BW Offshore

Pareto Securities' annual Energy Conference CEO Marco Beenen

10 September 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 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.

Streamlined with a clear growth strategy

Global FPSO owner and operator with >40 years of track record
OSE-listed since 2006 with ~USD 618 million¹ market cap
BW Opal set for first gas in Q3 2025, strengthening cash flow
Operational excellence with 99.5% uptime LTM²
~64% owner of floating wind company BW Ideol

Part of BW Group – a leading global maritime company

49.9%

BWO Offshore ownership, largest shareholder

USD >9bn

total market cap of listed BW Group companies

>70 years

of maritime and offshore energy track record

>450 vessels

owned and controlled across BW Group affiliates

Strong cash flow underpinned by the FPSO fleet

Operating cash flow backlog¹

Unit	2021	2022	2024
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 - Lease & Operate -		fixed period option period

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

Construction / EPC

O&M

BW Adolo

Q2 gross oil production
of ~36,200 bbls/day • O&M handed over to BW Energy in Q2 2025
Put and call option in 2028

BW Catcher • Q2 production of ~22,200

• Expected to remain on contract through 2028

bbls/day

BW Pioneer

• BWO providing O&M services under a fiveyear contract

1) Backlog is 81% firm and includes USD 1.4 billion in operating costs and tax expenses, as well as 51% of BW Opal charter hire. With 100% BW Opal charter hire, the operating cash flow backlog would be USD 1.3 billion higher. Operating cash flow does not include the USD 100 million put/call option related to BW Adolo in 2028 (considered investing cash flow).

BW Opal FPSO - nearing start-up on the Barossa field

Final completion cost tracking well within guidance
Revenue ramp-up: 60% dayrate at start-up (RFSU), increasing to 100% at practical completion
15-year, USD 4.6 billion firm lease and operate contract plus 10 years of options

Progressing the Bay du Nord FPSO for Equinor

Selected as preferred contractor for the Bay du Nord project offshore Newfoundland and Labrador
Canada's first deepwater project with ~400 mmboe of recoverable light crude in first phase
Harsh environment unit with disconnectable turret and 160,000 boe/day production capacity
Based on Rapid Framework Hull, efficiently using industry standard solutions

Well-positioned for long-term value-creation

Streamlined with increased investment capacity

Oil and gas for longer, promising market for growing the FPSO business

Focus on converting opportunities into projects

Reaffirming and refining strategy

2020-2024 priorities and deliveries Updated strategic focus

Extracting maximum value from the conventional FPSO fleet and BW Energy

632 USDm liquidity from divesting 12 FPSOs and BWE

Growing the core floating production business through new offshore energy infrastructure projects

Building a substantial and growing position in offshore renewable energy infrastructure

313 USDm returned to shareholders as dividend

1 New FPSO

contract

98 USDm invested in leading floating offshore wind solution

Reaffirming

FPSO projects and operations

Investment-grade energy companies and solid NOCs

Ambition: Win one project every other year

Refining

Floating transition solutions

Quality counterparties

Ambition: One or two additional segments by 2030

Promising FPSO market outlook

Planned FPSO projects 2025-2030¹

Contracting type by region

1) Source: Energy Maritime Associates 2025 V3 FSP Data

Selection criteria

Secure return requirement through firm contract period
Strong counterparties
Partner model

Competitive offering

Gas FPSO expertise
Harsh-environment solutions
Newbuild rapid framework hull
Redeployment and conversion track-record

Comprehensive operational experience
Structuring and financing capabilities

Partnerships to efficiently deliver FPSOs with right risk-reward

Carried 'all' EPCI¹risk

Successfully pioneered new financing structures

Core EPCI project workflows Historically Future

Concept and feasibility Detailed design / engineering Procurement and contracting Hull and topside fabrication Integration / commissioning

Financing and commercial structuring

Risk-sharing contract models Quality EPC partners De-risk project execution

Access to capital at competitive terms and with balanced risk

Floating transition solutions

Selective approach
Applying FPSO risk approach and return requirements
Utilising proven technologies
In geographies supportive of the transition
Annual R&D spend USD ~5 million

	Commercial viability	Project status and characteristics
Floating offshore wind	CF break even targeted from 2028	• Tangible revenue streams • Pursuing preferred supplier agreements • Developing construction sites • Funding requirement of EUR ~10m/year
Floating desalination
	<2 years	• Testing market • Contract length: 1-5 years • Capex: USD 60-80 million
Floating gas to power w/CCS	3-5 years	• Testing market • Contract length: 10-20 years • Capex: USD ~1.5 billion
Ammonia	3-5 years	• Developing market • Contract length: 10-20 years • Capex: USD ~1.5 billion

Solid financial position provides flexibility

Growing dividend distribution

Target annual dividend based on 50% of net profit³
2025 quarterly distributions based on USD 0.25 per share annually (USD 45 million equivalent)
Well positioned for Q4 upward adjustment based on H1 2025 net profit of USD 87 million

2) Includes dividends by way of shares in BW Energy

¹⁾ Includes undrawn amount of USD 100 million on the RCF, excludes USD 5.8 million in consolidated cash from BW Sirocco Holdings AS, includes USD 8.6 million in BW Opal Asset Co.

³⁾ 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.

Delivering increased long-term value-creation

Disciplined capital allocation

Maintain strong cash flow from the FPSO fleet

Grow FPSO business through new projects to increase free cash flow

Longer-term, develop floating transition solutions by leveraging FPSO expertise

Maintain a robust balance sheet

Target growing dividends to shareholders over time

Aspiration towards 2030 Assumptions

>15%

average total shareholder return per annum

Winning three new FPSO or redeployment projects by end 2030

Limited investment in, and contribution from, transition solutions expected in the same period

Potential upside from M&A

Why invest in BW Offshore?

1 Leading operator of global maritime energy assets with four decades of track record
2 USD ~2.2 billion backlog, providing growing cash flow with imminent BW Opal start-up
3 Streamlined operations, strong balance sheet and USD 0.5 billion of available liquidity, enabling growth and increased dividends over time

4 Well positioned for future value creation

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

AI Terminal

Bw Offshore Ltd.