BW Ideol AS

Earnings Release • May 12, 2022

BW Ideol: First quarter 2022 operational update

BW Ideol: First quarter 2022 operational update

HIGHLIGHTS

* Adding 1GW of projects under development and ~1GW of substantiated pipeline

during Q1 2022

* Good progress on growing the project pipeline as a floating wind co-

developer and technology provider

* Signed formal ScotWind option agreement as part of the Floating Energy

Allyance for the development of ~1GW of floating offshore wind acreage

in April as planned after the initial award in January

* Final investment decision for the 30MW EolMed wind farm offshore France

in May

* Starting first stage of commercial-scale floating wind project in Iwate

prefecture, Japan, with Tohoku Electric Power

* First feasibility study for a Power-to-Platform project awarded

* Focusing on cash discipline

* Creation of floating wind investment vehicle with JERA and ADEME

Investissement in January 2022

* Cash position of EUR 30.0 million at end of March supporting growth

strategy

* EUR 2.8 million cash burn during Q1 2022

BW Ideol's mission is to create a sustainable future by using floating

technology to unlock the vast potential of offshore wind. The Company is

executing its dual-track strategy as a co-developer of offshore floating wind

projects and as EPCI (engineering, procurement, construction and installation)

contractor of floating wind technology. Progress is reflected in a growing

project pipeline of commercial scale projects, new cooperation agreements and

participation in tenders for floating offshore wind farm developments.

In early 2022, offshore floating wind solutions has gained increased interest

due energy supply concerns and increasing prices. This comes as economic

activity have started to normalise after the Covid-19 pandemic and due to

increased supply uncertainty created by the Russian invasion of Ukraine and a

shared ambition by most European nations to become independent of oil and gas

from Russia partly supported by an accelerated development of renewable power

generation.

"The war in Ukraine has underlined the urgent need for global energy systems to

transition to clean renewable power to support long-term sustainable economic

growth. BW Ideol is well positioned to contribute to the transition at scale as

a leading project developer and technology provider with a unique platform for

execution of offshore floating wind developments. This is reflected in a rapidly

growing project pipeline and the recent progress we have made on the

transformational ScotWind project and on the EolMed offshore wind farm which is

set to start operations already in 2024," said Paul de la Guérivière, the CEO of

BW Ideol.

FINANCIALS

Group revenue from contracts with customers for first quarter of 2022 was EUR

1.1 million (EUR 0.23 million in Q1 2021) reflecting mainly design and

engineering activities for projects in France & Asia. Other operating income was

EUR 0.53 million from the French R&D tax incentive scheme. Operating loss before

depreciation and amortisation (EBITDA) for the period was EUR 1.45 million. The

cash position was EUR 30.0 million at 31 March 2022, down from EUR 32.8 million

at 31 December 2021, reflecting growth investments made in the quarter.

In January, BW Ideol together with JERA, Japan's largest utility company, and

ADEME Investissement, a French State-owned investment company for innovative

infrastructure projects, created an investment company for the financing of co-

development of offshore wind projects using BW Ideol's patented Damping Pool®

technology. The joint investment company is currently in the process of

evaluating its initial investments.

OPERATIONS

In January, BW Ideol AS, as part of the Floating Energy Allyance (FEA) was

awarded the rights to develop a floating offshore wind farm with 960MW of

capacity off the northeast coast of Scotland through the Crown Estate Scotland's

ScotWind leasing round. The formal option agreement was signed in April and

enables the consortium to proceed with the site investigations and environmental

studies which will form the basis for the consent application process. In

connection with the signing of the option agreement, FEA paid the stipulated

option fee. FEA is a development partnership comprising BayWa r.e., Elicio and

BW Ideol.

On 5 May, the EolMed partnership, comprising Qair, Totalenergies and BW Ideol,

made the final investment decision (FID) for the 30MW offshore floating wind

development. The Mediterranean Sea pilot wind farm is set to become one of the

first three floating offshore wind farms in France when it is commissioned in

mid-2024. Non-recourse financing has been arranged with the support of the

European Investment Bank and several leading French banks. EolMed will be

installed 18 km off the coastal town of Gruissan and comprises three 10MW wind

turbines, each mounted on BW Ideol's patented floating steel foundations and

connected to the Electricity Transmission Network (RTE) by an undersea cable. BW

Ideol and Qair have cooperated on the project since 2016 with Total joining the

development consortium as 20% owner in 2020. BW Ideol became a 5% owner in late

Also in May, BW Ideol and Tohoku Electric Power Co., Inc. signed an agreement

and initiated the feasibility studies necessary to jointly develop a commercial-

scale floating offshore wind farm off the coast of Kuji city and Hirono town in

Japan's Iwate prefecture based on BW Ideol's proven and patented Damping Pool®

technology. This site is the most advanced floating wind project in Japan, in

terms of impact studies and local stakeholder consultation.

Since the beginning of the operation, the Floatgen floating unit installed

offshore western France has produced 19.9 GWh of electricity with high

availability, reflecting the seakeeping performance of BW Ideol's proprietary

Damping Pool design.

BW Ideol continues to strengthen the organisation and prepare for increased

commercial and project activity. In January, the Company appointed Christopher

Dorman as the Head of Development - US and Miki Sawada as Project Development

Manager - Japan. In May, BW Ideol hired Alberto Peña Sicilia, former Corporate

Head of Project Development of the onshore wind unit at Siemens-Gamesa.

OUTLOOK

BW Ideol aims to be a leading long-term owner of floating wind assets in key

offshore markets worldwide. The primary focus is to continuously progress,

expand and de-risk the Company's project pipeline. The goal is have participated

in an approximately 10GW gross portfolio of floating offshore wind projects by

2030 by developing the existing pipeline and strong joint venture partnerships,

through scaling and optimisation of the patented Damping Pool® technology, and

by developing the global organisation and leveraging the partnership with BW

Offshore, including in the power-to-gas platform market. The Company considers

itself to be ahead of plan for the 10GW target based on the recent progress. The

rapid global expansion of the commercial scale floating offshore wind market

supports a continued strong market outlook, as BW Ideol's teams are preparing up

to 23GW of confirmed tenders in key markets.

Please find attached the first quarter 2022 presentation.

WEBCAST

The Company will on today hold a webcast and conference call followed by a Q&A

at 09:00 CEST. The webcast will be held in English by CEO Paul de la Guérivière

and CFO Nicolas de Kerangal.

The webcast will be available by following this link:

https://streams.eventcdn.net/bwideol/2022q1/

You can also dial the following numbers:

Norway: +47 23500236

Singapore: +65 64085767

United Kingdom: +44 3333009032

United States: +1 6467224904

Please note that if you follow the webcast via the above URL, you will

experience a 30 second delay compared to the main conference call. The web page

works best in an updated browser - Chrome is recommended.

For further information, please contact:

Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0)

7 76 87 70 08, ir@bw-ideol.com (mailto:ir@bw-ideol.com)

About BW Ideol:

BW Ideol is a leading fully integrated platform in floating offshore wind with

more than 10 years of experience from design, execution and development of

floating wind projects based on Ideol S.A.'s patented floating offshore wind

technology and engineering capabilities. The company has a dual-leg growth

strategy as a floater EPCI and maintenance services provider and as a wind farm

project developer and co-owner. BW Ideol has two full-scale offshore floating

wind turbines in operation in France and Japan, a significant project pipeline

including 1GW under development in Scotland and is supported by BW Offshore's

extensive experience from developing and operating offshore energy production

systems.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act