BW Ideol AS

Quarterly Report • Nov 9, 2022

BW Ideol: Third Quarter 2022 Operational Update

BW Ideol: Third Quarter 2022 Operational Update

HIGHLIGHTS

* 1 GW of projects under development and ~2.9 GW of substantiated pipeline

* Design certification by Bureau Veritas and first steel cut on EolMed

project

* Signed MoU with Taiya Renewable Energy in Taiwan, targeting in

particular a floating demonstration tender expected in mid-2023

* Confirmation of tender application date for 250 MW South Brittany tender

by French authorities and progress towards mid-2023 award

* Pre-selection of the consortium EDF Renewables/Maple Power and launch of

the competitive dialogue in for the 2 x 250 MW AO6 Mediterranean Tender

* Signed contract for floating LIDAR deployment on Buchan Offshore Wind

project

* Award of feasibility study for floating wind to power a greenfield FPSO

* Inauguration of the world's first offshore hydrogen production unit

which will be powered by BW Ideol's Floatgen floating offshore wind

turbine

* Focusing on cash discipline

* Award of EUR 2.7 million subsidies from Ademe (French government owned

Agency for the Ecological Transition) to fund R&D program

* Cash position of EUR 11.25 million at end of September supporting growth

strategy

* Positive EUR 1.07 million operating cash-flow during Q3 2022

BW Ideol's mission is to create a sustainable future by using floating

technology to unlock the vast potential of offshore wind. The Company is

executing its dual-track strategy as a co-developer of offshore floating wind

projects and as EPCI (engineering, procurement, construction and installation)

contractor of floating wind technology. Progress is reflected in a growing

project pipeline of commercial-scale projects, new cooperation agreements and

participation in tenders for floating offshore wind farm developments.

The global offshore floating wind market is expanding rapidly amid energy supply

concerns and increasing prices. The total project pipeline has more than doubled

in the past 12 months to 185 GW as of October 2022, according to data from

Renewables UK. The growth comes at a time with increased economic uncertainty

due to the Russian invasion of Ukraine, continued supply chain challenges,

higher interest rates and rising inflation.

"We see very strong momentum for floating wind worldwide with new projects

emerging as nations seek solutions that enable transition to clean renewable

power at scale and support long-term sustainable economic growth. BW Ideol is at

the forefront of this development with our unique execution platform as a

leading project co-developer and a proven technology provider," said Paul de la

Guérivière, the CEO of BW Ideol.

FINANCIALS

Revenue for the first nine months of 2022 was EUR 5.1 million from design and

engineering activities and royalties for projects in France, Scotland and Asia.

This compares with EUR 1.5 million of revenue for the same period of 2021.

Operating loss before depreciation and amortisation (EBITDA) for the period was

EUR 2.2 million, a decrease from EUR 5.4 million loss in the same period of

2021, mainly due to an increase in revenue from customers. Operating cashflow in

the third quarter was positive for the first time at EUR 1.07 million due to

disciplined operational management.

At 30 September 2022, total cash was EUR 11.25 million, compared to EUR 32.8

million at 31 December 2021.

BW Ideol expects to raise additional funding during the first semester of 2023

to execute the growing pipeline of projects under development and upcoming

tenders. The Company is currently exploring various options to cover next three

years' financing needs.

In September 2022, BW Ideol and partners were awarded a EUR 2.7 million combined

public grant and reimbursable advance to fund its R&D activities including more

efficient floating foundations to support high power wind turbines (20 MW),

innovative mooring lines and new sensor technology with real-time inspection and

monitoring of floater behaviour and mooring maintenance in all operational

conditions. The award was made under France's DEMO-TASE program, which supports

development of technological building blocks and pre-industrial demonstrators to

accelerate new energy systems.

OPERATIONS

In September, BW Ideol announced a cooperation with Taiya Renewable Energy for

the joint development of a floating offshore wind pipeline off Taiwan, subject

to due diligence and signing of final partnership agreements. The collaboration

initially covers the development of a 50 MW pilot project. BW Ideol will design,

engineer, build and install the floating foundations based on its proven Damping

Pool technology. Subject to the project reaching final investment decision, COD

(commercial operating date) is targeted before the end of 2026, with

construction expected to start as early as 2025. The partnership agreement also

covers the joint development of several commercial-scale projects.

In France, the government progressed the tender process for the 250 MW AO5

floating wind tender with confirmation of the offshore area near coast of South

Brittany in September and the final date of bid-submission set to February

2023. The award is expected in mid-2023. BW Ideol collaborates with EDF

Renewables and Maple Power on the design of floating foundations for the AO5

development.

The same consortium (EDF Renewables and Maple Power) has also been pre-selected

for the 2 X 250 MW AO6 Mediterranean Tender. In August, the competitive dialogue

was launched. BW Ideol collaborates with this consortium on the design of the

floating foundations.

The EolMed project is under construction with the first steel cut for the

floaters in September and the floater design was fully certified by Bureau

Veritas.

In Scotland, the Floating Energy Allyance (FEA), is proceeding with site

investigations and environmental studies in preparation for the consent

application process for the Buchan Offshore Wind project. During the quarter,

the alliance signed the contract for a floating LIDAR deployment to collect wind

data at the site of the planned 960 MW floating offshore wind farm off the

northeast coast of Scotland. FEA is a development partnership comprising BayWa

r.e., Elicio and BW Ideol.

In September, BW Ideol and Centrale Nantes welcomed the launch of the world's

first offshore hydrogen production unit which will be powered by BW Ideol's

Floatgen which has operated successfully off France's west coast since 2018. The

clean hydrogen project is led by Lhyfe and the « Sealhyfe » hydrogen production

facility will, after a phase of dockside tests, be connected to Floatgen. The

pilot site meets all the necessary conditions to validate the offshore hydrogen

production technology before large-scale industrial deployment, aiming first and

foremost at demonstrating the reliability of an electrolyser at sea.

Also, in September, BW Ideol signed a contract for another feasibility study to

power a greenfield FPSO for an undisclosed client after having finalized a first

feasibility study for another Power-to-Platform project, confirming our

leadership in this segment leveraging on BW Offshore.

Since the beginning of operation, the Floatgen floating unit installed offshore

western France has produced 21.5 GWh of electricity with high availability,

reflecting the seakeeping performance of BW Ideol's proprietary Damping Pool

design.

BW Ideol continues strengthen the organisation and prepare for increased

commercial and project activity. A key part of that is also to increase

diversity and improve the gender balance within the Company. On 2 November, BW

Ideol appointed Sophie Fellah as Chief Legal Officer and Cynthia Moutier as

Chief Human Resources Officer. They are both members of the executive management

team which comprises of eight members, two of which are female.

OUTLOOK

BW Ideol aims to be a leading long-term owner of floating wind assets in key

offshore markets worldwide. The primary focus is to continuously progress,

expand and de-risk the Company's project pipeline.

The goal is to be involved in an approximately 10 GW gross portfolio of floating

offshore wind projects by 2030 by developing the existing pipeline and strong

joint venture partnerships, through scaling and optimisation of the patented

Damping Pool® technology, and by developing the global organisation and

leveraging the partnership with BW Offshore. Based on progress to date and the

rapidly growing pipeline of floating wind projects in various stages of

development, the Company considers itself to be ahead of the 2030 plan.

Please find attached the third quarter 2022 presentation.

WEBCAST

The Company will tomorrow hold a webcast and conference call followed by a Q&A

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://streams.eventcdn.net/bwideol/2022q3/

You can also dial the following numbers:

Norway: +47 23500236

Singapore: +65 64085767

United Kingdom: +44 3333009032

United States: +1 6467224904

Please note that if you follow the webcast via the above URL, you will

experience a 30 second delay compared to the main conference call. 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 Ideol S.A.'s 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

including 1GW under development in Scotland 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