BW Ideol AS

Earnings Release • Feb 23, 2022

BW Ideol: Fourth quarter 2021 operational update and annual report

BW Ideol: Fourth quarter 2021 operational update and annual report

HIGHLIGHTS

* Acquisition of 5% ownership in 30MW EolMed floating wind pilot project

* California Pilot Project progressed to Environmental Impact Report, final

step before permitting

* Securing close to 1GW of floating offshore wind acreage in ScotWind leasing

round as part of the Floating Energy Allyance in January 2022

* Signing and set-up of an investment vehicle with JERA and ADEME

Investissement in January 2022

* Cash position of EUR 32.8 million at end of December 2021 supporting growth

strategy

BW Ideol is executing its dual-leg strategy as a co-developer of offshore

floating wind projects and as EPCI (engineering, procurement, construction and

installation) contractor of floating offshore wind technology. Progress is

reflected in several recent cooperation agreements and participation in tenders

for commercial-scale floating offshore wind projects.

On 17 January 2022, BW Ideol AS, as part of the Floating Energy Allyance was

awarded the rights to develop a floating offshore wind farm with an approximate

capacity of 1GW off the northeast coast of Scotland through the Crown Estate

Scotland's ScotWind leasing round. The "option agreement" is for the area

designated NE8 in the Scottish Government's Sectoral Marine Plan for Offshore

Wind, which is located some 75km to the northeast of Fraserburgh on the

Aberdeenshire coast. The Allyance is a development partnership comprising BayWa

r.e., Elicio and BW Ideol.

"The award is a recognition our unique value proposition as a provider of

floating offshore wind technology and services and as a project co-developer. We

have a credible execution plan including the development of an industrial

manufacturing hub at the Port of Ardersier in northern Scotland for local

production of floaters, accurate cost assumptions and a proven and bankable

technology. ScotWind is a transformational project for BW Ideol, confirming our

ability to convert our growing pipeline of new opportunities into firm

developments to drive long-term growth and value creation," said Paul de la

Guérivière, the CEO of BW Ideol.

FINANCIALS

Group revenue from contracts with customers for the full year 2021 was EUR 2.26

million reflecting mainly design and engineering activities for projects in

France and Japan. Other operating income was EUR 1.40 million from the French

R&D tax incentive scheme. Operating loss before depreciation and amortisation

(EBITDA) for the period was EUR 7.76 million. The cash position was EUR 32.8

million at 31 December 2021.

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

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

established as a global pure player in floating offshore wind technology on 15

March 2021 following the acquisition of Ideol SA and a private placement raising

gross EUR 51.5 million of growth capital and subsequent listing on Euronext

Growth Oslo on 18 March.

OPERATIONS

In October, The California State Lands Commission (SLC) released a final

Preliminary Environmental Assessment (PEA) for two planned offshore wind farms

near the Vanderberg Space Force Base, including BW Ideol's proposed installation

of four concrete floaters with a total of 40 MW capacity. The SLC will now

proceed to the next stage of the lease application process by authorising the

preparation of the final Environmental Assessment.  The project may receive

consent in 2022 with the potential of becoming the first offshore wind

installation in California.

In December, the Company signed an agreement to acquire a 5% ownership in the

30MW EOLMED floating wind pilot project in the French Mediterranean. BW Ideol

and Qair have been cooperating on the project since 2016 and the early

development stages when the French government awarded the project on the merits

of BW Ideol's floating wind technology. In 2020, TotalEnergies Renewables

acquired a 20% ownership in the project. EolMed is one of the first floating

wind projects in the Mediterranean and is composed of three 10 MW Vestas wind

turbines, currently one of the most powerful offshore wind turbines in operation

in the market. The project will be installed 15 km off Gruissan, France. The

project is progressing towards final investment decision (FID) with an expected

start of construction in early 2022. BW Ideol has previously signed an

engineering and technology licensing agreement with the project providing

revenue and cash flow during the development phase.

In January 2022, BW Ideol executed an investment agreement with JERA, Japan's

largest utility company, and ADEME Investissement, a French State-owned

investment company aiming at financing innovative infrastructure projects funded

by the Investment for the Future Program, to create an investment company for

financing the co-development of offshore wind projects using BW Ideol's patented

Damping Pool® technology over the next five years. BW Ideol will hold 51% of the

new entity, with JERA and ADEME Investissement holding 24.5% each.

Since commissioning in September 2018, the Floatgen demonstrator installed

offshore western France produces 18.5GWh of electricity with high availability,

reflecting the seakeeping performance of BW Ideol's proprietary Damping Pool®

design.

OUTLOOK

BW Ideol's vision is to be a leading long-term owner of floating wind assets in

key offshore markets across the globe. The primary focus is to continuously

progress, expand and de-risk the Company's project pipeline. The goal to 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

rapid expansion of the commercial-scale floating offshore wind market across the

globe supports a strong market outlook.

Please find attached the annual report for 2021.

WEBCAST

The Company will on Thursday, 24 February, hold a webcast and conference call

followed by a Q&A at 09:00 CET. 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/2021-q4

You can also dial the following numbers:

Norway: +47 23963688

Singapore: +65 64085767

United Kingdom: +44 3333009265

United States: +1 6319131422 PIN: 59137658#

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,

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