BW Ideol AS

Earnings Release • Feb 16, 2023

BW Ideol: Fourth Quarter and Full-Year 2022 Results

BW Ideol: Fourth Quarter and Full-Year 2022 Results

HIGHLIGHTS 2022

1 GW OF PROJECTS UNDER DEVELOPMENT AND ~2.9 GW OF SUBSTANTIATED PIPELINE

* Start of EolMed project (30 MW) construction targeting COD in 2024 following

FID, first steel cut and design certification in 2022

* Deployed LiDAR buoy on Buchan Offshore Wind (960 MW) and started the

Environmental Impact Assessment

* Extending the partnership with EDF Renewables and Maple Power for  AO6

Mediterranean tenders in France (2 x 250 MW) and preparing for AO5 South

Brittany tender (250 MW)

* Development portfolio strengthened with site specific collaborations in

Japan (Tohoku Electric - 600 MW) and Taiwan (Demo tender) during 2022

* Multiple feasibility studies for floating wind power-to-platform solutions

targeting accelerated revenue generation through EPCI activities

STRONG CASH DISCIPLINE

* Full-year 2022 revenue of EUR 6.6 million

* Cash position of EUR 9.1 million at end of December 2022

* Full-year 2022 operating cash-burn limited to EUR 3.4 million

In 2022, BW Ideol made significant progress in executing its dual-leg strategy

as co-developer of floating wind projects and as EPCI contractor of floating

wind technology by maturing ongoing projects and adding new opportunities to the

project pipeline. This was led by the award of close to 1 GW of floating

offshore wind acreage in the ScotWind leasing round as part of the Floating

Energy Allyance (FEA) and included new partnerships, tender participations and

licence agreements.

"We believe floating wind will be one of the key technologies enabling the

global energy transition. BW Ideol is at the forefront of this development with

our unique execution platform as a leading project co-developer and a proven

technology provider. As an early mover in this market, we are ready to take a

leading position and create significant value for our stakeholders over time,"

said Paul de la Guérivière, the CEO of BW Ideol.

Interest in floating wind solutions increased during the year due to energy

supply concerns and higher prices with increased economic activity as the Covid-

19 pandemic eased and from uncertainty created by the Russian invasion of

Ukraine. There is a shared ambition by most European nations to become

independent of oil and gas from Russia supported by an accelerated development

of renewable power generation. To date, the Company has not been subject to any

direct negative impact of the war in Ukraine.

Interest is also increasing as nations and corporations seek innovative

solutions to decarbonise various industry value chains. This is reflected in

four feasibility studies for oil and gas companies for creating a framework for

power-to-platform projects in cooperation with BW Offshore. BW Ideol is well

positioned to contribute to the energy transition at scale as a leading project

developer and technology provider with a unique platform for execution of

offshore floating wind developments.

FINANCIALS

2022 revenue from contracts with customers was EUR 6.64 million compared to EUR

2.26 million in 2021, reflecting mainly design and engineering activities and

royalties for projects in France, Scotland and Asia. Other operating income was

EUR 2.11 million in 2022 compared to EUR 1.40 million in 2021 derived from the

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

amortisation (EBITDA) for the period was EUR 2.74 million, a decrease from a

loss of EUR 7.76 million in 2021 as increased revenue offset expenses related to

the growing organisation. At 31 December 2022, total equity was EUR 97.9 million

and the equity ratio was 77.5%. Total cash was EUR 9.1 million, compared to EUR

32.8 million at 31 December 2021.

BW Ideol expects to raise additional funding during the first half of 2023 to

execute the growing pipeline of projects under development and upcoming tenders.

The Company's controlling shareholder BW Offshore Holdings Pte Ltd is

anticipating to grant a lending facility of EUR 10 million to BW Ideol to

finance working capital requirements and for investments approved by the

Company's board of directors. This facility is subject to BW Offshore board

approval in Q1 2023. The loan agreement will be set up based on regular market

rates, is convertible at the request of BW Ideol AS and matures around two years

or in connection with certain earlier financing events. BW Ideol is also

progressing other options to cover the next 2-to-3 years' financing needs.

OPERATIONS

In 2022, The Company significantly grew its portfolio. The main contributor was

the award to the FEA development partnership of the rights to develop a floating

offshore wind farm with 960 MW of capacity off the northeast coast of Scotland.

The consortium is currently proceeding with site investigations and

environmental studies in preparation for the consent application process. FEA

comprises BayWa r.e., Elicio and BW Ideol. In addition to a 33.3% equity holding

in the wind-farm project, BW Ideol will design the floating foundations based on

its proven and patented Damping Pool® technology. Construction is targeted to

start in 2028 with commissioning of the wind farm in 2031.

BW Ideol holds a leading position in a rapidly emerging French floating wind

market. In May, the EolMed partnership, comprising Qair, Totalenergies and BW

Ideol (5% ownership), made the final investment decision (FID) for the 30 MW

offshore floating wind development with EUR 170.0 million of non-recourse

financing provided by the European Investment Bank (EIB) and several leading

French banks. In 2022, BW Ideol received full payment of license royalties

related to the development. Detail designs of the floater and mooring system

were also completed and certified by Bureau Veritas. BW Ideol continues to

provide engineering services during the construction phase.

The collaboration with the EDF Renewables and Maple Power consortium for the

250 MW AO5 offshore floating wind tender near coast of South Brittany continued

through the year. The final date of bid-submission is in June 2023 with the

license award expected at the end of the year. In May, the Company extended its

cooperation with the EDF Renewables and Maple Power to include the design of

floating foundations for the AO6 floating wind tender in the Mediterranean Sea

covering two 250 MW sites, building on the AO5 cooperation. The consortium was

preselected for the AO6 tender with competitive dialogue launched in August.

The Company also progressed several other initiatives including development of a

commercial-scale floating wind farms in Japan and a floating demo project off

Taiwan. BW Ideol's commercial development is founded on the Group's floating

wind technology and expertise. The Group is continuously seeking to advance its

technology solutions to grow its team competencies and skills and apply them to

new products supporting safe and cost-efficient development of industrial scale

floating wind farms.

The Floatgen floating unit installed offshore western France had at year-end

produced 24.2 GWh of electricity with high availability since commissioning,

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

design.

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 Group's project pipeline.

The goal is to be involved in an approximately 10 GW gross portfolio of floating

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-platform market.

The Group considers itself to be ahead of plan for the 10 GW target based on the

recent progress. The rapid global expansion of the commercial scale floating

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

preparing up to 25 GW of confirmed tenders in key markets.

Please find attached the fourth quarter 2022 presentation and the 2022 Annual

Report.

WEBCAST

The Company will hold a webcast and conference call followed by a Q&A at 09:00

CEST on February 17, 2023. 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://app.webinar.net/wxPeWr2W3Gg

You can also dial the following numbers:

Norway : +47.57.98.94.30

USA : +1 (646) 307-1963

Singapore : +65.3159.1234

UK : +44.20.3481.4247

Denmark : +45.32.74.07.10

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

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