Slide 1: BW Offshore Q2 2026
BW Offshore Q2 2026 24 August 2026 CEO Marco Beenen CFO Ståle Andreassen
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
Slide 3: Highlights
Highlights BW Opal in stable production, Practical • Q2 EBITDA USD 63 million Completion moved to Q2 2027 • H1 EBITDA of USD 110 million • Q2 net loss USD 102 million, including non-cash impairment 2026 EBITDA guidance revised to USD on BW Opal 250-280 million • Underlying Q2 net profit USD 23 milli
Slide 4: Operational Update
Operational Update
Slide 5: BW Opal producing at ~85% of nameplate capacity
BW Opal producing at ~85% of nameplate capacity • Gas production and revenue generation since May restart • Commissioning substantially complete; vendor-related technical issues identified during production ramp-up • Close collaboration with client on production optimisation and spare-parts lead tim
Slide 6: Fleet and HSE performance
Fleet and HSE performance Weighted average fleet uptime1 HSE record (LTM)2 98.9% 98.9% 99.2% 100.0% 99.9% 98.7% 100.0% 100.0% 100.0% 3.0 LTI 3 TRI 4 HPI 5 2.0 1.0 0.0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1) Weighted average fleet uptim
Slide 7: Strong cash flow underpinned by core FPSO fleet
Strong cash flow Unit 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 underpinned by BW Opal Santos, Australia: 2027-2042 (2052) BW Adolo BW Energy, Gabon: 2018-2028 (2038) core FPSO fleet BW Catcher Harbour Energy, UK: 2018-2030 Pioneer Murphy Oil, US: 2012-2030 BW Hurra
Slide 8: Ongoing FEED phase with Equinor
Ongoing FEED phase with Equinor • FEED ongoing and expected to run through end-2026 • First long-lead items ordered • Equinor acquired BP’s interest in the Bay du Nord project, increasing ownership to 100%1 • Final Investment Decision (FID) and potential contract award expected in early 2027 • Offic
Slide 9: Finance
Finance
Slide 10: EBITDA performance
EBITDA performance Q2 EBITDA Revised 2026 EBITDA outlook • Increased EBITDA driven by 63 USD million 250-280 USD million commercial uptime in line with Previously USD 310-340 million expectations for the quarter ~USD 50 million BW Opal • Partly offset by new charter hire ~USD 10 million tender and A
Slide 11: Income statement
Income statement USD million Q2 2026 Q1 2026 2025 Operating revenues 163.1 130.2 509.5 Operating expenses (100.6) (82.3) (269.4) • EBITDA increased due to BW EBITDA 62.5 47.9 240.1 Opal revenue recognition Depreciation & amortisation (20.3) (20.4) (95.5) Impairment (125.3) 0.0 (14.5) • Non-cash impa
Slide 12: Q2 cash flow overview
Q2 cash flow overview USD million 42 38 • Operating cash flow remain 25 stable quarter on quarter 27 15 2 7 11 25 • Increased investment activity 7 in Q2 relates to BW Opal and investment into money market funds 340 257 251 12
Slide 13: Net cash balance provides flexibility through the investment cycle
Net cash balance provides flexibility through the investment cycle Consolidated net debt and leverage ratio1 Equity ratio2 USD million 50% 260 40% 160 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 30% 28.3% 60 20% -40 -140 -101 10% -240 0% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 24 Q4 24 Q1 25
Slide 14: Solid financial position provides resilience and flexibility
Solid financial position provides resilience and flexibility Maturity profile USD million USD 11.3 million cash 100 Available liquidity dividend for Q2 2026 90 USD 511 million1 80 USD 0.063 per share 70 60 50 40 Remaining committed investments 30 20 BW Opal: ~USD 120 million remaining cash to comple
Slide 15: Strategic priorities
Strategic priorities
Slide 16: Promising FPSO market outlook
Promising FPSO market outlook Selection criteria • Secure return requirement through firm 70+ likely FPSO awards 2026-20301 contract period Contracting type by region • Strong counterparties • Partner model 20 Lease Lease/Own Own Competitive offering 15 • Gas FPSO expertise 4 1 • Harsh-environment s
Slide 17: Progressing new prospects
Progressing new prospects Focus on 2-4 prospects each year, ambition to win one project every other year Bay du Nord 4 Buzios 12, KAN and Zama are identified tender Kan + others 2 targets for 2026 4 5 Identified projects for BW 10 Target 14 Hurra redeployment Buzios 12 + others 3 6 15 3 Leveraging B
Slide 18: Floating transition solutions
Floating transition solutions Commercial Solution viability Project status Floating offshore wind • Full capacity reached for the 30 MW EolMed project • Onshore consent awarded for the Buchan 960 MW project 3-5 years • Partnership agreement with NGE for the Fos3F floating 68% owned foundation serial
Slide 19: Outlook
Outlook • Progress BW Opal to Practical Completion in Q2 2027 • Complete FEED for Bay du Nord in 2026 • Target one FPSO FID within 12 months • Bring first FDU to market • Maintain an attractive shareholder return programme 19
Slide 20: We engineer offshore production solutions to progress the future of energy.
We engineer offshore production solutions to progress the future of energy. 20
Slide 21: Analytical information
Analytical information Annual firm period Annual Unit Contract status LDT EBITDA depreciation Other information • Production tariff: BW Adolo 2018-2028 (2038) 47,544 USD 60 - 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 bbls/day
Slide 22: Income statement
Income statement Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 CONTINUING OPERATIONS Operating revenue 168.6 151.9 150.9 135.3 606.7 153.4 127.8 101.2 127.1 509.5 130.2 163.1 Operating expenses (83.1) (74.5) (67.7) (63.4) (288.7) (62.1) (70.7) (57.3)
Slide 23: Other comprehensive income
Other comprehensive income Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Net profit/(loss) for the period 36.8 29.2 13.0 40.8 119.8 62.2 24.6 23.3 24.1 134.2 23.4 (102.1) 23.2 Currency tra ns l a tion di fferences (2.2) (0.9) 4.8 (6.8) (5.1) 4.8 6.8 (
Slide 24: Balance sheet
Balance sheet ASSETS 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Vessels 2,889.2 2,969.3 3,037.1 3,138.6 3,086.4 3,217.1 3,299.7 3,373.2 3,399.7 3,350.0 Other property, plant & equipment 2.6 2.4 2.3 2.1 2.0 1.9 2.4 2.5 2.4 2.2 Right-of-use as
Slide 25: Cash flow
Cash flow Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Profit/(loss) before taxes 39.5 31.5 15.5 40.8 127.2 79.5 25.1 25.6 25.1 155.3 26.4 (89.9) Adjustments for: Depreciation and amortisation 45.7 45.5 45.6 41.1 177.9 32.4 21.4 21.4 20.3 95.5 20.4
Slide 26: Key figures
Key figures Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 EBITDA-margin 50.7 % 51.0 % 55.1 % 53.1 % 52.4 % 59.5 % 44.7 % 43.5 % 37.6 % 47.1 % 36.8 % 38.3 % Equity ratio 31.1 % 30.4 % 29.6 % 30.8 % 30.8 % 30.9 % 30.7 % 30.5 % 30.2 % 30.2 % 30.0 % 28.3