Bw Energy Ltd. · OSL:BWE
Bw Energy — Investor Presentation (September 2026)
71 slides from Bw Energy's investor presentation, September 2026
Slide 1: BW Energy Company presentation
BW Energy Company presentation September 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: BW Energy at a glance
BW Energy at a glance Top 5 owners Fast-growing pure-play E&P independent BW Energy Holdings Limited 76.39% Cobas Asset Management SGIIC S.A 9.37% Operations in Gabon, Brazil and Namibia Fidelity International (FIL) 1.73% Carl K. Arnet 1.54% Established in 2016, listed on Oslo Børs in 2020 Vanguard
Slide 4: 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 5: Robust investment case
Robust 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 H1 2026 Capital efficient >30% IRR development model Average portfolio at USD 60 Brent2 ~2-4 USD billion Str
Slide 6: 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 7: Operated portfolio in global high-potential basins
Operated portfolio in global high-potential basins 25 kboepd 2 5 633 mmboe 27 years Q2 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 8: Executing high-value developments
Executing high-value developments 5 projects in execution >100 kbopd Tangible future growth Bourdon area upsides MaBoMo Phase 2 – drilling Additional Dussafu targets 222 mmboe Maromba – on track Maromba carbonates 2P reserves1,2 Golfinho Boost – on track Greater Golfinho area Bourdon – on track Golf
Slide 9: Operational performance
Operational performance • Dussafu strong and consistent performance Net production ‒ 98% production availability kbopd ‒ Achieved 50 mmbbls produced since inception • Golfinho stable performance at 6 kbopd 32.3 ‒ 74% production availability 5.7 26.3 25.2 25.2 25.3 • H2 2026 production outlook 2.8 6.
Slide 10: 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 11: Clear path to deliver and maintain >100 kbopd
Clear path to deliver and maintain >100 kbopd Net production kbopd Walt Whitman Niosi, Guduma Golfinho prospects, Exploration Maromba exploration Appraisal and upsides Bourdon Phase 2 Golfinho Phase 2+31 Maromba upsides and carbonates2 MaBoMo Phase 2 Golfinho Boost Maromba Phase 1+2 Projects in exec
Slide 12: 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 13: 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 14: 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 14 1) Gross, BW Energy interest 73.5%
Slide 15: 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 16: Part of BW Group – a highly supportive long-term owner
Part of BW Group – a highly supportive long-term owner Handysize gas carriers >70 years >450 vessels Product / chemical FPSOs of maritime and offshore owned and controlled across BW tankers energy track record Group affiliates E&P VLCC tankers LPG / Water / waste- petchem water systems 7 listed USD
Slide 17: Zero-harm objective for people and environment
Zero-harm objective for people and environment Safe operations Minimising impact to environment 1.5 0.4 TRIR H1 20251 LTIR H1 20251 >2 years >1000 days Working for Without LTI on FPSO Without LTI on local society Cidade Vitoria (Golfinho) MaBoMo WHP (Dussafu) Resource-efficient phased development st
Slide 18: Energy infrastructure portfolio
Energy infrastructure portfolio MaBoMo Gabon FPSO Adolo Gabon Cidade de Vitória Brazil BW Maromba China FPSO for Golfinho – owned FPSO for Maromba – owned Production jack-up at Dussafu – sale lease-back FPSO for Dussafu - Bareboat lease contract • Production, storage and offtake hub for • Former BW
Slide 19: 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 20: Gabon
Gabon 20 ’y BW ENERGY
Slide 21: 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 19.3 kbopd USD 16/bbl 136 mmbbls >7x Q2 2026 Q2 2026 Since 2017 21 1) BW Energy 73.5% working interest
Slide 22: 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 23: MaBoMo Phase 2 campaign started
MaBoMo Phase 2 campaign MaBoMo Phase 2 started Appraisal wells Production well drain location Additional production well, subject to appraisal results • Drilling of 2 Northwest Hibiscus appraisal wells ongoing ‒ Targeting additional reserves Hibiscus & Hibiscus South ‒ If successful, fast-track conv
Slide 24: 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 24 1) Gross
Slide 25: 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 26: Low-risk jack-up conversion replicating MaBoMo
Low-risk jack-up conversion replicating MaBoMo • Cost-efficient design ‒ Leveraging existing Adolo processing, power and MaBoMo living quarters ‒ Multiphase export to Adolo with minimal onsite processing required ‒ Minimum manned satellite WHP ‒ Phase 1 with limited scope and low CAPEX ‒ Designed wi
Slide 27: 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 28: 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 29: Brazil
Brazil 29
Slide 30: 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% 6.0 kbopd ~50 mmboe >500 mmb
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 36
Slide 37: Maromba: Same approach, different basin
Maromba: Same approach, different basin Applying a repeatable strategy to unlock proven barrels Previous operator BWE repurposing FPSO and Jack-up Maromba now in execution The right Extensive infrastructure local knowledge Stakeholder alignment Phased approach Minimising capex No path to FID 123 mmb
Slide 38: 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 39: 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 39
Slide 40: 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 41: Maromba on track and cost
Maromba on track and cost 2025 2026 2027 FPSO steel renewal nearing completion, current main workstream on topside piping Main milestones Final investment Start of jack-up Jack-up FPSO decision conversion conversion refurbishment First oil and equipment completed completed Towing FPSO refurbishment
Slide 42: 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 43: Unlocking Maromba's potential
Initial and secondary Future Unlocking Maromba's potential 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 44: 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 45: 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 46: 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 1) Source: Goldman Sachs Global I
Slide 47: Namibia
Namibia 47
Slide 48: 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 49: Financials and outlook
Financials and outlook 49
Slide 50: Q2 2026 highlights
Q2 2026 highlights Q2 Revenues1 MaBoMo Phase 2 drilling campaign started $296M All development projects on plan and budget Q2 Net profit1 $44M Record-high cash flow on current oil prices Q2 Cash from operations1 Strengthened financial position $260M End-Q2 cash position1 On track to deliver above 10
Slide 51: Competitive unit costs
Competitive unit costs Average unit OPEX1 Q2 2026 unit OPEX USD/bbl 24.0 USD/bbl 24.0 22.7 22.2 20.4 21.3 Full-year 2026 OPEX guidance unchanged 22-26 USD/bbl Absolute OPEX largely stable, minor increase driven by higher fuel prices for power Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1) Unit OPEX are
Slide 52: Q2 2026 Financial highlights
Q2 2026 Financial highlights • Record-high cash generation Q2 EBITDA1 Strong sales and realised prices • Robust balance sheet $141M Net debt to EBITDA at 1.8x • RBL accordion fully committed Adding USD 100 million of liquidity Q2 Net profit1 • Clear path to >100 kboepd Material cash generation ahead
Slide 53: Strong financial performance
Strong financial performance1 Production and sales Realised sales oil price Revenues2 mmbbls USD/bbl before hedges USD million Production Sales 120 Realised oil price Brent spot 350 3.5 3.2 110 296 2.9 2.9 104 300 3 2.8 100 2.4 250 2.5 2.3 2.3 2.3 2.2 90 193 200 200 2 1.8 79 173 80 1.5 69 150 70 124
Slide 54: Record-high operating cash flow
Record-high operating cash flow Cash flow overview • Operating cash flow driven by record revenues USD million and working capital improvement 9 • Investments related to Maromba and Golfinho Boost development projects • Financing activities are net repayment of debt 0 2 254 Strong liquidity position
Slide 55: Robust balance sheet supporting growth phase
Robust balance sheet supporting growth phase NIBD to EBITDA1 Book equity and equity ratio Total liquidity2 USD million USD million USD million 4.00 1000 45% 41% 40% 37% 40% 900 3.50 811 800 544 3.00 698 529 700 606 2.50 600 1,142 484 988 1,001 1,029 366 2.00 2.0x 500 966 333 421 1.8x 400 263 1.50 1.
Slide 56: 2026 guidance unchanged
2026 guidance unchanged Actual Guidance 1H 2026 Production1 24-27 25.2 kbopd (mmbbls) (8.8-9.9) Unit OPEX2 22-26 23.1 USD/bbl CAPEX3 600-650 231.3 USD million G&A 12-14 10.9 USD million 56 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Unit OPEX are based
Slide 57: 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 ‒ Tailored to project progress and first oil timing Akoum sale- leaseback 900 Maromba B • USD 100 million RBL Accordion closed 800 Maromba • Akoum long-term
Slide 58: Maromba liquidity phasing optimised with lease
Maromba liquidity phasing optimised with lease Pre-first oil cash spend reduced by USD 274 million, total budget unchanged Maromba investment plan Maromba investments per category USD million Lease impact, USD 274 million postponed from 2025-2027 to 2028+ 450 FPSO 400 19% Infrastructure + 6 wells 28
Slide 59: 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 60: 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 60 1) Includes projects i
Slide 61: 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 62: Clear path to deliver and maintain >100 kbopd
Clear path to deliver and maintain >100 kbopd Net production kbopd Walt Whitman Niosi, Guduma Golfinho prospects, Exploration Maromba exploration Appraisal and upsides Bourdon Phase 2 Golfinho Phase 2+31 Maromba upsides and carbonates2 MaBoMo Phase 2 Golfinho Boost Maromba Phase 1+2 Projects in exec
Slide 63: Driving strong cash generation
Driving strong cash generation Free cash flow vs. enterprise value USD million 8,000 ~2.2 USD billion 7,000 Enterprise value 27 July 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 64: 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 65: Appendix
Appendix 65
Slide 66: Price assumptions in sensitivity cases
Price assumptions in sensitivity cases Sensitivity case Q3 2026 Q4 2026 2027 Thereafter USD 60/bbl 75 65 60 60 (USD/bbl) USD 80/bbl 80 80 80 80 (USD/bbl) USD 100/bbl 100 100 100 100 (USD/bbl) 66
Slide 67: Protecting cash flow by hedging
Protecting cash flow by Forward hedges hedging USD/bbl 2.2 2.4 • Securing cash flows until Maromba first oil while mmbbls mmbbls retaining exposure to higher commodity prices 90 81 80 • A combination of collars and swaps 70 70 60 67 • Compliant with RBL covenant 60 50 40 30 20 10 0 Q3-Q4 2026 2027 F
Slide 68: P&L
P&L Quarters First half USD MILLION Q2 2026 Q1 2026 Q2 2025 2026 2025 Revenues 332.5 172.3 184.7 504.8 465.2 Other income / (loss) (36.2) 0.4 7.9 (35.8) 9.3 Total revenues and other income 296.3 172.7 192.6 469.0 474.5 Operating expenses (145.5) (61.4) (88.6) (206.9) (183.9) Crude oil purchases for
Slide 69: Balance sheet
Balance sheet USD MILLION 30.06.2026 31.03.2026 31.12.2025 Assets Property, plant and equipment 1,572.1 1,467.2 1,308.3 Intangible assets 478.8 529.0 506.2 Right-of-use-assets 230.8 196.8 199.7 Derivatives 3.1 1.4 1.2 Deferred tax assets 31.4 27.9 31.2 Other non-current assets 107.8 111.0 109.1 Tota
Slide 70: Cash flow
Cash flow Quarters First half USD MILLION Q2 2026 Q1 2026 Q2 2025 2026 2025 Operating activities Profit /(loss) before tax 64.0 54.4 47.7 118.4 156.8 Adjustments for: Taxes paid (23.6) (15.7) (22.1) (39.3) (48.7) Depreciation and amortisation 70.1 48.9 46.1 119.0 110.1 Accretion expense 2.9 2.8 2.6
Slide 71: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 71