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IP - BW Offshore: First quarter results 2025 - Attachment: 2025 Q1 Presentation.pdf

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# **BW Offshore Q1 2025**

**2 June 2025**

**CEO Marco Beenen CFO Ståle Andreassen**

![](_page_0_Picture_3.jpeg)

## **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 man 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 (together with any applicable implementing measures in any member State, the "Prospectus Regulation"), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus 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.

# **Highlights**

- **Q1 EBITDA of USD 91 million**
- **Q1 net profit of USD 62 million**
- **Q1 cash dividend of USD 11 million equal to USD 0.063 per share**

**BW Opal under way for first gas in Q3 2025**

### **Sale of BW Pioneer for USD 125 million**

**USD 36 million arbitration settlement in April received** 

![](_page_3_Picture_0.jpeg)

![](_page_4_Picture_0.jpeg)

# **BW Opal enroute to field**

- Commissioning 100% complete
- Sail-away on 28 May from Singapore to Australia
- 2 to 3-week tow, immediate hook-up on arrival
- FPSO on track to be ready for first gas Q3 2025
- Expected completion cost well within guidance given in November 2024

### **Fleet and HSE performance**

![](_page_5_Figure_1.jpeg)

### **Weighted average fleet uptime<sup>1</sup> HSE record (LTM)<sup>5</sup>**

![](_page_5_Figure_4.jpeg)

• One recorded HPI

1) Weighted average fleet uptime based on units' actual vs. potential revenue contribution.

- 2) Lost time injuries per million man-hours.
- 3) Total recordable incidents per million man-hours.
- 4) High potential incidents per million man-hours.
- 5) The incident statistics include incidents by BW Offshore employees and contractors.

# **Sale of BW Pioneer for USD 125 million**

- Agreement provides flexibility for Murphy Oil and extends operations on marginal producing fields
- Five-year reimbursable O&M contract signed, with potential upside related to production level
	- One infill well planned in 2026

![](_page_6_Picture_4.jpeg)

**Strong cash flow underpinned by the core FPSO fleet** 

**Revenue backlog end Q1 2025 of which USD ~5.4 billion (89%) is firm<sup>1</sup>**

![](_page_7_Figure_2.jpeg)

1) Option backlog includes options deemed likely to be exercised. Barossa backlog includes USD 4.6bn (gross) firm period.

| Unit       | 2021                                 | 2022 | 2023                      | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 |
|------------|--------------------------------------|------|---------------------------|------|------|------|------|------|------|------|------|------|------|------|------|
| BW Opal    | Santos, Australia: 2025-2040 (2050)  |      |                           |      |      |      |      |      |      |      |      |      |      |      |      |
| BW Adolo   | BW Energy, Gabon: 2018-2028 (2038)   |      |                           |      |      |      |      |      |      |      |      |      |      |      |      |
| BW Catcher | Harbour Energy, UK: 2018-2025 (2043) |      |                           |      |      |      |      |      |      |      |      |      |      |      |      |
| BW Pioneer |                                      |      | Murphy Oil, US: 2012-2030 |      |      |      |      |      |      |      |      |      |      |      |      |

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

![](_page_7_Picture_7.jpeg)

**BW Opal** • On track to receive first gas during Q3 2025

### **BW Adolo**

- Q4 gross oil production of ~39,000 bbls/day
- O&M handed over, BW Offshore retaining ownership
- Call and put option USD 100 million

![](_page_7_Picture_13.jpeg)

**BW Catcher** • Q1 production of ~23,900

• Expected to remain on contract through 2028

bbls/day

![](_page_7_Picture_14.jpeg)

![](_page_7_Picture_15.jpeg)

### **BW Pioneer**

• Sold for USD 125 million to Murphy oil

![](_page_7_Picture_18.jpeg)

# **A solid partner**

**FINANCE**

# **EBITDA Performance**

- EBITDA includes USD 21 million impact from arbitration award
- 2025 EBITDA outlook unchanged

### **Q1 EBITDA**

![](_page_9_Figure_4.jpeg)

![](_page_9_Figure_5.jpeg)

### **2025 EBITDA outlook**

**220-250**

**USD million (FY expected)**

### **Income statement**

- Reduced depreciation on BW Catcher from 2025
- USD 14.8 million gain on sale of BW Pioneer
- USD 4.1 million interest from arbitration settlement
- Income tax largely related to sale of BW Pioneer
- Earnings per share of USD 0.34

| USD million                                                 | Q1 2025 | Q4 2024 | 2024    |
|-------------------------------------------------------------|---------|---------|---------|
| Operating revenues                                          | 153.4   | 135.3   | 606.7   |
| Operating expenses                                          | (62.1)  | (63.4)  | (288.7) |
| EBITDA                                                      | 91.3    | 71.9    | 318.0   |
| Depreciation & Amortisation                                 | (32.4)  | (41.1)  | (177.9) |
| Impairment                                                  | 0.0     | 0.0     | 1.1     |
| Gain (loss) on sale of assets                               | 14.8    | 0.0     | 0.0     |
| EBIT                                                        | 73.7    | 30.8    | 141.2   |
| Net interest Income (expense)                               | 1.1     | (3.0)   | (20.8)  |
| Gain (loss) on financial<br>instruments                     | 6.5     | 2.6     | 0.1     |
| Other financial items                                       | 2.8     | 19.8    | 20.0    |
| Net financial income (expense)                              | 10.4    | 19.4    | (0.7)   |
| Share of profit (loss) from equity<br>accounted investments | (4.6)   | (9.5)   | (13.3)  |
| Profit (loss) before tax                                    | 79.5    | 40.7    | 127.2   |
| Income tax expense                                          | (17.3)  | 0.1     | (7.4)   |
| Net profit (loss) for the period                            | 62.2    | 40.8    | 119.8   |

# **Q1 cash flow overview**

- USD ~6 million received in pre-payment of the Barossa FPSO dayrate
- USD 100 million received for the sale of BW Pioneer
- Rebalancing swap portfolio Closing swap positions for USD 19 million

### **USD million**

![](_page_11_Figure_7.jpeg)

## **Financing received tracking Barossa progress**

**Funds received end Q1 2025**

![](_page_12_Figure_2.jpeg)

## **Strong cash flow and low leverage support growth**

### **Consolidated net debt and leverage ratio<sup>1</sup> Equity ratio<sup>2</sup>**

![](_page_13_Figure_2.jpeg)

Consolidated net debt / LTM reported EBITDA

1) Not including lease liabilities (USD 20.3 million as of Q1 2025) and finance liability related to Barossa lease (USD 1,409 million as of Q1 2025, expected first gas in Q2 2025).

2) Equity ratio impacted by Barossa accounting, which includes both the financing liability and deferred revenues of USD 990 million. The latter reflects the total invoiced pre-payments, of which USD 988 million have been received.

![](_page_13_Figure_7.jpeg)

# **Solid financial position provides financial flexibility**

![](_page_14_Figure_1.jpeg)

### **Maturity profile**

USD million

![](_page_14_Figure_4.jpeg)

1) Includes undrawn amount of USD 100 million on the RCF, excludes USD 7.3 million in consolidated cash from BW Sirocco Holdings AS, includes USD 41.2 million in Barossa Asset Co.

# **Strategic priorities**

# **Progressing new prospects**

**Likely FPSO awards 2025-2030<sup>1</sup>**

### **Market backdrop**

- Demand for FPSOs remains high
- High tendering and FEED-activity
- Trend towards EPCI plus O&M models for large FPSOs

### **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

- Large Gas FPSOs, leveraging experience from the Barossa project
- Proven harsh environment hull and mooring solutions
- Redeployment Recently acquired FPSO hull enables rapid deployment
- Project financing and structuring capabilities

![](_page_16_Figure_17.jpeg)

1) Approximate locations. Source: Energy Maritime Associates Pte Ltd April 2025.

# **Acquiring FPSO Nganhurra for redeployment opportunities**

![](_page_17_Picture_1.jpeg)

- Signed agreement to acquire the FPSO Nganhurra
- Constructed in 2006, operated offshore Western Australia until 2018
- Limited upfront payment additional consideration contingent upon redeployment by June 2027
- High-quality unit in a scarce market
- Enhances fast-track redeployment solutions for clients – several prospects targeted
- Minimal lay-up costs, low recycling risk

# **BW Ideol building substantial floating wind EPCI pipeline**

- Tangible EPCI pipeline for ~70 floating foundations with 1 GW Buchan project in Scotland and the 250 MW AO6 project in France
- Developing fabrication lines in Ardersier (UK) and South of France to unlock the supply chain constraints
- Continuing investor and partner dialogues as a private company
- EUR 6.7 million shareholder loan provided to finance the next 12 months of operation

### **Eolmed: Assembly of final transition piece at the yard**

![](_page_18_Picture_6.jpeg)

Source: Eolmed, BW Ideol, Qair

## **Outlook**

- Complete the Barossa project for start-up during Q3 2025
- Selectively progress new FPSO projects, targeting one FID in 2025
- Continued support of BW Ideol as an early mover in floating wind EPCI
- Maintain an attractive shareholder return programme

![](_page_19_Picture_5.jpeg)

![](_page_19_Picture_6.jpeg)

![](_page_20_Picture_0.jpeg)

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

# **Analytical information**

| Unit       | Contract status  | LDT     | Annual firm period EBITDA range | Annual depreciation | Other information                                                                                                                                                     |
|------------|------------------|---------|---------------------------------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| BW Adolo   | 2018-2028 (2038) | 47,544  | USD 55 - 70 million1            | USD ~27 million     | •<br>Production tariff:<br>•<br>USD 1.5/bbls up to 20,000 bbls/day production<br>•<br>USD 3/bbls for each bbls beyond 20,000 bbls/day                                 |
| BW Catcher | 2018-2026 (2043) | 57,764  | USD 160 - 170 million           | USD ~45 million     |                                                                                                                                                                       |
| BW Pioneer | 2025-2030        | 29,092  | USD 4-6 million                 | N/A                 | •<br>Service fee increases in tiers based on actual average daily<br>production each quarter                                                                          |
| BW Opal    | 2025-2040 (2050) | 125,298 | USD 255 - 265 million           | USD ~160 million2   | •<br>USD ~1 billion of non-cash revenue to be amortised until end of<br>firm period<br>•<br>Cash flow to BW Offshore after debt service: USD ~30 million<br>per annum |

### **Comments:**

- Fleet book values as of Q1
	- o Vessels in operation: USD 703 million
	- o Vessels under construction: USD 2,369 million

1) Varies with BW Adolo production levels and corresponding tariffs.

<sup>2)</sup> Hull value is depreciated over 25 year. Rest of book value is depreciated over 15 years.

### **Income statement**

|                                                           |        | Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 |        |                     |                |                      |         |        | Q1 2025 Q3 2024 Q4 2024 FY 2024 Q1 2025 |                |            |
|-----------------------------------------------------------|--------|-------------------------------------------------|--------|---------------------|----------------|----------------------|---------|--------|-----------------------------------------|----------------|------------|
| CONTINUING OPERATIONS                                     |        |                                                 |        |                     |                |                      |         |        |                                         |                |            |
| Operating revenue                                         | 166.3  | 166.1                                           | 156.4  | 170.4               | 659.2          | 168.6                | 166.1   | 150.9  | 135.3                                   | 620.9          | 153.4      |
| Operating expenses                                        | (87.3) | (105.2)                                         | (81.9) |                     | (79.3) (353.7) | (83.1)               | (105.2) | (67.7) |                                         | (63.4) (319.4) | (62.1)     |
| Operating profit /(loss) before depreciation/amortisation | 79.0   | 60.9                                            |        |                     |                | 74.5 91.1 305.5 85.5 |         |        | 60.9 83.2 71.9 301.5 91.3               |                |            |
|                                                           |        |                                                 |        |                     |                |                      |         |        |                                         |                |            |
| Depreciation                                              | (46.9) | (45.0)                                          | (44.7) |                     | (45.5) (182.1) | (44.3)               | (45.0)  | (44.2) |                                         | (39.8) (173.3) | (31.0)     |
| Amortisation                                              | (1.3)  | (1.3)                                           | (1.2)  | (1.3)               | (5.1)          | (1.4)                | (1.3)   | (1.4)  | (1.3)                                   | (5.4)          | (1.4)      |
| Impairment vessels and other assets                       | -      | (5.1)                                           | -      | -                   | (5.1)          | 1.1                  | (5.1)   | -      | -                                       | (4.0)          | 0.0        |
| Gain/(loss) sale of assets                                | 6.4    | 8.7                                             | 9.6    | -                   | 24.7           | 0.0                  | 8.7     | -      | -                                       | 8.7            | 14.8       |
| Operating profit/(loss)                                   | 37.2   | 18.2                                            |        |                     |                | 38.2 44.3 137.9 40.9 |         |        | 18.2 37.6 30.8 127.5 73.7               |                |            |
|                                                           |        |                                                 |        |                     |                |                      |         |        |                                         |                |            |
| Interest income                                           | 1.1    | 2.9                                             | 1.8    | 3.3                 | 9.2            | 2.9                  | 2.9     | 4.4    | 4.7                                     | 14.9           | 6.4        |
| Interest expense                                          | (13.5) | (11.7)                                          | (11.9) | (12.3)              | (49.5)         | (11.6)               | (11.7)  | (8.7)  | (7.7)                                   | (39.7)         | (5.3)      |
| Gain/(loss) on financial instruments                      | (13.9) | 2.9                                             | 10.4   | 11.5                | 10.9           | 3.1                  | 2.9     | (8.1)  | 2.6                                     | 0.5            | 6.5        |
| Other financial items                                     | 10.3   | 1.0                                             | (2.8)  | (21.9)              | (13.4)         | 6.4                  | 1.0     | (4.0)  | 19.8                                    | 23.2           | 2.8        |
| Net financial income/(expense)                            | (16.0) | (4.9)                                           |        | (2.5) (19.4) (42.8) |                | 0.8                  |         |        | (4.9) (16.4) 19.4                       |                | (1.1) 10.4 |
|                                                           |        |                                                 |        |                     |                |                      |         |        |                                         |                |            |
| Share of profit/(loss) from equity-accounted investees    | (0.3)  | 0.6                                             | 0.4    | 17.5                | 18.2           | (2.2)                | 0.6     | (5.7)  | (9.5)                                   | (16.8)         | (4.6)      |
| Profit/(loss) before tax                                  | 20.9   | 13.9                                            |        |                     |                | 36.1 42.4 113.3 39.5 |         |        | 13.9 15.5 40.7 109.6 79.5               |                |            |
|                                                           |        |                                                 |        |                     |                |                      |         |        |                                         |                |            |
| Income tax expense                                        | (3.1)  | (3.0)                                           | (7.2)  | (2.4)               | (15.7)         | (2.7)                | (3.0)   | (2.5)  | 0.1                                     | (8.1)          | (17.3)     |
| Profit/(loss) from continuing operations                  | 17.8   | 10.9                                            |        |                     |                | 28.9 40.0 97.6 36.8  |         |        | 10.9 13.0 40.8 101.5 62.2               |                |            |
| DISCONTINUED OPERATION                                    |        |                                                 |        |                     |                |                      |         |        |                                         |                |            |
| Profit/(loss) from discontinued operation                 | -      | -                                               | -      | -                   | -              | -                    | -       | -      | -                                       | -              | -          |
| Net profit/(loss) for the period                          | 17.8   | 10.9                                            | 28.9   | 40.0                | 97.6           | 36.8                 | 10.9    | 13.0   | 40.8                                    | 101.5          | 62.2       |
|                                                           |        |                                                 |        |                     |                |                      |         |        |                                         |                |            |
| Attributable to shareholders of the parent                | 18.5   | 12.0                                            | 30.0   | 39.9                | 100.4          | 37.0                 | 12.0    | 13.7   | 40.7                                    | 103.4          | 61.7       |
| Attributable to non-controlling interests                 | (0.7)  | (1.1)                                           | (1.1)  | 0.1                 | (2.8)          | (0.2)                | (1.1)   | (0.7)  | 0.1                                     | (1.9)          | 0.5        |
| EARNINGS PER SHARE                                        |        |                                                 |        |                     |                |                      |         |        |                                         |                |            |
| Basic earnings/(loss) per share (USD) net                 | 0.10   | 0.07                                            | 0.17   | 0.22                | 0.56           | 0.20                 | 0.07    | 0.08   | 0.23                                    | 0.58           | 0.34       |
| Diluted earnings/(loss) per share (USD) net               | 0.09   | 0.07                                            | 0.15   | 0.20                | 0.52           | 0.19                 | 0.07    | 0.08   | 0.21                                    | 0.55           | 0.34       |

### **Other comprehensive income**

|                                                       | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY2023 | Q1 2024 | Q1 2024 | Q3 2024 | Q4 2024 | FY2024 | Q1 2025 |
|-------------------------------------------------------|---------|---------|---------|---------|--------|---------|---------|---------|---------|--------|---------|
| Net profit/(loss) for the period                      | 17.8    | 10.9    | 28.9    | 40.0    | 97.6   | 36.8    | 10.9    | 13.0    | 40.8    | 101.5  | 62.2    |
|                                                       |         |         |         |         |        |         |         |         |         |        |         |
| Currency trans lation differences                     | 1.2     | 1.1     | (3.7)   | 5.1     | 3.7    | (2.2)   | 1.1     | 4.8     | (6.8)   | (3.1)  | 4.8     |
| Equity-accounted investees - share of OCI             | (9.2)   | 10.7    | 20.7    | (26.1)  | (3.9)  | 12.8    | 10.7    | (22.3)  | 22.8    | 24.0   | (9.5)   |
| Net profit/(loss ) on cash flow hedges                | 1.0     | 1.8     | 1.4     | 0.7     | 4.9    | (0.7)   | 1.8     | 0.6     | (0.6)   | 1.1    | 0.0     |
| Net items to be reclassified to profit or loss:       | (7.0)   | 13.6    | 18.4    | (20.3)  | 4.7    | 9.9     | 13.6    | (16.9)  | 15.4    | 22.0   | (4.7)   |
|                                                       |         |         |         |         |        |         |         |         |         |        |         |
| Remeas urement of defined benefit liability (as set)  | -       | -       | -       | (0.1)   | (0.1)  | -       | -       | -       | (0.1)   | (0.1)  | 0.0     |
| Equity Investments at FVOCI -net change in fair value | -       | -       | -       | (0.4)   | (0.4)  | -       | -       | -       | -       | -      | -       |
| Net items not to be reclassified to profit or loss:   | -       | -       | -       | (0.5)   | (0.5)  | -       | -       | -       | (0.1)   | (0.1)  | 0.0     |
|                                                       |         |         |         |         |        |         |         |         |         |        |         |
| Other comprehensive income, net of tax                | (7.0)   | 13.6    | 18.4    | (20.8)  | 4.2    | 9.9     | 13.6    | (16.9)  | 15.3    | 21.9   | (4.7)   |
|                                                       |         |         |         |         |        |         |         |         |         |        |         |
| Total comprehensive income                            | 10.8    | 24.5    | 47.3    | 19.2    | 101.8  | 46.7    | 24.5    | (3.9)   | 56.1    | 123.4  | 57.5    |
|                                                       |         |         |         |         |        |         |         |         |         |        |         |
| Attributable to shareholders of the parent            | 10.7    | 25.1    | 49.9    | 18.5    | 104.2  | 48.2    | 25.1    | (5.3)   | 59.8    | 127.8  | 54.8    |
| Attributable to non-controlling interests             | 0.1     | (0.6)   | (2.6)   | 0.7     | (2.4)  | (1.5)   | (0.6)   | 1.4     | (3.7)   | (4.4)  | 2.7     |

### **Balance sheet**

| ASSETS                                                   |         | 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 |         |         |         |         |         |         |         |
|----------------------------------------------------------|---------|---------------------------------------------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|
| Vessels                                                  | 2,379.3 | 2,520.9                                                                                     | 2,662.7 | 2,833.5 | 2,889.2 | 2,969.3 | 3,037.1 | 3,138.6 | 3,086.4 |
| Other property, plant & equipment                        | 6.8     | 4.8                                                                                         | 2.9     | 2.8     | 2.6     | 2.4     | 2.3     | 2.1     | 2.0     |
| Right-of-use assets                                      | 19.2    | 17.3                                                                                        | 15.3    | 13.8    | 25.9    | 24.0    | 22.2    | 21.4    | 21.5    |
| Intangible assets and goodwill                           | 87.9    | 87.5                                                                                        | 83.8    | 87.8    | 85.2    | 84.0    | 86.5    | 80.4    | 83.4    |
| Equity-accounted investees                               | 338.3   | 359.9                                                                                       | 384.9   | 384.8   | 224.8   | 235.4   | 212.2   | 226.4   | 218.8   |
| Finance lease receivables                                | -       | -                                                                                           | -       | -       | -       | -       | -       | -       | -       |
| Deferred tax assets                                      | 61.9    | 61.6                                                                                        | 61.6    | 61.6    | 61.6    | 61.6    | 62.1    | 64.1    | 62.1    |
| Pension assets                                           | -       | -                                                                                           | -       | -       | -       | -       | -       | -       |         |
| Derivatives                                              | 37.8    | 36.6                                                                                        | 44.4    | 37.7    | 31.4    | 28.9    | 19.9    | 25.2    | 6.2     |
| Other non-current assets                                 | 7.7     | 11.0                                                                                        | 11.0    | 12.3    | 11.9    | 11.6    | 8.4     | 8.0     | 8.3     |
| Total non-current assets                                 | 2,938.9 | 3,099.6                                                                                     | 3,266.6 | 3,434.3 | 3,332.6 | 3,417.2 | 3,450.7 | 3,566.2 | 3,488.7 |
|                                                          |         |                                                                                             |         |         |         |         |         |         |         |
| Inventories                                              | 6.7     | 3.8                                                                                         | 3.7     | 3.7     | 3.7     | 3.7     | 3.6     | 3.7     | 0.0     |
| Trade receivables and other current assets               | 293.3   | 257.4                                                                                       | 282.6   | 152.4   | 174.0   | 181.2   | 183.4   | 169.7   | 224.2   |
| Derivatives                                              | 8.2     | 1.7                                                                                         | 0.6     | 1.7     | 0.2     | 0.0     | 0.5     | 0.0     | -       |
| Cash and cash equivalents                                | 289.4   | 224.1                                                                                       | 246.4   | 361.0   | 401.4   | 448.0   | 446.3   | 305.8   | 408.6   |
| Assets held for sale                                     | -       | 15.0                                                                                        | -       | -       | 7.0     | -       | -       | -       | -       |
| Total current assets                                     | 597.6   | 502.0                                                                                       | 533.3   | 518.8   | 586.3   | 632.9   | 633.8   | 479.2   | 632.8   |
|                                                          |         |                                                                                             |         |         |         |         |         |         |         |
|                                                          |         |                                                                                             |         |         |         |         |         |         |         |
| TOTAL ASSETS                                             | 3,536.5 | 3,601.6                                                                                     | 3,799.9 | 3,953.1 | 3,918.9 | 4,050.1 | 4,084.5 | 4,045.4 | 4,121.5 |
| EQUITY AND LIABILITIES                                   |         | 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 |         |         |         |         |         |         |         |
| Shareholders' equity                                     | 939.2   | 953.1                                                                                       | 992.5   | 1,005.6 | 1,037.5 | 1,057.2 | 1,041.0 | 1,089.8 | 1,119.3 |
| Non-controlling interests                                | 205.2   | 197.2                                                                                       | 187.3   | 189.7   | 180.9   | 173.3   | 167.6   | 156.8   | 152.4   |
|                                                          |         |                                                                                             |         |         |         |         |         |         |         |
| Total equity                                             | 1,144.4 | 1,150.3                                                                                     | 1,179.8 | 1,195.3 | 1,218.4 | 1,230.5 | 1,208.6 | 1,246.6 | 1,271.7 |
|                                                          |         |                                                                                             |         |         |         |         |         |         |         |
| Interest-bearing long-term debt                          | 458.9   | 280.9                                                                                       | 342.4   | 290.7   | 220.3   | 207.7   | 194.5   | 173.9   | 166.8   |
| Finance liability related to Barossa lease               | 632.6   | 789.2                                                                                       | 955.3   | 1,022.1 | 1,093.2 | 1,196.2 | 1,266.6 | 1,347.4 | 1,409.2 |
| Pension obligations                                      | 4.1     | 4.0                                                                                         | 4.1     | 4.5     | 4.2     | 1.8     | 1.8     | 1.8     | 1.9     |
| Deferred tax liabilities<br>Asset retirement obligations | 0.0     | 0.0                                                                                         | 0.0     | 0.0     |         |         |         |         |         |
| Other long-term liabilities                              | 751.4   | 784.5                                                                                       | 841.4   | 934.5   | 950.4   | 988.7   | 1,014.2 | 1,040.2 | 1,044.3 |
| Long-term lease liabilities                              | 11.0    | 10.2                                                                                        | 9.5     | 9.4     | 18.1    | 17.1    | 16.7    | 15.1    | 15.6    |
|                                                          |         |                                                                                             |         |         |         |         |         |         |         |
| Derivatives                                              | 0.4     | 0.0                                                                                         | 0.0     | 1.5     | 1.0     | 0.0     | 1.9     | 7.3     | 1.0     |
| Total non-current liabilities                            | 1,858.4 | 1,868.8                                                                                     | 2,152.7 | 2,262.7 | 2,287.2 | 2,411.5 | 2,495.7 | 2,585.7 | 2,638.8 |
|                                                          |         |                                                                                             |         |         |         |         |         |         |         |
| Trade and other payables                                 | 298.2   | 257.7                                                                                       | 230.3   | 229.5   | 183.3   | 178.0   | 149.0   | 137.6   | 126.3   |
| Derivatives                                              | 19.5    | 19.3                                                                                        | 17.7    | 2.1     | 1.6     | 0.1     | 0.1     | 0.0     | 0.1     |
| Interest-bearing short-term debt                         | 199.6   | 290.8                                                                                       | 198.7   | 242.5   | 209.3   | 211.3   | 213.4   | 57.5    | 57.5    |
| Short-term lease liabilities                             | 5.0     | 4.2                                                                                         | 3.4     | 2.6     | 4.6     | 4.4     | 4.5     | 4.2     | 4.7     |
| Income tax liabilities                                   | 11.4    | 10.5                                                                                        | 17.3    | 18.4    | 14.5    | 14.3    | 13.2    | 13.8    | 22.4    |
| Liabilities held for sale                                | -       | -                                                                                           | -       | -       | -       | -       | -       | -       | -       |
| Total current liabilities                                | 533.7   | 582.5                                                                                       | 467.4   | 495.1   | 413.3   | 408.1   | 380.2   | 213.1   | 211.0   |
| Total liabilities                                        | 2,392.1 | 2,451.3                                                                                     | 2,620.1 | 2,757.8 | 2,700.5 | 2,819.6 | 2,875.9 | 2,798.8 | 2,849.8 |
|                                                          |         |                                                                                             |         |         |         |         |         |         |         |
| TOTAL EQUITY AND LIABILITIES                             | 3,536.5 | 3,601.6                                                                                     | 3,799.9 | 3,953.1 | 3,918.9 | 4,050.1 | 4,084.5 | 4,045.4 | 4,121.5 |

### **Cash flow**

|                                                                     | Q1 2023 | Q2 2023 | Q3 2023                                 | Q4 2023 | FY 2023 | Q1 2024       | Q1 2025        | Q3 2024 | Q4 2024                | FY 2024      | Q1 2025 |
|---------------------------------------------------------------------|---------|---------|-----------------------------------------|---------|---------|---------------|----------------|---------|------------------------|--------------|---------|
| Profit/(loss) before taxes                                          | 20.8    | 14.0    | 36.1                                    | 42.4    | 113.3   | 39.5          | 14.0           | 15.5    | 40.8                   | 127.2        | 79.5    |
| Adjustments for:                                                    |         |         |                                         |         |         |               |                |         |                        |              |         |
| Depreciation and amortisation                                       | 48.2    | 46.3    | 45.9                                    | 46.8    | 187.2   | 45.7          | 46.3           | 45.6    | 40.3                   | 177.9        | 32.4    |
| Impairment                                                          | -       | 5.1     | -                                       | -       | 5.1     | (1.1)         | 5.1            | -       | (5.1)                  | (1.1)        | -       |
| Change in fair value of derivatives                                 | 13.9    | (2.9)   | (10.4)                                  | (11.5)  | (10.9)  | (3.1)         | (2.9)          | 8.1     | (2.2)                  | (0.1)        | (6.5)   |
| Unrealised currency exchange loss/(gain)                            | 0.6     | (10.9)  | 0.6                                     | 17.8    | 8.1     | (5.7)         | (10.9)         | 0.2     | 5.9                    | (10.5)       | 6.5     |
| Add back of net interest expense                                    | 12.4    | 8.8     | 10.1                                    | 9.0     | 40.3    | 8.7           | 8.8            | 4.3     | (0.9)                  | 20.9         | (1.1)   |
| Share of loss/(profit) from equity-accounted investees              | 0.3     | (0.6)   | (0.4)                                   | (17.5)  | (18.2)  | 2.2           | (0.6)          | 5.7     | 9.5                    | 13.3         | 4.6     |
| Loss/ (gain) on disposal of property, plant & equipment             | (6.4)   | (8.7)   | (9.6)                                   | -       | (24.7)  | -             | (8.7)          | -       | 8.7                    | -            | (14.8)  |
| Share-based payment expense                                         | 0.5     | 0.6     | 0.5                                     | (0.2)   | 1.4     | 0.4           | 0.6            | 0.4     | 0.1                    | 1.5          | 0.1     |
| Changes in:                                                         |         |         |                                         |         |         |               |                |         |                        |              |         |
| Instalment on financial lease                                       | -       | -       | -                                       | 5.0     | 5.0     | -             | -              | -       | -                      | -            | -       |
| Inventories                                                         | -       | 2.9     | 0.2                                     | (0.1)   | 3.0     | -             | 2.9            | 0.1     | (3.0)                  | -            | 3.7     |
| Trade and other receivables                                         | (11.7)  | 36.4    | (24.2)                                  | 79.4    | 79.9    | 4.1           | 36.4           | (1.1)   | (18.3)                 | 21.1         | (66.7)  |
| Trade and other payables                                            | (1.9)   | (23.7)  | (13.7)                                  | (6.8)   | (46.1)  | 1.4           | (23.7)         | 4.5     | (25.9)                 | (43.7)       | 11.7    |
| Other balance sheet items and items related to operating activities | (19.7)  | (7.8)   | 24.1                                    | (31.6)  | (35.0)  | (4.6)         | (7.8)          | 8.7     | 13.4                   | 9.7          | 10.5    |
| Deferred revenues                                                   | 75.7    | 29.7    | 58.7                                    | 101.0   | 265.1   | 11.9          | 29.7           | (2.2)   | 25.5                   | 64.9         | 3.2     |
| Cash generated from operating activities                            | 132.7   | 89.2    | 117.9                                   | 233.7   | 573.5   | 99.4          | 89.2           | 89.8    | 88.8                   | 381.1        | 63.1    |
| Taxes paid                                                          | (4.6)   | (4.9)   | (1.6)                                   | (3.7)   | (14.8)  | (8.3)         | (4.9)          | (4.3)   | (0.7)                  | (18.2)       | (6.6)   |
| Net cash flow from operating activities                             | 128.1   | 84.3    | 116.3                                   | 230.0   | 558.7   | 91.1          | 84.3           | 85.5    | 88.1                   | 362.9        | 56.5    |
|                                                                     |         |         |                                         |         |         |               |                |         |                        |              |         |
| Interest received                                                   | 1.1     | 2.9     | 1.9                                     | 4.1     | 10.0    | 2.9           | 2.9            | 4.4     | 9.0                    | 19.2         | 6.3     |
| Proceeds from disposal of property, plant & equipment               | 125.0   | 30.9    | 20.6                                    | 24.1    | 200.6   | 2.0           | 30.9           | -       | (3.0)                  | 29.9         | 100.0   |
| Proceeds from sale of investments                                   | -       | -       | -                                       | 0.5     | 0.5     | 176.4         | -              | -       | -                      | 176.4        | -       |
| Investment in associated companies                                  | (14.0)  | (14.6)  | (9.0)                                   | (11.9)  | (49.5)  | (6.0)         | (14.6)         | (3.3)   | 6.3                    | (17.6)       | (4.6)   |
| Acquisition of subsidiary, net of cash acquired                     | -       | -       | -                                       | (4.0)   | (4.0)   | -             | -              | -       | -                      | -            | -       |
| Acquisition of other investments                                    | -       | -       | -                                       | -       | -       | -             | -              | -       | -                      | -            | -       |
| Investment in property, plant & equipment and intangible assets     |         |         | (194.5) (214.9) (191.8) (203.3) (804.5) |         |         |               | (93.2) (214.9) | (77.7)  |                        | 5.9 (379.9)  | (70.2)  |
| Net cash flow from investing activities                             |         |         | (82.4) (195.7) (178.3) (190.5) (646.9)  |         |         |               | 82.1 (195.7)   | (76.6)  |                        | 18.2 (172.0) | 31.5    |
|                                                                     |         |         |                                         |         |         |               |                |         |                        |              |         |
| Proceeds from loans and borrowings                                  | 124.5   | 150.2   | 234.4                                   | 402.8   | 911.9   | -             | 150.2          | 28.0    | (15.2)                 | 163.0        | 49.9    |
| Proceeds from sale of non-controlling interest                      | -       | -       | -                                       | 18.9    | 18.9    | -             | -              | -       | -                      | -            | -       |
| Paid dividend and redemption                                        | (7.5)   | (7.5)   | (7.4)                                   | (7.3)   | (29.7)  | (7.3)         | (7.5)          | (7.2)   | (6.8)                  | (28.8)       | (7.1)   |
| Interest paid                                                       | (4.5)   | (0.9)   | (3.6)                                   | (10.7)  | (19.7)  | 1.2           | (0.9)          | (3.5)   | (10.4)                 | (13.6)       | 13.7    |
| Repayment of loans and borrowings                                   | (91.2)  |         | (56.0) (121.8) (320.7) (589.7)          |         |         | (74.2)        | (56.0)         | (15.1)  |                        | 26.7 (118.6) | (15.0)  |
| Repurchase of convertible notes                                     | -       | (31.8)  | (9.4)                                   | -       | (41.2)  | (35.1)        | (31.8)         | -       | (125.0) (191.9)        |              | -       |
| Payment of lease liabilities                                        | (1.6)   | (1.5)   | (1.6)                                   | (1.6)   | (6.3)   | (1.5)         | (1.5)          | (1.5)   | (1.9)                  | (6.4)        | (1.4)   |
| Dividends paid                                                      | (6.3)   | (6.4)   | (6.3)                                   | (6.3)   | (25.3)  | (15.9)        | (6.4)          | (11.3)  | (16.2)                 | (49.8)       | (25.3)  |
| Net cash flow from financing activities                             | 13.4    | 46.1    | 84.3                                    | 75.1    |         | 218.9 (132.8) | 46.1           |         | (10.6) (148.8) (246.1) |              | 14.8    |
|                                                                     |         |         |                                         |         |         |               |                |         |                        |              |         |
| Net change in cash and cash equivalents                             | 59.1    | (65.3)  | 22.3                                    | 114.6   | 130.7   | 40.4          | (65.3)         | (1.7)   | (42.5)                 | (55.2)       | 102.8   |
| Cash and cash equivalents at beginning of period                    | 230.3   | 289.4   | 224.1                                   | 246.4   | 230.3   | 361.0         | 401.4          | 336.1   | 334.4                  | 361.0        | 305.8   |
| Cash and cash equivalents at end of period                          | 289.4   | 224.1   | 246.4                                   | 361.0   | 361.0   | 401.4         | 336.1          | 334.4   | 291.9                  | 305.8        | 408.6   |
|                                                                     |         |         |                                         |         |         |               |                |         |                        |              |         |

# **Key figures**

|                                              | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q1 2025 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|----------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| EBITDA-margin                                | 47.5 %  | 36.7 %  | 47.6 %  | 53.5 %  | 46.3 %  | 50.7 %  | 36.7 %  | 55.1 %  | 53.1 %  | 52.4 %  | 59.5 %  |
| Equity ratio                                 | 32.4 %  | 31.9 %  | 31.0 %  | 30.2 %  | 30.2 %  | 31.1 %  | 31.9 %  | 29.6 %  | 30.8 %  | 30.8 %  | 30.9 %  |
| Return on equity                             | 11.4 %  | 5.9 %   | 9.3 %   | 20.5 %  | 11.1 %  | 10.7 %  | 5.9 %   | 9.3 %   | 11.6 %  | 11.1 %  | 23.0 %  |
| Return on capital employed                   | 7.8 %   | 3.6 %   | 8.1 %   | 9.2 %   | 7.2 %   | 8.7 %   | 3.6 %   | 8.3 %   | 7.0 %   | 7.5 %   | 4.8 %   |
| Net interest-bearing debt (USD million)      | 369.1   | 347.6   | 294.7   | 172.2   | 172.2   | 28.2    | 347.6   | (38.4)  | (74.4)  | (74.4)  | (184.3) |
| Cash flow per share (USD)                    | 0.69    | 0.46    | 0.63    | 1.24    | 3.02    | 0.48    | 0.46    | 0.49    | 0.43    | 1.9     | 0.31    |
| EPS - basic (USD)                            | 0.10    | 0.07    | 0.17    | 0.22    | 0.56    | 0.20    | 0.07    | 0.08    | 0.23    | 0.58    | 0.34    |
| EPS - diluted (USD)                          | 0.09    | 0.07    | 0.15    | 0.20    | 0.52    | 0.19    | 0.07    | 0.08    | 0.21    | 0.55    | 0.34    |
| Outstanding shares - end of period (million) | 180.8   | 180.8   | 180.8   | 180.8   | 180.8   | 180.8   | 180.8   | 180.8   | 180.8   | 180.8   | 180.8   |
| Share price (NOK)                            | 29.7    | 26.2    | 24.6    | 22.4    | 22.4    | 27.2    | 26.2    | 28.4    | 30.0    | 30.0    | 29.2    |
| Market cap (NOKm)                            | 5,374   | 4,737   | 4,448   | 4,054   | 4,054   | 4,918   | 4,737   | 5,135   | 5,415   | 5,415   | 5,280   |
| Market cap (USDm)                            | 514     | 442     | 416     | 399     | 399     | 455     | 442     | 477     | 476     | 476     | 503     |