BW Offshore

DNB Energy & Shipping Conference 2025 Marco Beenen, CEO

5 March 2025

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 and results of BW Offshore and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of BW Offshore or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of BW Offshore or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. BW Offshore assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither BW Offshore nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences may be material.

By attending this Presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Offshore and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Offshore. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein.

This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. BW Offshore has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Offshore. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

In any EEA Member State that has implemented Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market Directive 2003/71/EC (together with any applicable implementing measures in any member State, the "Prospectus Directive Regulation"), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive Regulation.

This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.

Innovation to meet global energy demands

Global FPSO owner and operator with >40 years of track record
OSE-listed since 2006 with ~USD 490 million¹ market cap
BW Group largest shareholder with ~49.9% ownership
BW Opal on track for first gas mid-2025, strengthening cash flow
Operational excellence with 99.3% uptime throughout 2024
~64% owner of floating wind company BW Ideol

40 Executed projects

USD 6.2Bn Probable backlog

USD 318M

USD 120M 2024 net profit

Strong cash flow underpinned by the core FPSO fleet

Revenue backlog end Q4 2024 of which USD ~5.3 billion (85%) is firm¹

BW Opal BW Adolo, BW Catcher and BW Pioneer

1) Option backlog includes options deemed likely to be exercised. Barossa

Unit	2018	2019
BW Opal	Santos, Australia: 2025-2040 (2050)
BW Adolo	BW Energy, Gabon: 2018-2028 (2038)2
BW Catcher	Harbour Energy, UK: 2018-2025 (2043)
BW Pioneer		Murphy Oil, US: 2012-2025 (2030)

Lease & Operate - fixed period Lease & Operate - option period Construction / EPC

BW Opal

Annual EBITDA USD 255-265 million
Cash flow to BW Offshore ~USD 30 million annually

BW Adolo

Annual EBITDA USD 60-75 million
Volume based production tariff

BW Catcher • Annual EBITDA ~USD 160-170 million

• Expected to remain on contract through 2028

BW Pioneer

Contract negotiations progressing well
Murphy planning further drilling in 2026

backlog includes USD 4.6bn (gross) firm period. 2) BW Energy has an option to acquire the unit in 2028 for USD 100 million, the current license expires in 2038.

The Barossa project - Overview

Key project details	Project specifications
Joint Venture Partners	Santos (S&P BBB-) SK E&S (S&P BBB-) JERA (S&P A-)
Barossa field	Natural gas and light condensate P50 reserves 5.1 Tscf of gas and 50 MMstb of condensate
Contract	15 Years fixed term plus 10 year options, total 25 years
Field Development Plan	The FPSO is the central facility to process well stream fluid from the subsea production system, process condensate for storage and offtake gas for pipeline export	Bayu-Undan
Production	Production start in H2 2025 LNG production: ~ 3.7 million metric tonnes p.a. utilising the existing Darwin LNG liquefaction facility Condensate production rate: ~ 1.5 million barrels p.a.
Operating life	25+ years

Barossa

Darwin

BW Opal getting ready for sail-away

Naming ceremony held 15 February
Construction and integration 99% complete
Commissioning 85% complete
Sail-away scheduled for April with limited offshore scope of work remaining
FPSO on track to be ready for first gas mid 2025
Expected completion cost well within guidance given in November

Progressing new prospects

Likely FPSO awards 2025-2030¹

Market backdrop

Brent price supports demand for new FPSOs, contract extensions and redeployments
High tendering and FEED-activity
Trend towards EPCI plus O&M models

Selection criteria

Firm contract periods meeting return requirements with no residual value risk for leases
Infrastructure-like projects
Solid NOCs or investment-grade counterparties
Working and co-investing with partners
Complex Gas FPSOs, leveraging experience from the Barossa project
Proven harsh environment hull and mooring solutions
Redeployment
Project financing and structuring capabilities

Capturing energy transition opportunities

Employ project, operational and financial experience to offshore application of proven technologies
Disciplined approach to allocation of capital

Floating wind through

Proof of concept

Growing co-development portfolio

CO² value chain

production

Low emissions energy

Low-carbon offshore

energy productions

30 MW project under construction

Clean fuels and water

Solid financial position provides financial flexibility

Growing dividend distribution

50% of net profit for 2024 distributed to shareholders, maximum allowed under debt covenants⁴
Total distribution based on 2024 results equal to USD 59 million, equivalent to USD 0.33/share
USD 177 million distributed since 2021
Quarterly 2025 distributions planned based on USD 0.25/share annually, with potential adjustment for Q4
1) On a consolidated basis.
2) Dividend yield calculation per 27.02.25
3) Includes undrawn amount of USD 233.8 million on the RCF, excludes USD 8.9 million in consolidated cash from BW Sirocco Holdings AS, includes USD 9.7 million in Barossa Asset Co.
4) Covenant in the RCF, Catcher facility and NOK bond specify that shareholder distributions may not exceed the higher of 50% of the parent's net profit according to its latest annual financial statements and USD 0.25 for each outstanding share in the parent.

Why invest in BW Offshore?

Leading operator of global maritime energy assets with four decades of track record 1

Strong backlog and predictable cash flow from existing FPSO fleet with value triggers in future extensions 2

Increased cash generation when BW Opal comes into production mid 2025 3

4 Solid financial position supportive of future growth

Consistent and growing quarterly dividend paid since introduction in 2020 5

Well positioned for energy transition markets through disciplined investments 6

We engineer offshore production solutions to progress the future of energy.

AI Terminal

Bw Offshore Ltd.

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