BW Ideol AS

California Pilot Project progressing towards Environmental Impact Report

BW Ideol is pleased to announce that its planned offshore floating wind pilot-

project in California has progressed to the environmental assessment stage,

representing the next milestone in a permitting process for what may become one

of the first wind farms off the coast of California.

The 40 MW+ pre-commercial floating wind project based on BW Ideol's Damping

Pool® technology, will be installed off Vandenberg Space Force Base (formerly

Vandenberg Air Force Base), located in Santa Barbara County, California. On 21

October, the California State Lands Commission formally authorized the

solicitation of Statements of Interest for consultant services for the

preparation of environmental documentation and mitigation monitoring for the

proposed wind farm.

"We are pleased with the progress on the project at a time when both the Biden

Administration and the State of California have made strong statements in favour

of offshore wind development in California. We are convinced that our unique,

proven technology with high local content may create thousands of local jobs

when commercial-scale arrays are deployed. This pilot project will provide local

stakeholders with exposure to and reassurance of the impacts and benefits of

floating offshore wind," said Paul de la Guérivière, the CEO of BW Ideol.

The upcoming environmental assessment comes just over two years after BW Ideol's

initial lease application submittal. It is a key element of a standard approval

process and the result of extensive collaboration with the California State

Lands Commission's staff as well as extensive stakeholder outreach by the

Commission.

The project development plan is leveraging BW Ideol's cost competitive concrete

hulls while also minimizing long-distance shipping and logistics, using local

labour, supply-chain and infrastructure in California to reduce the carbon

footprint and maximize local content contribution.

In 2019, BW Ideol conducted an in-depth review of all major California ports and

identified at least five suitable sites for construction and launch of concrete

hulls for commercial-scale windfarms (50 units or more). Two of these were

considered immediately suitable without any upgrades. In addition, the review

singled-out four sites suitable for wind turbine assembly and eight harbors

capable of storing mooring lines as well as hosting operation and maintenance

bases.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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