BW Ideol AS

BW Ideol : Signing of Joint Development Agreement with ENEOS Corporation for a commercial-scale floating offshore wind farm in Japan

BW Ideol (CEO: Paul De La Guérivière) is pleased to announce the signing of a

joint development agreement with ENEOS Corporation (President: Katsuyuki Ota),

Japan's largest oil refiner and distributor, to develop a site-specific

commercial-scale floating offshore wind farm off Japan based on BW Ideol's

patented Damping Pool® technology. The two companies will collaborate very

closely and contribute to the early commercialization of cost-competitive

floating offshore wind power in Japan.

BW Ideol is a global leader in floating offshore wind with a fast-growing

pipeline of commercial-scale projects across the globe. BW Ideol is the only

floating technology provider with two full-scale assets in operation in two

strategic and pioneering markets for floating wind (France and Japan).

Paul De La Guérivière, CEO of BW Ideol, commented "We are very honoured to team

up with a leading player such as ENEOS. This collaboration confirms once again

that our two-leg strategy of providing a proven technology and investing in the

co-development of a project is extremely relevant in the context of a fast-

accelerating new industry. We are pleased to keep on building a multi-GW project

portfolio in Japan and add this project to our existing agreements for

commercial-scale projects with other leading Japanese developers and utilities,

confirming our unique position in this strategic market."

Japan's offshore wind projects are currently being developed under the Act on

Promoting the Utilization of Sea Areas for the Development of Marine Renewable

Energy Power Generation Facilities, and it is said that the potential of

floating offshore wind turbines is three times greater than that of fixed bottom

offshore wind as waters around Japan tend to quickly become very deep a few km

from shore. Floating offshore wind has the potential to substantially contribute

to achieving carbon neutrality and reducing the cost of energy transition.

ENEOS' renewable energy business is central to the group strategy and it is

developing mega solar power plants (18 sites, approx. 46MW), wind power plants

(2 sites, approx. 4MW) and biomass power plants (1 site, approx. 68MW) across

Japan. In the offshore wind power business, ENEOS participated in a project off

the coast of Taiwan in April 2019, and in September 2020, ENEOS participated in

the development of projects off the coast of Happo Town and Noshiro City in

Akita Prefecture. In addition, in June 2021, ENEOS was selected as the operator

of a floating offshore wind power generation project off the coast of Goto City

in Nagasaki Prefecture.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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