Bw Energy Ltd. · OSL:BWE
Bw Energy — Q1 2025 Earnings Presentation
48 slides from Bw Energy's earnings presentation, May 5, 2025
Slide 1: First quarter 2025 and Maromba FID Presentation
First quarter 2025 and Maromba FID Presentation Carl K. Arnet, CEO Jérôme Bertheau, CTO Thomas Young, CSO Brice Morlot, CFO 5 May 2025
Slide 2: BW Energy - Team
BW Energy - Team • Alex Almeida – Regulatory Brazil • Chris Boyers – Subsurface Maromba • Thomas Kolanski – Chief Business Development Officer • Kei Ikeda – FPSO refurbishment and conversion • Ricardo Mucci – General Manager Brazil 2
Slide 3: 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 4: Highlights
Highlights Record quarterly EBITDA Q1 2025 net sold volume 3.7 mmbbls Net production of 36 kbbls/day Q1 2025 realised oil price Substantial oil discovery in the $74.8/bbl Bourdon prospect Maromba FID unlocking path to more Cash position than doubling production and potential for future dividends $28
Slide 5: Q1 Key figures
Q1 Key figures1 Revenue EBITDA $281.9M $182.1M Up 55% Up 20% Up 66% Up 31% from Q1 24 from Q4 24 from Q1 24 from Q4 24 Net Profit Operating Cash Flow $83.0M $154.7M Up 75% Up 48% Up 600% Up 31% from Q1 24 from Q4 24 from Q1 24 from Q4 24 5 1) Unaudited figures
Slide 6: Diversified asset base with material reserves
Diversified asset base with material reserves 599 10 mmboe Net 2P+2C Operated shallow and deep- reserves and resources1 water assets in Africa and Brazil; 1 non-operated in Gabon Namibia Dussafu 229 Brazil Niosi Guduma mmboe Net 2P reserves1 Golfinho 10 mmboe Namibia PEL 73 2024 net production Marom
Slide 7: Increasing production and reducing unit cost
Increasing production and reducing unit cost Net production Average unit OPEX1 kbbls/day 36,0 USD/bbl 33,7 7,3 6,4 27,3 25,6 23,6 28,5 9,0 5,4 24,2 8,0 17,7 18,1 16,5 28,7 27,3 20,2 18,3 15,6 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Dussafu Golfinho 1) Prelimin
Slide 8: Zero-harm objective
Zero-harm objective for people and environment TRIR and LTIR – rolling quarterly1 Zero LTIs recorded YTD 2025 2,0 1,5 1 Environmental incident YTD 2025 1,0 0.75 0,5 0,38 0,0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 LTIR TRIR 8 1) Total Recordable Incident Rate (TRIR) and Lost Time Incident Rate (LTIR
Slide 9: Gabon
Gabon 9
Slide 10: Dussafu production update
Dussafu production update Net production kbbls/day 40 • Dussafu net production ~2.6 mmbbls, up 3% from Q4 2024 35 • High operational uptime 30 28,7 27,3 • All producing Tortue & Hibiscus wells on-line 25 • Operating cost1 reduced to USD ~9.9/bbl 20,2 20 18,3 15,6 15 10 5 0 Q1 2024 Q2 2024 Q3 2024 Q4
Slide 11: Substantial Bourdon discovery
Substantial Bourdon discovery MaBoMo BW Adolo • Good reservoir and fluid quality confirmed by two penetrations • Estimated ~56 mmbo oil in place, of which ~25 mmbo recoverable1 • Additional reserves not included in 2024 Statement of Reserves Ruche • Started planning of new development cluster follow
Slide 12: Brazil
Brazil 12
Slide 13: Golfinho production update
Golfinho production update Net production kbbls/day 14,0 • Production of ~656,000 bbls, up 12% from Q4 2024 12,0 • Operating cost1 of USD 42.2/bbl 10,0 • Production positively impacted by availability of gas after 9,0 completion of Petrobras maintenance 8,0 8,0 7,3 • Focus on optimisation of current
Slide 14: Golfinho Boost project
Golfinho Boost project • FID April 2025 Incremental reserves Production increase • Incremental production and uptime increase and OPEX reductions 12 mmbbls1 +3 kbbls/day • First oil targeted H2 2027 CAPEX Breakeven at 10% • CAPEX-efficient project USD 107M USD ~47/bbl • Attractive risk reward 14 1)
Slide 15: Namibia
Namibia 15
Slide 16: Kharas appraisal well
Kharas appraisal well • Preparing to spud appraisal well in H2 2025 in northwest corner of Kudu ‒ Up-dip from nearby discoveries ‒ Program on track with rig selection in progress ‒ Long lead items acquired • Further major discovery south of Kudu by Rhino ‒ 38 meters of net pay of light oil in PEL 85
Slide 17: Accretive start to 2025
Accretive start to 2025 Bourdon Golfinho Maromba discovery Boost FID development FID ~7x growth in Dussafu Incremental production, Transformative project reserves since inception increase uptime and unlocking material value reduced OPEX and future dividends 17
Slide 18: Maromba project FID
Maromba project FID 18
Slide 19: Transformative project unlocking material value
Transformative project unlocking material value 2P reserves1 Targeted first oil IRR at USD 60/bbl Breakeven at 10% 123 mmboe End-2027 >30% ~$40/bbl 19 1) Management estimates
Slide 20: Maromba will deliver industry-leading growth
Maromba will deliver industry-leading growth Production outlook (net) kbbls/day >100% Maromba 27.6 30-32 16.3 11-12 7.8 mmbbls 2022 2023 2024 2025 guidance 2028E 20
Slide 21: Low-risk development of proven barrels
Low-risk development of proven barrels Development • Development with 6 + 6 wells FPSO, WHP and 12 planned wells • Highly delineated and tested Maastrichtian Plateau production target sands with 500 mmboe1 of oil in place 60 kbbls/day • CAPEX-efficient development concept with refurbished FPSO and r
Slide 22: Reservoir significantly de-risked from earlier appraisal drilling
Reservoir significantly de-risked from earlier appraisal drilling Map of reservoirs with logged oil • Petrobras drilled 9 exploration and appraisal wells in main Maastrichtian and other reservoirs • Two drill stem tests confirmed strong reservoir quality and productivity • Maromba development will i
Slide 23: Unlocking Maromba's potential
Unlocking Maromba's potential Initial and secondary Future Capital-efficient initial development Initial • Develop proven, low-risk portion of reserve base Peregrino FPSO, WHP and 6 wells • Establish core infrastructure for subsequent expansion • Operational synergies with Golfinho field Low-cost ex
Slide 24: Development, regulatory and operations
Development, regulatory and operations 24
Slide 25: Months from FID to first oil
30 months from FID to first oil Converted jack-up rig to • Drilling jack-up converted to integrated wellhead platform drilling and wellhead platform (WHP) • SURF, construction, and installation Refurbished FPSO • Drilling and production from WHP to converted, spread moored FPSO - BW Maromba • Infras
Slide 26: Maromba development summary
Maromba development summary Platform Converted Jack-Up Rig with up to 16 slots Dry-tree horizontal development wells 12 wells & associated VFDs / controls Hydraulic workover unit (HWU) once drilling rig no longer economical to operate 140 person living quarters during drilling Dubai conversion is ba
Slide 27: FPSO refurbishment underway
FPSO refurbishment underway • Former FPSO Polvo which operated on nearby Polvo field • Condition assessment and FEED completed • High confidence level in CAPEX estimate and schedule • Spread moored solution 27
Slide 28: Clearly defined topside modification scope
Clearly defined topside modification scope Offloading hose reel Spread mooring Boiler Chemical M6 M1 M2 M2 M2 M3 Spread mooring support Injection PW Module Separation & Stabilisation Separation Stabilisation Inlet Heater Flare support Heater New Re-use with modifications STG M5 M4 M4 M4 M7 Turret /
Slide 29: Wellhead platform with limited conversion
Wellhead platform with limited conversion • Agreed to acquire jack-up with capacity to drill all Maromba wells • In-house designed, prefabricated, mudline well conductor frame installed by drilling derrick • Jack-up suitability confirmed by geotechnical survey of installation site and fatigue analys
Slide 30: Optimised SURF and well design
Optimised SURF and well design • Installation of WHP ahead of FPSO arrival to accelerate start-up • Producers targeting main Maastrichtian reservoir ‒ ~2,900 meters depth with 800 metres horizontal well length ‒ 100 metres oil column height • Future flexibility to install water injectors as required
Slide 31: High-level development plan
High-level development plan 2025 2026 2027 Main milestones Final investment Start of jack-up Jack-up FPSO decision conversion conversion refurbishment First oil completed completed Towing and Procurement and construction – yard stay FPSO refurbishment installation Towing and Wellhead platform Tender
Slide 32: Robust regulatory roadmap
Robust regulatory roadmap 32
Slide 33: Concept enabling significantly lower GHG emissions
Concept enabling significantly lower GHG emissions Newbuild FPSO vs. FPSO Polvo redeployment1 Newbuild WHP vs. repurposed jack-up1 Tons CO2e Tons CO2e 250 000 100 000 200 000 80 000 ~65% lower ~75% lower 150 000 60 000 100 000 40 000 50 000 20 000 - - Newbuild FPSO Polvo redeployment Newbuild wellhe
Slide 34: Financing and project economics
Financing and project economics 34
Slide 35: Maromba capital overview
Maromba capital overview Drilling-capable WHP opening significant appraisal program 19 % FPSO 28 % Infrastructure + 6 wells WHP USD ~1.2 billion USD ~1.5 Wells - initial 16 % billion SURF/field/acquisition/others Next 6 wells Wells - secondary 19 % 18 % USD ~0.3 billion Maromba investment plan Addit
Slide 36: Funded through capital efficient structure
Funded through capital efficient structure Delivering Maromba pre-first oil Maromba self-funded post-first oil USD million USD million 4 000 2 000 USD 80/bnbl USD 70/bbl 3 000 USD 80/bbl FCF – USD 60/bbl 1 500 Excess cash flow for USD 70/bbl Shareholder loan liquidity buffer and debt service RBL pot
Slide 37: Predictable OPEX structure with ~90% fixed costs
Predictable OPEX structure with ~90% fixed costs Maromba OPEX USD per barrel 15 • Benchmarked with current Golfinho and Dussafu operations, and historic data from Campos basin operations ~25% Variable ‒ FPSO 10 ‒ WHP ‒ Drilling ~75% ‒ Supply boats Fixed ‒ Inspection 5 ‒ Regulatory ‒ Construction / M
Slide 38: Competitive fiscal regime
Competitive fiscal regime Comparison of government takes globally1 Total government take for projects, % • Concession overview Libya 25 ‒ BWE ownership 100% (95% after exercise of 5% Magma back-in) Russia 41 ‒ License expiry 2047 Kuwait 44 Brazil 45 ‒ Royalty reduction to 5% expected before first oi
Slide 39: Maromba positioned among top global projects
Maromba positioned among Maromba versus other major projects1 top global projects Breakeven at 10%, USD/bbl 70 Average breakeven for top 100 projects 60 50 • Optimised development plan results in one of lowest oil price 40 breakevens among global projects 30 20 10 0 39 1) Source: Goldman Sachs Globa
Slide 40: Set to generate material value
Set to generate material value Maromba production outlook Maromba free cash flow kbbls/day USD million, cumulative 70 1 500 USD 80/bbl 60 USD 70/bbl 1 000 USD 60/bbl 50 500 40 - 30 (500) 20 (1 000) 10 (1 500) - 2024 2025 2026 2027 2028 2029 2030 2027 2028 2029 2030 40
Slide 41: Financials and outlook
Financials and outlook Ew : bt 3
Slide 42: Income statement
Income statement1 USD million Income Statement Q1 2025 Q4 2024 Net sold volumes 3.7 mmbbls Operating revenue 282.8 237.2 Gain/(loss) from oil derivatives (0.9) (3.8) Operating expenses (99.8) (91.8) EBITDA 182.1 141.6 Depreciation and amortisation (64.0) (57.1) Operating profit (EBIT) 118.1 84.5 Net
Slide 43: Cash flow development Q1 2025
Cash flow development Q1 2025 USD million1 Total available liquidity2 400 154,65 $406.9M 350 300 286,85 -81 -8,6 250 221,8 USd million 200 150 100 50 0 Operating cash flows Net financing activities Cash Dec-31-2024 Net investing activities Cash Mar-31-2025 43 1) Unaudited figures 2) Cash and undrawn
Slide 44: Balance sheet Debt overview
Balance sheet Debt overview USD million Maturity profile USD million supporting execution of growth strategy 600,0 Bond 500,0 Golfinho Total assets NIBD1 prepayment $2.1BN $296M 400,0 300,0 Dussafu RBL Equity ratio NIBD1/EBITDALTM 200,0 46% 0.56x 100,0 MaBoMo Lease - Outstanding per 31 2025 2026 202
Slide 45: 2025 guidance
2025 guidance Net production1 Total 11–12 mmbbls Operating cost2 USD 18–22 per bbl Net CAPEX • Increased due to Maromba and USD 650–700 million Golfinho Boost G&A USD 19–22 million 45 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Operating costs exclude R
Slide 46: Investment highlights
Investment highlights Fast-growing E&P company with differentiated strategy Diversified asset base Material reserves and resource potential Industry-leading organic growth Path to more than doubling production by 2028 Robust capital structure and financial flexibility Balance sheet to execute growth
Slide 47: Q&A
Q&A Dummy images 47
Slide 48: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no