Bw Energy Ltd.

Investor Presentation • Sep 10, 2025

BW Energy Pareto Energy Conference 2025

Carl K. Arnet, CEO

10 September 2025

Disclaimer

This Presentation has been produced by BW Energy 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 Energy 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 Energy 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 Energy 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 Energy 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.

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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.

Operated portfolio in global high-potential basins

Proven operational capabilities

Increasing net production

kbopd

Reducing average unit OPEX¹ USD/bbl

Dussafu: BW Energy's core strategy in practice

BW Mabomo BW Adolo

Jack-up rig converted to wellhead platform

Refurbished FPSO

Net production¹ 28 kbopd First half 2025

5 1) BW Energy 73.5% working interest 2) Management estimate 3) Net mmboe, previously named Hibiscus / Ruche Phase 2

Production availability 99% First half 2025

Operating costs 12 USD/bbl First half 2025

Net 2P + 2C recoverable 123 mmbbls

Infrastructure-led appraisal at Dussafu

Resource development since inception

2P reserves Cumulative production

New projects in and near execution

MaBoMo Phase 2 – 26 mmbbls¹

• 4 new wells planned from Q2 2026
• First oil expected late 2026
• USD ~180 million investment¹

• 50% IRR at USD 60 Brent

Bourdon – 25 mmbbls¹

• Maturing Q1 2025 discovery to FID²
• Development cluster using MaBoMo blueprint
• Initial 4 producing wells

Maromba: Lifting the company to the next level

Replicating the proven Dussafu development blueprint

Jack-up rig acquired to convert to wellhead platform

FPSO refurbishment ongoing

Plateau production target 60 kbopd First oil by end-2027

2P reserves¹ 123 mmboe

Operating costs <USD 10/bbl Breakeven at 10% USD ~40/bbl

1) Management estimate

Maromba execution progressing as planned

FPSO refurbishment on track

Rig delivered, conversion to wellhead platform preparations progressing

Detailed engineering underway with all subcontractors in place

Orders placed for long-lead items

On track to deliver industry-leading growth

Net production outlook kbopd

Appraising Kudu potential offshore Namibia

• Shallow-water license in in the attractive Orange Basin
• Multiple major oil discoveries in adjacent licences
• Kharas-1 spud planned for second half of September in northwest corner of Kudu

Strong financial performance

EBITDA USD million

NIBD to EBITDA LTM USD million

Operating cash flow USD million

Total liquidity USD million

Efficient capital deployment in cash generative projects

Sources and uses 2025-2027

USD million

2,500

1) Other investments include: Mabomo Phase 2, Golfinho Boost, Kudu appraisal 12

2) For projects in execution: Golfinho Boost, Mabomo Phase 2 and Maromba

3) Rig purchase covered under short-term lease. A long-term funding agreement for the rig development is currently being set up

Strong financial structure secured

FPSO financing USD 365 million FPSO project financing facility ✓

Rig acquisition financing ✓

Short-term lease structure in place

Additional liquidity buffer USD 250 million corporate RCF ✓

Robust balance sheet ✓

✓

USD 263 million in cash and undrawn RBL

Strong underlying cash generation

From producing assets Dussafu and Golfinho

Investment proposition

Diversified asset base with material reserves

>600 mmboe Reserves and resources¹

Industry-leading growth in offshore oil and gas

~90 kbopd by end-2028 From 34 kbopd in H1 2025

Capital efficient development model >30% IRR Average portfolio at USD 60 Brent²

Strong financial foundation

0.8x NIBD/EBITDA ratio4

13 1) 2P+2C Including Bourdon discovery in March 2025 in Dussafu licence, Management estimate 2) Current base case rate of return for all development projects: Maromba, Mabomo Phase 2 and Golfinho Boost 3) Net interest-bearing debt divided by last 12-months EBITDA at 30 June 2025

ir@bwenergy.no www.bwenergy.no