BW Ideol AS

Investor Presentation • May 19, 2021

BW Ideol Q1-21 Operational Update

May 19th, 2021

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Agenda

• 1. Highlights
• 2. BW Ideol in brief
• 3. Market update France
• 4. Other business developments
• 5. Summary and outlook
• 6. Appendix

1. Highlights

• Creation of BW Ideol AS and listing on Euronext Growth Oslo as an offshore floating wind champion
• Raised c. NOK 519,6 million of growth capital in connection with listing
• Signed EolMed engineering contract and license agreement
• Signed partnership agreement with leading utility for Brittany tender in France
• Recorded outstanding production performance from the Floatgen wind turbine in Q1 2021
• Cash position of EUR 51.4 million at end of March

2

BW Ideol in brief

A leader in floating wind developments and long-term assets owner

With a clear mission and long-term ambitions

Mission and vision	2030 goals	Key building blocks
Create a sustainable future by using floating technology to unlock the vast potential of offshore wind	~10 GW gross portfolio	Building on existing pipeline and strong JV partnerships
	Projects in France, Japan, UK and California	Scaling and optimising technology
Be the leading long-term owner of floating wind assets in key offshore wind markets across the globe	>15% of portfolio in operation	Extending organisation globally
	Return on equity above 15%	Leveraging BW Offshore partnership

Leveraging competence and technology via dual-leg strategy

Development Execution ✓ Geology survey and ✓ Supervision of analysis construction ✓ Layout and design of floater ✓ Supply of specific and mooring systems mooring components ✓ Integration and optimization ✓ Supervision of installation ✓ Local content and supply chain	Operation ✓ Floater maintenance ✓ Supervision of heavy BW Ideol core maintenance operations competencies / with tow back to port value proposition ✓ Monitoring and SCADA	▪ Overarching goal to be a long-term owner of floating wind assets ▪ Capital intensive strategy focused on ensuring agile and optimal deployment of investments ▪ Business model focused on long term recurring cash flows
I	II	▪ Two execution paths:
Project development and wind-farm co-ownership	Floater EPCI and maintenance services	– Co-develop projects in JVs
	Leasing	– Leveraging EPCI capabilities with possibility to become a lessor of floating wind assets
JV with partners to develop, build and operate wind farm projects	EPCI contractor of floaters and floater maintenance services agreement	(supported by BW Offshore's FPSO business experience)
	With possibility to be converted into leasing model based on BW Offshore leasing experience

Several attractive paths to value creation

Strong financial position backing strategy execution

• End of March cash position of EUR 51.4 million
• NOK 500 Million raised in the private placement on March 15th
• Additional NOK 19.6 million in April via the partial exercise of the greenshoe option

3

Market update France

Important milestones on EOLMED

• Fully consented pre-commercial project
  • Period for potential claim on permits ended February 22
• BW Ideol and EOLMED signed engineering and licence agreements on April 23
  • EUR +4 million of secured revenue

EOLMED Project

• A pre-commercial project of 30 MW
• 10 MW wind turbines supplied by Vestas
• In partnership with QAIR and TOTAL Renewables

12

Launch of the first commercial tender

• Launch of the Brittany tender (AO5) signalled the start of the commercial phase in the French market
• BW Ideol Signed Partnership Agreement with leading utility on April 12

Floatgen production performance

• Accumulated output 14.8 GWh as of end of Q1 2021
• The average capacity factor is 92.3%
• Maximum wave heights of up to 12.5 meters experienced in Q1 (significant waves are accounted as up to 6.5m), confirming the seakeeping performance of the Damping Pool design

4

Other business developments update

Business development update

Scotwind tender

▪ Confirmation of the ScotWind tender timing and process (tender ongoing ; award : Q4 2021/Q1 2022)

Norway tender

▪ Two areas identified in the North Sea for up to 5 GW of floating and bottom-fixed wind turbine capacity (guidelines release : Q2 2021)

Summary and outlook

Summary and outlook

• Good progress on executing dual-track strategy as a co-developer of offshore floating wind projects and as a provider of EPCI operations and maintenance services
• Progressing and expanding pipeline of offshore floating wind projects
• Clear vision of being the leading long-term owner of floating wind assets in key offshore wind markets across the globe
• On track for 2030 ambition of having engaged in a portfolio of approximately 10 GW gross capacity

Appendix

Consolidated income statement

	Consolidated Q1 2021* (unaudited)
EUR
CONTINUING OPERATIONS
Operating revenue	22,739
Operating expenses	(2,126,147)
Operating profit /(loss) before depreciation/amortisation	(2,103,408)
Depreciation	(269,081)
Amortisation	(5,805)
Operating profit/(loss)	(2,378,294)
Interest expense	(26,179)
Other financial items	(305,295)
Net financial income/(expense)	(331,474)
Profit/(loss) before tax	(2,709,768)
Income tax expense	73,268
Profit/(loss) from continuing operations	(2,636,500)
Profit/(loss) from discontinued operation	0
Net profit/(loss) for the period	(2,636,500)
	(2,636,500)
Attributable to shareholders of the parent	0.0
Attributable to non-controlling interests

*) Consolidated financial statements for the period 15 March to 31 March 2021

Consolidated balance Sheet

Assets	March 31, 2021 (unaudited)
EUR
Property, plant & equipment	94,034
Right-of-use assets	119,931
Technical installation tangible assets	14,095,980
Intangible assets	75,760,276
Other non-current assets	420,348
Total non-current assets	90,490,569
Trade receivables and other current assets	3,249,885
Cash and cash equivalents	51,409,474
Total current assets	54,659,359
Total assets	145,149,928

Equity and liabilities	March 31, 2021 (unaudited)
EUR
Shareholders' equity	123,846,441
Total equity	123,846,441
Interest-bearing long-term debt	5,233,803
Pension obligations	189,748
Asset retirement obligations	1,217,441
Other long-term liabilities	5,281,779
Long-term lease liabilities	61,932
Total non-current liabilities	11,984,703
Trade and other payables	7,068,603
Interest-bearing short-term debt	2,177,917
Short-term lease liabilities	60,909
Income tax liabilities	11,355
Total current liabilities	9,318,784
Total liabilities	21,303,487
Total equity and liabilities	145,149,928

Consolidated cash flow statement

	Q1 2021* (unaudited)
EUR
Profit/(loss) before taxes	(2,709,768)
Unrealised currency exchange loss/(gain)	12,607
Depreciation and amortisation	274,886
Share-based payment expense	90,055
Changes in trade and other payables	1,419,185
Changes in other balance sheet items and items related to
operating activities	524,054
Net cash flow from operating activities	(388,981)
Investment in property, plant & equipment and intangible assets	(43,876)
Investment in subsidiaries	(52,219,175)
Net cash flow from investing activities	(52,263,051)
Proceeds from Share Issue: Parent Company	52,219,175
Proceeds from Share Issue: Parent Company share of issuance on
Oslo Stock Market	9,916,896
Proceeds from Share Issue: Oslo Stock Market	39,667,586
Transaction Costs Relating to the Share Issuance	0
Repayment of interest-bearing debt	(388,384)
Net cash flow from financing activities	101,415,273
Net change in cash and cash equivalents	48,763,241
Cash and cash equivalents at beginning of period	3,960
Cash and cash equivalents acquired at beginning of period	2,642,273
Cash and cash equivalents at end of period	51,409,474

*) Consolidated cash flow statements for the period 15 March to 31 March 2021