Bw Energy Ltd. · OSL:BWE
Bw Energy — Investor Presentation (February 2026)
60 slides from Bw Energy's investor presentation, February 2026
Slide 1: BW Energy Investor presentation
BW Energy Investor presentation February 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 76.47% Cobas Asset Management SGIIC S.A 8.73% Operations in Gabon, Brazil and Namibia Fidelity International (FIL) 1.74% Carl K. Arnet 1.53% Established in 2016, listed on Oslo Børs in 2020 Vanguard
Slide 4: Our investment proposition remains firm
Our investment proposition remains firm Diversified asset base >600 mmboe with material reserves Reserves and resources1 Industry-leading growth ~90 kbopd by end-2028 in offshore oil and gas From 30 kbopd in 2025 Capital efficient development model >30% IRR Average portfolio at USD 60 Brent2 Strong
Slide 5: Creating value by solving the traditional E&P challenge
Creating value by solving the Creating the right opportunity traditional E&P challenge Strategic approach • Capitalising on opportunities where other E&P companies fail to The right Extensive deliver profitable solutions under the traditional development infrastructure local knowledge model • Employ
Slide 6: Converting proven barrels into profitable ones
Converting proven barrels into profitable ones Leveraging existing energy infrastructure for phased, fast-track developments with lower cost and reduced environmental footprint Green- and brownfield Growth focused development Repurposing existing infrastructures Establish a robust production base an
Slide 7: Operated portfolio in global high-potential basins
Operated portfolio in global high-potential basins 11 3 293% 640 mmboe Shallow and deep-water Projects in execution 2024 Reserve replacement ratio3 Net 2P reserves + 2C resources4 licences in Africa and Brazil1 developing 149 mmboe2 Kudu (Development on hold) Dussafu (incl. Bourdon3) Maromba3 29 55
Slide 8: Strong financial performance
Strong financial performance EBITDA Operating cash flow USD million USD million 500 457 600 414 400 500 300 400 348 241 315 300 200 147 154 169 181 87 200 109 100 100 50 0 0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Unit OPEX1 NIBD to EBITDA USD/bbl USD million 28 1.5x 24 1.4x 1.3x
Slide 9: Operational performance
Operational performance • Dussafu output increased after Q3 maintenance Net production kbopd ‒ 99% production availability 36.0 33.7 32.3 • Extended Q4 maintenance impacting Golfinho 7.3 6.4 ‒ 54% production availability 5.7 26.3 25.2 6.3 2.8 • Full-year production near lower end of guidance ‒ Dussa
Slide 10: 2026 operational outlook
2026 operational outlook • Multiple factors impacting Dussafu output 2026 production guidance ‒ MaBoMo Phase 2 first oil set to more than offset natural decline by year-end 2026 25-30 kbopd ‒ Scheduled 3-week seasonal maintenance in Q3 (9-11) mmbbls ‒ ESP intervention in Q1 ‒ Further OPEX synergies
Slide 11: Progressing key growth projects into 2026
Progressing key growth projects into 2026 Maromba MaBoMo Bourdon development Phase 2 sanction on track first oil Transformative project Low risk, high profitability New Dussafu cluster unlocking material value infill drilling and appraisal progressing towards FID 11
Slide 12: Development plan in high-value growth projects
Development plan in high-value growth projects 2P reserves Asset (mmboe) 2026 2027 2028 Details First oil IRR1 4 development wells followed by 2 Dussafu 14 MaBoMo H2 2026 >50% Hibiscus appraisals phase 2 Golfinho Convert gas-lift wells to seabed ESP, Boost baseline production protection and H2 2027
Slide 13: Track record of expanding a high-quality resource portfolio
Track record of expanding a high-quality resource portfolio Consistently growing reserve base... …with >150% yet to be developed Net 2P reserves (mmboe) Net 2C resources (mmboe) >3x 252 250 Kudu (Development 210 on hold) Dussafu (incl. Bourdon1) 200 Maromba1 29 55 171 123 Golfinho 19 150 100 77 Golf
Slide 14: On track to deliver industry-leading growth
On track to deliver industry-leading growth Net production outlook kbopd ~90 >3x Maromba 28 30 25-30 16 8 2022 2023 2024 2025 Guidance 2026 2028E 14
Slide 15: Strong heritage
Strong heritage 2016 2017 2018 2019 BW Energy established Acquired operating Achieved first oil Maromba licence in Brazilian interest in Kudu licence after 18 months of Campos Basin acquired Operating interest acquired in in Namibia investment in Dussafu Dussafu Marin licence offshore licence Discov
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: Gabon
Gabon Producing Dussafu In development MaBoMo phase 2 Pre-FID Bourdon 18
Slide 19: Dussafu: BW Energy's core strategy in practice
Dussafu: BW Energy’s core strategy in practice BW Mabomo BW Adolo Jack-up rig converted to Refurbished FPSO wellhead platform Net production1 Production availability Operating costs Net 2P + 2C recoverable 24.4 kbopd 95% 13 USD/bbl 123 mmbbls FY 2025 FY 2025 FY 2025 19 1) BW Energy 73.5% working int
Slide 20: Strategy proven at Dussafu
Strategy proven at Dussafu One of the fastest-ever FPSO greenfield developments enabled through repurposed infrastructure Previous operator Redeploying Azurite FPSO as BW Adolo FPSO to unlock Tortue in Gabon Executing Dussafu growth (gross) 18 months to first oil No path to FID 23 mmbbls Sanctioned
Slide 21: Proven approach, extended application
Proven approach, extended application Low-cost jack-up repurposing unlocking additional reserves at Hibiscus Newbuild WHP Concept BWE converting jack-up rig to serve as production facility Executing Hibiscus/Ruche The right Extensive infrastructure local knowledge Stakeholder alignment Phased approa
Slide 22: Infrastructure-led appraisal at Dussafu
Infrastructure-led appraisal at Dussafu Resource development since inception New projects in and near execution 2P reserves Cumulative production MaBoMo Phase 2 – 19 mmbbls1 +25 mmbbls 1 • 4 new wells planned from Q2 2026 ~7x 35 Bourdon discovery • First oil expected late 2026 • USD ~180 million inv
Slide 23: Bourdon latest discovery in a prolific license
Bourdon latest discovery in a prolific license Walt Whitman Sauterelle NW Walt Whitman W Moubenga Updip Moubenga Walt Walt Whitman Whitman • Adds ~2 years of reserve replacement on the license Espadon SW Hibiscus Walt North and will contribute to a material extension of plateau Hibiscus Papillon Whi
Slide 24: Large potential in adjacent Guduma and Niosi licenses
Large potential in adjacent Guduma and Niosi licenses • Exploration blocks acquired in October 2024 with BW Energy as operator and 37.5% working interest • Combined surface area of 4,918 km2 and adjacent to Dussafu Marin and Etame producing areas • Prospectivity similar to Dussafu reservoirs • Most
Slide 25: Brazil
Brazil Producing Golfinho In development Maromba Golfinho Boost Pre-FID Golfinho Cluster 25
Slide 26: Golfinho: Establishing foothold for optimising and derisking growth in Brazil
Golfinho: Establishing foothold for optimising and derisking growth in Brazil Net production1 Production availability 2P reserves + 2C resources1 BW Energy operated 5.5 kbopd 77% 146 mmboe 100% WI FY 2025 YTD 2025 26 26 1) Includes Golfinho cluster (Camarupim, BM-ES-23, and Canapu fields) with total
Slide 27: Strategy expanded to brownfield at Golfinho
Strategy expanded to brownfield at Golfinho Utilising distinct company capabilities, turning field from cease of production to growth outlook Previous operator case Unlocking operational bottleneck… ..boosting output from 2027… …and enabling future growth >10 identified infill targets Switched focus
Slide 28: Golfinho development plan
Golfinho development plan TRANSITION PHASE OPTIMISATION PHASE PROJECT PHASE (Completed) (Current) (Next) Golfinho Optimisation of current production Completed production takeover ▪ 6 infill oil and gas wells in proven reservoirs from Golfinho field reliability and capacity ▪ Enable gas export and el
Slide 29: Golfinho Boost project underway
Golfinho Boost project underway • FID April 2025 Incremental reserves Production increase • Incremental production and uptime increase and OPEX reductions 12 mmbbls1 +3 kbbls/day • First oil targeted H1 2027 CAPEX Breakeven at 10% • CAPEX-efficient project USD 107M USD ~47/bbl • Attractive risk rewa
Slide 30: Maromba: Lifting the company to the next level
Maromba: Lifting the company to the next level Replicating the proven Dussafu development blueprint Jack-up rig acquired to convert to wellhead FPSO refurbishment platform ongoing Plateau production target 2P reserves1 Operating costs Breakeven at 10% 60 kbopd 123 mmboe <USD 10/bbl USD ~40/bbl First
Slide 31: 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 32: 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 Total CAPEX sands with 500 mmboe1 of oil in place USD 1.5 billion • CAPEX-efficient development concept with refurbished FPSO and redeployed j
Slide 33: 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 34: Maromba execution on track
Maromba execution on track 2025 2026 2027 FPSO refurbishment on track Main milestones Final investment Start of jack-up Jack-up FPSO decision conversion conversion refurbishment First oil completed completed Towing Rig on yard and conversion to FPSO refurbishment Procurement and construction – yard
Slide 35: 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 36: Maromba capital overview
Maromba capital overview Drilling-capable WHP opening significant appraisal program FPSO 19% 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 Additional
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 1) Source: Goldman Sachs Global I
Slide 40: Other regions of interest
Other regions of interest Namibia Angola 40
Slide 41: Appraising potential in Namibia
Appraising potential in Namibia • Shallow-water license in the attractive Orange Basin Kudu Mopane • Multiple major oil discoveries in adjacent licences Sagittarius and Oil discoveries Capricornus Gas discoveries Outboard • Kharas-1 assessment follow-up ongoing and data discoveries room to be launch
Slide 42: Angola - country of interest in our West Africa strategy
Angola - country of interest in our West Africa strategy • Agreed to acquire net 10% in Block 14 and net 5% in Block 14K from Azule Energy • Diversification of production in attractive, mature hydrocarbon basin • Potential for future operated developments in Angola • Base cash consideration of USD 9
Slide 43: Financials and outlook
Financials and outlook 43
Slide 44: Strong 2025 performance
Strong 2025 performance 2025 EBITDA1 Record annual production $414M Reduced unit OPEX 2025 net profit1 Project portfolio on schedule and cost $133M USD 1 billion of low-cost financing End-2025 cash position1 $150M Bourdon moving towards FID 44 1) Preliminary and unaudited figures
Slide 45: Q4 key figures
Q4 key figures1 Net Production Revenue 25.2 kbopd $123.8M OPEX / BBL EBITDA $21.3 $37.1M Net Profit Operating Cash Flow $3.3M $63.5M 45 1) Preliminary and unaudited figures
Slide 46: Delivering competitive unit OPEX
Delivering competitive unit OPEX Average unit OPEX1 USD/bbl 22.7 21.3 20.4 2025 unit OPEX 18.1 16.5 20.0 USD/bbl Within guided range of 19-21 USD/bbl Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 46 1) Operating costs exclude royalties, tariffs, workovers, crude oil purchases for domestic market obligatio
Slide 47: Financial highlights
Financial highlights • Delivered on 2025 OPEX and CAPEX guidance • Value creation plan on track • Completed Maromba WHP long-term lease agreement • Highly efficient liquidity structure • New 2026 guidance 47
Slide 48: Financial performance
Financial performance1 Production and sales Realised oil price Revenues mmbbls USD/bbl USD million Production Sales 100 Realised oil price Brent spot 300 282 4 3.7 3.5 90 250 234 3.2 3.2 3.1 3 2.9 2.9 2.8 200 80 200 193 2.4 73 75 2.5 2.3 69 2 70 150 1.8 124 67 62 1.5 60 100 1 50 50 0.5 0 40 0 Q4 202
Slide 49: Hedging
Hedging Net entitlement production is 100% oil Dussafu hedge requirement: • Hedging 40% of volumes year 1 • Hedging 25% of volumes year 2 • No hedge after year 2 • Rolled forward each quarter • 3-way put spreads and zero-cost collars used ‒ Long put at ~55 USD/bbl ‒ Short put at ~35 USD/bbl ‒ Short
Slide 50: Quarterly cash flow developing as expected
Quarterly cash flow developing as expected Cash flow overview • Operating cash flow impacted by extended USD million maintenance and late lifting 4 • Investment spend lower than guided due to rig financing converted to lease 259 • Investments mostly related to Maromba development and Kudu appraisal
Slide 51: Strong financial position
Strong financial position NIBD to EBITDA1 Book equity and equity ratio Total liquidity2 USD million USD million USD million 4.00 1000 44% 46% 46% 41% 40% 900 3.50 800 3.00 529 700 1,001 606 988 2.50 966 600 407 484 940 366 2.00 500 421 280 272 346 341 400 263 1.50 1.5x 296 862 300 1.00 0.9x 0.8x 0.7
Slide 52: Maromba liquidity phasing optimised with new lease
Maromba liquidity phasing optimised with new 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 well
Slide 53: Capital deployment on track towards first oil
Capital deployment on track towards first oil Sources and uses: 2026 - Q4 2027 (at Maromba first oil) Advancing the value creation plan USD million 2,000 ✓ FPSO and Rig financing secured Highly competitive and long-term agreements 1,500 USD 80/bbl Excess cash flow for ✓ CAPEX outlook unchanged Inves
Slide 54: 2026 guidance
2026 guidance 2025 actuals 2026 guidance Production1 29.9 25-30 kbopd (mmbbls) (10.9) (9-11) Operating costs2 20.0 20-24 USD/bbl CAPEX3 445.3 500-600 USD million G&A 21.2 12-14 USD million 54 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Operating costs e
Slide 55: Appendix
Appendix 55
Slide 56: P&L
P&L USD Million Q4 2024 Q3 2025 Q4 2025 FY 2024 FY 2025 Total revenues and other income 233.5 199.6 123.8 795.2 797.9 Operating expenses (91.9) (103.6) (86.7) (337.8) (383.7) Operating profit before depreciation, amortisation and impairment 141.6 96.0 37.1 457.4 414.2 Depreciation and amortisation (
Slide 57: Balance sheet
Balance sheet ASSETS Q4 2024 Q3 2025 Q4 2025 EQUITY AND LIABILITIES Q4 2024 Q3 2025 Q4 2025 Property plant and equipment 1,129.5 1,195.4 1308.3 Shareholders' equity 861.6 987.8 1,001.0 Intangible assets 291.8 421.7 506.2 Total equity 861.6 987.8 1,001.0 Right-of-use assets 101.5 182.3 199.7 Derivati
Slide 58: Cash flow
Cash flow USD Million Q4 2024 Q3 2025 Q4 2025 FY 2024 FY 2025 Profit/(loss) before taxes 72.8 35.5 (4.6) 230.1 187.7 Taxes paid (22.2) (16.0) (10.6) (76.8) (75.3) Depreciation and amortisation 57.1 51.8 35.8 180.9 197.7 Accretion expense 4.4 2.9 2.8 11.0 10.4 Net interest 12.1 0.8 (2.8) 22.6 1.4 Unr
Slide 59: 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 60: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 60