Bw Offshore Limited · OSL:BWO

Bw Offshore — Q4 2024 Earnings Presentation

30 slides from Bw Offshore's earnings presentation, Feb 27, 2025

  1. Slide 1: BW Offshore Q4 2024

    BW Offshore Q4 2024 27 February 2025 CEO Marco Beenen CFO Ståle Andreassen

  2. 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

  3. Slide 3: Highlights

    Highlights • Q4 EBITDA USD 72 million • Q4 net profit USD 41 million Q4 cash dividend raised to USD 25 million equal to USD 0.14 per share • Full year EBITDA USD 318 million, in line with guidance • 2024 net profit USD 120 million Full year cash dividend of USD 59 million equal to USD 0.33 per share

  4. Slide 4: Operational update

    Operational update

  5. Slide 5: BW Opal getting ready for sail-away

    BW Opal getting ready for sail-away • Naming ceremony held 15 February • Construction and integration 99% complete • Commissioning 85% complete • Sail-away scheduled for April with limited offshore scope of work remaining • FPSO on track to be ready for first gas mid-2025 • Expected completion cost

  6. Slide 6: Bringing BW Opal to first gas

    Bringing BW Opal to first gas Upcoming project milestones • 2 to 3-weeks towage from Singapore to the Barossa field post sail-away • Hook-up to start immediately upon arrival • FPSO start-up phase including well clean-up, equipment calibration and gas export readiness • Final system and performance

  7. Slide 7: Fleet and HSE performance

    Fleet and HSE performance Weighted average fleet uptime1 HSE record (LTM)5 99.1% 98.6% 98.5% 99.2% 97.3% 100.0% 98.9% 98.9% 99.2% 3.0 LTI² TRI³ HPI⁴ 2.0 1.0 0.0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 • One recorded HPI • One LTI 1) Weigh

  8. Slide 8: Strong cash flow underpinned by the core FPSO fleet

    Strong cash flow Unit 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 underpinned by BW Opal Santos, Australia: 2025-2040 (2050) BW Adolo BW Energy, Gabon: 2018-2028 (2038)2 the core FPSO BW Catcher Harbour Energy, UK: 2018-2025 (2043) fleet BW Pioneer Murphy Oil, US: 2012

  9. Slide 9: A solid partner

    sil i) _ A Solid partner FINANCE

  10. Slide 10: Predictable financial performance

    Predictable financial Q4 EBITDA FY 24 EBITDA performance USD USD 72 million 318 million Underlying performance for Q4 in line with expectations 2024 EBITDA 100 450 • In line with guidance of USD 90 400 315-320 million 80 350 70 • Consistent high operational 300 60 uptime across fleet 250 50 200 40 •

  11. Slide 11: 2025 EBITDA outlook

    2025 EBITDA outlook 2025 EBITDA outlook BW Adolo 220-250 • Expected to operate at or near full capacity in 2025 USD million • Limited impact from handing over operation to client (FY expected) BW Catcher • Prepaid lease fully amortised at end 2024 • EBITDA reduced by USD 60 million, no cash impact B

  12. Slide 12: Income statement

    Income statement USD million Q4 2024 Q3 2024 2024 2023 Operating revenues 135.3 150.9 606.7 659.2 Operating expenses (63.4) (67.7) (288.7) (353.7) EBITDA 71.9 83.2 318.0 305.5 • Positive impact from remeasurement of Barossa Depreciation & Amortisation (41.1) (45.6) (177.9) (187.2) finance liability

  13. Slide 13: Q4 cash flow overview

    Q4 cash flow overview USD million • USD ~25 million received in 79 pre-payment of the Barossa 97 69 FPSO dayrate • USD ~84 million 171 investments related to BW Opal • USD 157 million of debt 446 446 2 428 428 7 reduction related to 11 9 repayment of convertible bond 326 324 317 306 306 297 297 13

  14. Slide 14: Financing received tracking Barossa progress

    Financing received tracking Barossa progress Funds received end Q4 2024 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 1 062 USD 221 USD ~982 USD ~2 265 million million million million1 Drawn Remaining Inject

  15. Slide 15: 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 1.1x 30.8% 0.9x 30% 0.6x 400 20% 0.1x 0.0x 0.0x 0.0x 10% 0% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 -100 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Consolida

  16. Slide 16: Solid financial position provides financial flexibility

    Solid financial position provides financial flexibility Maturity profile USD million 120 Net consolidated Available liquidity cash position USD 540 million1 100 USD 74 million 80 60 40 Repaid USD 157 million All in cost of debt 4.9% in outstanding 20 95% hedged convertible bonds 0 2025 2026 2027 202

  17. Slide 17: Prioritising a strong balance sheet and shareholder return

    Prioritising a strong balance sheet and shareholder return Capital allocation framework Growing dividend distribution USD per share +22% 0.33 0.27 0.24 0.14 Expected strong cash flow from existing and new FPSOs Grow FPSO business through new energy 2021 2022 2023 2024 infrastructure projects to incr

  18. Slide 18: Strategic priorities

    a a Ri ‘ew orf vn “4 | | | / ia a i e Strategic priorities

  19. Slide 19: Progressing new prospects

    Progressing new prospects Market backdrop • Brent price supports demand for new FPSOs, Likely FPSO awards 2025-20301 contract extensions and redeployments • High tendering and FEED-activity • Trend towards EPCI plus O&M models Selection criteria Bay du Nord 3 • Firm contract periods meeting return r

  20. Slide 20: Developing prospects for future growth

    Developing prospects for future growth FEED: Block 29 - Mexico Pre-FEED: Bay du Nord - Canada • Repsol-operated subsea tie-back development in the • BW Offshore chosen for the Bay du Nord pre-FEED Sureste Basin • Development of the Bay du Nord and Cambriol • FPSO OSX-1 in good condition and suited f

  21. Slide 21: BW Ideol building substantial floating wind EPCI pipeline

    BW Ideol building substantial floating wind EPCI pipeline Eolmed: Assembly underway at the yard • Eolmed on track for end 2025 installation, bringing total BW Ideol floaters on water to 5 • 1 GW Buchan Offshore Wind metocean /LiDAR surveys completed, on track for consent application mid-2025 and fin

  22. Slide 22: Delivered on strategic priorities in 2024

    Delivered on strategic priorities in 2024 BW Opal on track for sail-away to the Barossa field Positioned for growth through strong financial results, strengthened balance sheet and early-phase projects Distributed USD ~59 million in dividends based on 2024 results 22

  23. Slide 23: Outlook

    Outlook Main focus to complete the Barossa project for start-up by mid-2025 Selectively progressing new FPSO projects, targeting one FID in 2025 Focus BW Ideol as an early mover in floating wind EPCI Maintain an attractive shareholder return programme 23

  24. Slide 24: Q&A

    Q&A We engineer offshore production solutions to progress the future of energy.

  25. Slide 25: Analytical information

    Analytical information Unit Contract status LDT Annual firm period EBITDA range Annual depreciation Cash flow vs EBITDA BW Adolo 2018-2028 (2038) 47,544 USD 60 - 75 million1 USD ~27 million BW Catcher 2018-2025 (2043) 57,764 USD 160 - 170 million USD ~45 million BW Pioneer 2012-2025 (2030) 29,092 US

  26. Slide 26: Income statement

    Income statement Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 CONTINUING OPERATIONS Operating revenue 193.6 192.8 176.5 211.2 774.1 166.3 166.1 156.4 170.4 659.2 168.6 151.9 150.9 135.3 606.7 Operating expenses (108.8) (117.2

  27. Slide 27: Other comprehensive income

    Other comprehensive income Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Net profit/(loss) for the period 46.3 12.3 29.6 41.3 129.5 17.8 10.9 28.9 40.0 97.6 36.8 29.2 13.0 40.8 119.8 Currency tra ns l a tion di fferences (2.2) (

  28. Slide 28: Balance sheet

    Balance sheet ASSETS 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Vessels 1,913.0 2,034.9 2,189.1 2,394.3 2,379.3 2,520.9 2,662.7 2,833.5 2,889.2 2,969.3 3,037.1 3,138.6 Other property, plant & equipment 14.9 11.9 9.5 8.5

  29. Slide 29: Cash flow

    Cash flow Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Profit/(loss) before taxes 54.1 18.4 32.9 44.3 149.7 20.8 14.0 36.1 42.4 113.3 39.5 31.5 15.5 40.8 127.2 Adjustments for: Depreciation and amortisation 55.3 51.4 50.8 51.

  30. Slide 30: Key figures

    Key figures Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 EBITDA-margin 43.8 % 39.2 % 45.6 % 49.7 % 44.7 % 47.5 % 36.7 % 47.6 % 53.5 % 46.3 % 50.7 % 51.0 % 55.1 % 53.1 % 52.4 % Equity ratio 35.9 % 35.2 % 33.8 % 32.9 % 32.9 % 3

BW Offshore — Q4 2024 Earnings Presentation on 6ix