretive growth
Clear capital allocation framework prioritising accretive growth 1 High-return growth investments Large organic opportunity set with exceptional profitability and strategic M&A 2 Optimise capital structure Capital structure matched to investment programme 3 Return excess capital to shareholders Prof
Slide 48: Why our model delivers industry-leading returns
Why our model delivers industry-leading returns What sets us apart Translating into Maromba IRR at $60/bbl Proven reserves at Unlevered attractive entry ~35% Full-cycle field and Right-sized, fast- + FPSO financing infrastructure track development capabilities ~50% Creative, low-cost + FPSO + WHP le
Slide 49: Development plan comprising high-value growth projects
Development plan comprising high-value growth projects Net 2P Asset (mmboe) 2026 2027 2028 2029 2030 MaBoMo Bourdon Bourdon Walt Appraisal to unlock new Dussafu 38 phase 1 phase 2 Whitman satellite developments phase 2 Golfinho Phase 1 • Phase 3+4 Golfinho 62 Phase 2 • Appraisals Boost new wells new
Slide 50: Improving the value creation plan
Improving the value creation plan Sources and uses: Q2 2026-Q4 2027 (Maromba first oil)1,2 USD million ✓ Bourdon and Golfinho FID added Investment programme remain fully covered at USD 60/bbl 2,000 USD 100/bbl 1,500 USD 80/bbl Excess cash flow for liquidity buffer and debt service ✓ Efficient projec
Slide 51: Investments in high-return projects
Investments in high-return projects CAPEX outlook1 2026 guidance updated following USD million new project sanctions2 600-650 USD million Majority spend in Maromba development in 2027 600-650 445 High-return projects with short payback 2025 2026 guidance 2027 2028 2029 2030 52 1) Includes projects i
Slide 52: Clear path to sustaining >100 kbopd
Clear path to sustaining >100 kbopd Net production kbopd Walt Whitman Niosi Guduma Golfinho prospects Exploration Maromba carbonates3 Appraisal and upsides Bourdon Phase 2 Golfinho Phase 2+32 Maromba upsides3 MaBoMo phase 2 Golfinho Boost Maromba phase 1+2 Projects in execution Bourdon phase 1 Golfi
Slide 53: Driving strong cash generation
Driving strong cash generation Free cash flow vs. enterprise value USD million 8,000 ~2.4 USD billion 7,000 Enterprise value 18 May 2026 6,000 5,000 ~2.7 USD billion 4,000 Free cash flow 2026-2030 at USD 70/bbl 3,000 2,000 1,000 0 Enterprise value FCF 60 USD/bbl FCF 70 USD/bbl FCF 80 USD/bbl FCF 90
Slide 54: Updated 2026 guidance
Updated 2026 guidance Previous Updated guidance guidance Production1 25-30 24-27 kbopd (mmbls) (9-11) (8.8-9.9) Unit OPEX2 20-24 22-26 USD/bbl CAPEX3 500-600 600-650 USD million G&A 12-14 12-14 USD million 55 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2)
Slide 55: Strengthening the investment case
Strengthening the investment case Diversified asset base >600 mmboe with material reserves Reserves and resources1 Industry-leading growth >100 kbopd by end-2028 in offshore oil and gas From 25 kbopd in Q1 2026 Capital efficient >30% IRR development model Average portfolio at USD 60 Brent2 ~2-4 USD
Slide 56: Appendix
Appendix 57
Slide 57: Protecting cash flow by hedging
Protecting cash flow by Forward hedges hedging USD/bbl % hedged 47% 10% • Structured to secure cash flows until Maromba first oil (swaps and collars) 90 • A combination of collars and swaps 80 79 71 70 • Change to hedge accounting 60 68 • Compliant with RBL covenant 50 56 40 30 20 10 0 Q2-Q4 2026 20
Slide 58: Price assumptions in sensitivity cases
Price assumptions in sensitivity cases Sensitivity case Q2 2026 Q3 2026 Q4 2026 2027 Thereafter USD 60/bbl 85 70 65 60 60 (USD/bbl) USD 80/bbl 85 80 80 80 80 (USD/bbl) USD 100/bbl 100 100 100 100 100 (USD/bbl) 59
Slide 59: P&L
P&L All quarterly results are now also accessible in a new separate report including notes 60 Earnings tables are available for download in Excel format on www.bwenergy.no/investors/reports-and-presentations/ All financial statements are unaudited
Slide 60: Balance sheet
Balance sheet All quarterly results are now also accessible in a new separate report including notes 61 Earnings tables are available for download in Excel format on www.bwenergy.no/investors/reports-and-presentations/ All financial statements are unaudited
Slide 61: Cash flow
Cash flow All quarterly results are now also accessible in a new separate report including notes 62 Earnings tables are available for download in Excel format on www.bwenergy.no/investors/reports-and-presentations/ All financial statements are unaudited
Slide 62: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 63