Bw Offshore Limited · OSL:BWO

Bw Offshore — Q2 2025 Earnings Presentation

34 slides from Bw Offshore's earnings presentation, Aug 28, 2025

  1. Slide 1: BW Offshore Q2 2025 and strategy update

    BW Offshore Q2 2025 and strategy update 28 August 2025 CEO Marco Beenen CFO Ståle Andreassen CSO Anders S. Platou

  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 BW Opal hooked up on Barossa field and • Q2 EBITDA of USD 57 million on track for first gas in Q3 • Q2 net profit of USD 25 million • H1 EBITDA of USD 148 million EBITDA guidance raised to USD 240-260 million for 2025 • H1 net profit of USD 87 million Q2 cash dividend of USD 11 million eq

  4. Slide 4: Operational Update

    Operational Update 4

  5. Slide 5: BW Opal FPSO - nearing start-up on the Barossa field

    BW Opal FPSO - nearing start-up on the Barossa field • Final completion cost tracking well within guidance • Revenue ramp-up: 60% day- rate at start-up (RFSU), increasing to 100% at practical completion • 15-year, USD 4.6 billion firm lease and operate contract plus 10 years of options 5

  6. Slide 6: Fleet and HSE performance

    Fleet and HSE performance Weighted average fleet uptime1 HSE record (LTM)5 98.5% 99.2% 97.3% 100.0% 98.9% 98.9% 99.2% 100.0% 99.9% 3.0 LTI² TRI³ HPI⁴ 2.0 1.0 0.0 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 • One recorded HPI 1) Weighted avera

  7. Slide 7: 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

  8. Slide 8: FEED close-out and pre-FEED advancing with Equinor

    FEED close-out and pre-FEED advancing with Equinor FEED: Block 29 - Mexico Pre-FEED: Bay du Nord - Canada • FEED completed without proceeding to contract • Pre-FEED on track for mid-September completion award • Close collaboration with Equinor on design, safety and • Partnership evaluating a broader

  9. Slide 9: Finance

    Finance

  10. Slide 10: EBITDA performance

    EBITDA performance Q2 EBITDA 2025 EBITDA outlook • EBITDA reduced due to the 57 USD million 240-260 sale of BW Pioneer as well USD million as the arbitration settlement (FY expected) in Q1 • 2025 EBITDA guidance 100 raised 90 80 70 60 50 40 30 20 10 0 Q3 24 Q4 24 Q1 25 Q2 25 10

  11. Slide 11: Income statement

    Income statement USD million Q2 2025 Q1 2025 2024 Operating revenues 127.8 153.4 606.7 Operating expenses (70.7) (62.1) (288.7) EBITDA 57.1 91.3 318.0 • Reduced depreciation as BW Depreciation & amortisation (21.4) (32.4) (177.9) Pioneer was sold in Q1 Impairment (14.5) 0.0 1.1 Gain (loss) on sale o

  12. Slide 12: Q2 cash flow overview

    Q2 cash flow overview USD million • USD 36 million from arbitration settlement 103 97 21 15 6 24 11 • Remaining USD 24 million 6 received for the sale of BW Pioneer 439 446 440 415 415 428 428 423 423 409 409 12

  13. Slide 13: Enhancing backlog visibility

    Enhancing backlog visibility Revenue backlog Operating cash flow backlog Revenue backlog1 H2 2025, 7% • 90% firm 24% • Includes USD 1.1 billion of pre- 2026, 14% payments USD >2029, USD ~6.0bn 50% ~2.2bn 2027, 15% Operating cash flow backlog 76% • 81% firm 2028, 14% • Includes USD 1.4 billion in ope

  14. 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% 0.9x 30.7% 0.6x 30% 400 0.1x 20% 0.0x 0.0x 0.0x 0.0x 0.0x 10% 0% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -100 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Consolida

  15. Slide 15: Solid financial position provides flexibility

    Solid financial position provides flexibility Maturity profile USD million USD 11.3 million cash Available liquidity dividend for Q2 2025 100 USD 531 million1 90 USD 0.063 per share 80 70 60 50 40 Net consolidated 30 cash position All in cost of debt 4.8% 20 USD 213 million 100% hedged 10 0 2025 H2

  16. Slide 16: Strategy Update

    Strategy Update

  17. Slide 17: Well-positioned for long-term value-creation

    Well-positioned for long-term value-creation Positioning Market Priorities Streamlined with increased investment Oil and gas for longer Strengthen ability to convert opportunities capacity into projects Promising market for growing the Disciplined tendering FPSO business Enhance project execution ca

  18. Slide 18: Reaffirming and refining strategy

    Reaffirming and refining strategy 2020-2024 priorities and deliveries Updated strategic focus Extracting maximum value 632 Reaffirming FPSO projects and operations from the conventional FPSO USDm liquidity from divesting 12 FPSOs and fleet and BW Energy BWE Investment-grade energy companies and soli

  19. Slide 19: Oil and gas for longer

    Oil and gas for longer Three scenarios for world primary energy supply (PJ/yr)1,2 DNV ETO 2024 – Medium paced transition IEA STEPS 2024 – Slower transition IEA NET ZERO 2024 – Accelerated transition Gas for longer, CCS and wind growth, but late Oil for longer, slow growth in CCS and wind Strong rene

  20. Slide 20: Promising FPSO market outlook

    Promising FPSO market outlook Selection criteria • Secure return requirement through firm Planned FPSO projects 2025-20301 contract period Contracting type by region • Strong counterparties • Partner model Lease Lease/Own Own 20 Competitive offering 2 1 15 8 • Gas FPSO expertise • Harsh-environment

  21. Slide 21: Strengthening business development and project execution

    Strengthening business development and project execution Simplification Client Predictable project orientation delivery Collaborate and lead by example 21

  22. Slide 22: Partnerships to efficiently deliver FPSOs with right risk-reward

    Partnerships to efficiently deliver FPSOs with right risk-reward Historically Core EPCI project workflows Future Concept and feasibility Detailed design / engineering Risk-sharing contract models Carried ‘all’ EPCI1 risk Procurement and contracting Quality EPC partners Hull and topside fabrication D

  23. Slide 23: Progressing multiple FPSO prospects

    Progressing multiple FPSO prospects • Bay du Nord progressing well • Block 29, development options being considered • BW Catcher redeployment • Acquired FPSO Nganhurra, high- quality hull ready for efficient redeployment with target projects identified • Advancing additional opportunities in Brazil,

  24. Slide 24: Positioning to become a leading EPCI floating wind contractor in Europe

    Positioning to become a leading EPCI floating wind contractor in Europe Tangible revenue streams • Engineering and technology licensing • EPCI and fabrication lines • Selective co-development EPCI pipeline firming up Partner driven fabrication CF break-even targeted from 2028 • Pursuing preferred su

  25. Slide 25: Floating transition solutions

    Floating transition solutions Commercial Project status and Solution viability characteristics • Selective approach Floating desalination • Testing market • Applying FPSO risk approach <2 years • Contract length: 1-5 years and return requirements • Capex: USD 60-80 million • Utilising proven technol

  26. Slide 26: Delivering increased long-term value-creation

    Delivering increased long-term value-creation Disciplined capital allocation Aspiration towards 2030 Assumptions Maintain strong cash flow from the FPSO fleet Winning three new FPSO or redeployment Grow FPSO business through new projects to increase free cash flow >15% projects by end 2030 Limited i

  27. Slide 27: Outlook

    Outlook • Start production from BW Opal • Progress new FPSO projects, targeting one FID within 12 months • Maintain an attractive shareholder return programme 27

  28. Slide 28: We engineer offshore production solutions to progress the future of energy.

    We engineer offshore production solutions to progress the future of energy. 28

  29. Slide 29: 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

  30. Slide 30: Income statement

    Income statement Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 CONTINUING OPERATIONS Operating revenue 166.3 166.1 156.4 170.4 659.2 168.6 151.9 150.9 135.3 606.7 153.4 127.8 Operating expenses (87.3) (105.2) (81.9) (79.3) (353.7) (83.1) (74.5) (67.7

  31. Slide 31: Other comprehensive income

    Other comprehensive income Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Q2 2025 Net profit/(loss) for the period 17.8 10.9 28.9 40.0 97.6 36.8 29.2 13.0 40.8 119.8 62.2 24.6 Currency tra ns l a ti on di fferences 1.2 1.1 (3.7) 5.1 3.7 (2.2) (0.9) 4.8 (6.8) (5

  32. Slide 32: 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 6/30/2025 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 3,217.1 Other property, plant & equipment 6.8 4.8 2.9 2.8 2.6 2.4 2.3 2.1 2.0 1.9 Right-of-use as

  33. Slide 33: Cash flow

    Cash flow Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Profit/(loss) before taxes 20.8 14.0 36.1 42.4 113.3 39.5 31.5 15.5 40.8 127.2 79.5 25.1 Adjustments for: Depreciation and amortisation 48.2 46.3 45.9 46.8 187.2 45.7 45.5 45.6 41.1 177.9 32.4 2

  34. Slide 34: Key figures

    Key figures Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 EBITDA-margin 47.5 % 36.7 % 47.6 % 53.5 % 46.3 % 50.7 % 51.0 % 55.1 % 53.1 % 52.4 % 59.5 % 44.7 % Equity ratio 32.4 % 31.9 % 31.0 % 30.2 % 30.2 % 31.1 % 30.4 % 29.6 % 30.8 % 30.8 % 30.9 % 30.7

BW Offshore — Q2 2025 Earnings Presentation on 6ix