BW Ideol AS

Earnings Release • Aug 23, 2023

BW Ideol: First Half 2023 Results

BW Ideol: First Half 2023 Results

HIGHLIGHTS

MATURING PROJECTS UNDER DEVELOPMENT

* Completion of geophysical and environmental campaigns and first year of bird

and mammal surveys on Buchan Offshore Wind project

* Start of prefabricated floater steel blocks assembly of EolMed floaters in

Port-la-Nouvelle

EXPANDING THE SUBSTANTIATED PIPELINE IN STRATEGIC MARKETS

* Signed HoT with Elawan to co-develop projects in Spain and Portugal

* Signed a new partnership in South Korea for co-development and co-EPCI of a

GW scale floating wind project

SECURING ADDITIONAL FUNDING

* Signed agreement for a EUR 40 million funding by ADEME Investissement of BW

Ideol's project development activities (July)

* Signed EUR 12 million shareholder loan with BW Offshore and Noria

ACCELERATING PREPARATION FOR EPCI ACTIVITIES

* Progressing on feasibility studies for standardised production line

delivering ~1 GW of floaters per year

* Port of Ardersier hub consolidated by GBP 300 million investment from

Quantum Energy Partners

* ISO 14001 environmental management certification

MAINTAINED FOCUS ON CASH DISCIPLINE

* First half 2023 engineering revenue of EUR 2 million

* Cash position of EUR 5.9 million at end of June 2023

* First half operating cash-burn of EUR 3.5 million

BW Ideol continues to make good progress in executing its dual-leg strategy as

co-developer of floating wind projects and as EPCI contractor of floating wind

technology by maturing ongoing projects and adding new opportunities to the

project pipeline.

At the end of June 2023, BW Ideol had 1 GW of projects under development and

approximately 4.4 GW of substantiated pipeline. Business development activity is

high as nations and corporations seek ways to decarbonise various industry value

chains. This is reflected in four feasibility studies for oil and gas companies

for creating a framework for power-to-platform projects in cooperation with BW

Offshore. The agreement for a EUR 40 million funding by ADEME Investissement of

BW Ideol's project development activities agreement combined with the EUR 12

million shareholder loan with BW Offshore and Noria are expected to finance BW

Ideol's business plan for the next 12 months.

"We continue to expand our pipeline of floating offshore wind projects as a

technology and EPCI provider and as a co-developer of renewable power

generation. The creation of a joint project company and funding agreement with

ADEME Investissement confirm the significant value of our project portfolio and

provide capital to realise the potential for long-term value creation through

our leading floating wind execution platform," said Paul de la Guérivière, the

CEO of BW Ideol.

Revenue for the first half of 2023 was EUR 2 million, mainly related to design

and engineering activities in France, Norway, UK, Japan, the US and Canada. This

compares with EUR 2.7 million for the same period of 2022. Operating loss before

depreciation and amortisation (EBITDA) for the period was EUR 3.5 million

compared to EUR 2.1 million in the same period of 2022. The year-over-year

change reflects the decrease in revenue from customers and in the amount of

French R&D tax credit received.

At 30 June 2023, total equity was EUR 87.8 million and the equity ratio was

72%. Total cash was EUR 5.9 million, compared to EUR 9.1 million at 31 December

2022. Interest-bearing debt was EUR 9.9 million.

Please see the attached half-year report and presentation for more information.

WEBCAST

The Company will hold a webcast call followed by a live Q&A tomorrow, 24 August

at 09:00 CEST. The webcast will be held in English by CEO Paul de la Guérivière

and CFO Nicolas de Kerangal.

The webcast will be available by following this link:

https://app.webinar.net/QBaeP3YLrR2

The web page works best in an updated browser - Chrome is recommended.

For further information, please contact:

Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0)

7 76 87 70 08, ir@bw-ideol.com

About BW Ideol:

BW Ideol is a leading fully integrated platform in floating offshore wind with

more than 12 years of experience from design, execution and development of

floating wind projects based on our patented floating offshore wind technology

and engineering capabilities. The company has a dual-leg growth strategy as a

floater EPCI and maintenance services provider and as a wind-farm project

developer and co-owner. BW Ideol has two full-scale offshore floating wind

turbines in operation in France and Japan, a significant project pipeline, and

is supported by BW Offshore's extensive experience from developing and operating

offshore energy production systems.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.