BW Ideol AS — Investor Presentation 2021

Mar 11, 2021

BW Ideol Company presentation

March 2021

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TA B L E O F C O N T E N T S

Introduction to BW Ideol

The leading integrated platform in floating wind

Strategy and pipeline

A1 Appendix

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2

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Two strong companies joining forces to accelerate growth

Creating a leading floating wind long-term assets owner

Proven floating wind technology with a strong competitive edge

Strong pipeline of projects in partnerships with leading local utilities

Early mover position in the most attractive markets for floating wind

Extensive trackrecord of complex industrial offshore projects

Ambition to be a leading global floating wind assets owner…

…with the advantage of being an early mover

• One of the few current players with over 10 years of engineering, execution and maintenance experience in floating wind
• Two full-scale demonstrators in operation in two of the most promising floating wind markets – France and Japan
• Fully proven technology with more than two years of operational experience
• Integrated team of 60 experts in France and Japan
• Sizeable project pipeline as co-developer in Japan, Europe and the US
• 30 MW EolMed project in France with FID expected in Q4 2021

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Supported by an industrial owner with a global maritime track record…

1) Countries with policies targeting at least 10 GW of offshore wind by 2030 | Source: Offshore Wind Outlook (2019)

…and offshore engineering, installation and operations capabilities

Transferable experience from mooring technologies 40 years of offshore energy +2 100 employees ~250 km of mooring lines deployed

BW Ideol is far more than just a technology supplier

Led by highly dedicated management team with vast experience in offshore, construction and renewables…

Paul de la Guérivière | Chief Executive Officer Over 20 years experience in developing and financing renewable energy projects all over the world

Stéphane Toumit | Chief Engineering Officer

Over 17 years experience in the design and FEA simulation of offshore structures

Nicolas de Kerangal | Chief Finance Officer & Partnerships

Nearly 20 years of experience from finance and strategy positions in the renewable energy technology space

Bruno Geschier | Chief Sales & Marketing Officer Over 25 years of senior management and international business development experience in technical and industrial environments

Thomas Choisnet | Chief Technology Officer

Extensive experience of offshore structures across all stages of the project, from concept development to detailed design, installation, operation and construction

Ghislain Dufay | Chief Product and Operations Officer

12 years experience in large infrastructure EPCI contract management with Vinci Construction

In addition to full support from BW Offshore team through service agreements

…and a board of directors with deep industrial competence

Marco Beenen

Chairman

CEO BW Offshore

Senior leadership positions in BW Offshore since 2012, including positions as COO, VP Business Development and Senior VP Fleet

Board of Directors of BW Energy

Prior experience from executive positions in the Netherlands and USA as President of GustoMSC Inc and Vice President Engineering with SBM Offshore

Yngvil Asheim

Board Member

Managing Director of BW LNG

Joined BW in 2010 as Managing Director for BW Fleet Management and later become Managing Director for BW Shipping before becoming Managing Director for BW LNG in 2015

Prior experience from leadership positions in Höegh and DNV in addition to several board positions

Julian Brown

Board Member

Vice President and UK Country Manager for MHI Vestas

Non-executive chairman at Tekmar Group plc and a director of Renewable UK

Twenty years of experience from the renewables industry, including being chairman and co-founder of 8.2 Aarufield Ltd, head of AREVA Wind in the UK and managing director of NEG Micon Rotors Ltd

Geographically disperse team covering key geographies for floating wind

Note: Ongoing process to finalize two additional independent director positions

TA B L E O F C O N T E N T S

Introduction to BW Ideol

The leading integrated platform in floating wind

Strategy and pipeline

A1 Appendix

1

2

3

12

The leading integrated floating wind platform with strong development and execution capabilities

Floating wind is a vast and rapidly growing market opportunity Supported by powerful market fundamentals and high capital inflow

Early mover with fully proven technology Fully proven and cost competitive proprietary floating technology

Attractive business model

Long-term asset ownership driving steady cash flow

Accelerating growth through partnership with BW Offshore

Leverage BW Offshore's unique competencies within offshore projects

Ideally positioned to win upcoming tenders

Fully integrated offering with clear roadmap to cost reduction

Renewable energy is a key contributor to solving the climate change emergency 1

1) Bloomberg New Energy Finance; 2) Expected reductions to meet UN Sustainable development scenario; 3) Carbon capture, utilisation and storage; 4) Fuel switching, nuclear and other

Offshore wind is expected to be a major contributor 1

Floating wind is key to unlock offshore wind potential 1

Largely unlimited potential for floating offshore wind which has superior wind conditions

1) Estimated global distribution of potential by offshore wind technology based on geospatial analysis undertaken by EIA and the Imperial College London; 2) Capacity factor project dependent Source: IEA (2019) Offshore Wind Outlook 2019; Wood Mackenzie Power & Renewables: The Momentum of Floating Wind and its Outlook Implications (Dec 19); Fortune Business Insights

Cost competitiveness driving growth 1

1) LCoE (Levelized cost of energy): Avg. net present cost of electricity generation for a generating plant over its lifetime per MWh generated; 2) Global weighted average LCoE in year of commissioning (EUR/MWh); 3) 5th percentile LCoE globally – the highest quality projects | Source: IRENA 2019; Fraunhofer ISE, McKinsey Energy Insights Global Energy Perspective, April 2020

Early mover with fully proven technology… 2

• Fully patented technology
• Suitable for any environment >30 meter water depth, any wave conditions, seabed conditions, and wind turbine
• Proven and excellent seakeeping performance even in typhoon areas like Japan
• Designed to be the most competitive solution in the market – compactness and simplicity with floater built in concrete
• Proven serial production methods
• Easy maintenance and installation shallow draught compatible with several ports and quayside assembly of wind turbine

Water-mass trapped in the central pool dampens floater motions – combining compactness with excellent stability

2 …solving several of the drawbacks with other technologies

• Unsuited for deployment in waterdepths less than 100 meters vs. a large coming market in water-depths of 50 to 100 meters led by Scotland, France, Japan, Korea and Taiwan
• Offshore wind turbine integration
• Not possible to tow back to port for heavy turbine maintenance
• Large dimensions and steel weight
• Design makes it more difficult to industrialise production
• Need for ballasting in operations and less stable during towing
• No demonstrators in operation
• Less compatible for active seismic areas such as Japan and California
• More complex installation procedures and risk of tendons failure
• Not applicable at greater than ~80-meter water depth

A unique and valuable experience from real floating assets 2

Le Croisic, France

• Floatgen demonstration project 2 MW1) installed at 33m depth 20 km of the coast of France (constructed 2016-17)2)
• Average 6.4 GWh produced and >90% availability in 2019-2020 compared to 4.1 GWh on competing technology with the same wind turbine3)
• Hibiki demonstration project 3 MW4) installed at 55m depth 15 km of the coast of Japan (constructed 2016-18)
• Successfully weathered three category 5 typhoons

`

Representative of the harshest environments

Documented ability of safeguarding the guaranteed turbine power curve

1) Turbine: 1 x Vestas V80 80m 2.0 MW; 2) Demonstration phase on Sem-Rev site on-going until Sep-2023; 3) Average 2012-2015; 4) Turbine: 1 x AERODYN SCD 3.0 MW

A clear roadmap to drive down cost 2

Key drivers of cost reduction: Scaling of technology, serial production and O&M

A business model focused on long-term ownership 3

Leveraging competence and technology through a dual-leg strategy

• 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 longterm recurring cash flows
• Two execution paths:
  • Co-develop projects in JVs
  • Leveraging EPCI capabilities with possibility to become a lessor of floating wind assets (supported by BW Offshore's FPSO business experience)

Project ownership strategy supported by strong JV partners 3

• Project ownership strategy based on strong JV structure securing BW Illustrative simplified JV structure Ideol attractive stakes up to 50% or more while sharing risk
• Co-investment allowing BW Ideol to accelerate co-development activities by securing external funding and leveraging capabilities of local utilities /operators
• BW Ideol contributing with floater technology and engineering competence, and interfacing with suppliers to ensure the lowest LCoE to maximise tender competitiveness

I Envisaged JV structure

Attractive value creation potential throughout asset lifecycle 3

EPCI strategy with focus on leasing of floating wind assets 3

• EPCI business model to deliver and install floating wind assets based on BW Ideol's floater technology
• BW Ideol can either deliver floaters under EPCI contracts or lease the floaters / floating wind assets to project developers
• The floater EPCI contract covers the engineering, construction, supply and installation of the floating foundations
• BW Ideol is in charge of engineering, the complete system design, mooring, managing the supply chain and installation – leveraging support from BW Offshore and strong partners / suppliers

II EPCI and leasing business model

Partnership with BW Offshore reinforcing and accelerating BW Ideol's leading position… 4

Strengthened project development capabilities Enhanced execution model ensured through BW Offshore partnership

Access to BW ecosystem enabling scale in capabilities and technology

Improved industrial development track record through backing by BW offshore

…strengthening position in each phase of the asset lifecycle

4

Ideally positioned to win upcoming tenders 5

Fully proven competitive floating wind technology Cost competitiveness and high energy yield

Unique inhouse competence on floating wind +10 years of experience from engineering and supporting floating offshore wind projects from conception to installation

Ready for scale Proven serial production methods and high local content

Strong and expanding partnership portfolio

Partnerships with BW Offshore and local utilities strengthening positioning

Early mover position

Relationships with local governments and suppliers established in key markets

TA B L E O F C O N T E N T S

Introduction to BW Ideol 1

The leading integrated platform in floating wind

Strategy and pipeline

A1 Appendix

2

3

29

Leverage early stage leading position to meet ambitious 2030 goals

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	>15% of portfolio in operation	Extending organisation globally
floating wind assets in key offshore wind markets across the
globe	Return on equity above 15%	Leveraging BW Offshore partnership

Floating wind markets are materialising now…

1) Offshore wind policy targets | Source: Visible Earth topography and bathymetry; Global Wind Atlas; IEA 2017, IEA (2019) Offshore Wind Outlook; Our world in data

…supporting a large and tangible pipeline

France: 9 GW offshore wind expected to be auctioned by 2028

Market drivers

• Need to replace ageing nuclear power plants
• 9 GW offshore wind capacity expected to be auctioned from 2021 to 2028
• Best wind resources and project locations in deep-sea area - French government has identified floating wind as a strategic industry
• Three floating wind tenders already confirmed: South Brittany (2021) and two in Mediterranean (2022)

BW Ideol positioning

• Only French technology provider with a track record
• Floatgen, the only offshore wind turbine operating in FR
• EolMed on track to be the first floating wind project in the Mediterranean
• History of support from French gov. and local authorities
• Floatgen and Eolmed located in the direct vicinity of the South Brittany and one of the Mediterranean tender sites
• Only technology compatible with a construction directly in the Port of Brest (Brittany) and the Port of Fos/Marseille (Mediterranean), demonstrating local value creation as expected by the French government
• HQ in Mediterranean and proximity to local authorities

Japan: 10 GW offshore wind expected to be installed by 2030

Main offshore wind areas Potential gross capacity pipeline ~500 MW ~500 MW ~1 000 MW ~1 000 MW 2024 2027 2029 2025 2028 2030 2026 2030 2033 Area selection process ▪ Offshore wind development areas move through three phases, and is revised every year: – Potential area: advance stage of preparation – Promising area: support from local stakeholders – Promotion area: ready for tender 2028 2032 2035 Hibiki COD: FID: Awarded: Central Kyushu North Market drivers ▪ Offshore wind identified as strategic to secure energy supply following Fukushima disaster ▪ 10 GW offshore wind capacity targeted installed by 2030, announced by government on July 2020 ▪ First offshore wind tenders to be issued in 2020-21 covering four areas, including a small-scale floating ▪ Five floating demonstrators, including the Hibiki project, deployed and funded by the Japanese government BW Ideol positioning ▪ Only non-Japanese technology deployed on a demonstrator with the Hibiki project ▪ Tokyo based Japanese team for more than 5 years1) ▪ Involved in several key Japanese working groups to define new certification rules for concrete floaters and synthetic mooring lines (based on experience from Floatgen) ▪ Site specific JDAs2) have been signed with leading local listed companies as Orix and Japex ▪ Exclusive agreement signed to supply technology to a major local developer for a commercial scale project ▪ Currently finalizing additional co-development agreements for a total pipeline to date of >2 GW

UK/Scotland: ~36 GW offshore wind to be added through 2030

1) BayWa is a leading global developer part of the BayWa Group (EUR 17.1bn turnover). BayWa has a strong presence in Edinburgh, Scotland with >75 employees and 890 MW of onshore wind projects under management; 2) Elicio is an operator and majority owner of the Norther offshore wind project (370 MW), minority shareholder of Rentel (309 MW) and Seamade (478 MW) offshore wind projects in Belgium. Ultimately owned by the Wallony Region (Belgium)

USA (California): Early mover position in a developing market

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1) Source: NREL and BOEM

Several other project opportunities identified and monitored

	Other attractive markets
	Norway	South Korea	China	Ireland	Spain
▪ ▪ ▪ ▪	General support from government to develop floating wind industry Offshore wind development governed by Ministry of Petroleum and Energy Government launched new climate plan in Q1 2021 Government confirmed opening of tenders for Utsira and Sørlige Nordsjø II area	▪ Absence of floating wind support mechanism ▪ Decommissioning of nuclear power stations ▪ ~60 GW renewable capacity target by 2030 – of which 13 GW could come from offshore wind ▪ Large development ongoing for floating wind around Ulsan area	▪ No specific scheme for floating wind ▪ Offshore wind policies and industrial capacity developed by government and provinces ▪ >600 GW floating wind market potential long term ▪ Country with highest rate of annual offshore wind installations ▪ By 2030, expected to install 6 GW of offshore wind per annum	▪ New policies and support schemes currently being implemented ▪ However, still early stage with larger uncertainties ▪ Underlying good conditions for floating, with >300 GW long term floating wind potential	▪ New offshore wind law in preparation by the central government to be approved in 2021 ▪ Several local initiatives to promote offshore wind, in particular in Canaria, Galicia ▪ Offshore wind test sites in operation in Canaria and Basque country ▪ First tenders expected in 2022

Targeting several near term milestones in key markets

1) Department of Defense; 2) Joint development agreements

A floating offshore wind champion

Proven floating wind technology with a strong competitive edge

Strong pipeline of projects in partnerships with leading local utilities

Early mover position in the most attractive markets for floating wind

Extensive track-record of complex industrial

TA B L E O F C O N T E N T S

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Introduction to BW Ideol 1

The leading integrated platform in floating wind

Strategy and pipeline

A1 Appendix

2

3

Glossary list

Abbreviation	Definition
ADEME	Agence de la Transition Écologique
BOEM	Bureau of Ocean Energy Management (Federal department)
Capex	Capital Expenditure
CAGR	Compounded annual growth rate
CCUS	Carbon capture, Utilisation and Storage
COD	Commercial Operations Date
Dev.	Development
DoD	Department of Defense
EIA	Environmental Impact Assessment
EPC	Engineering, Procurement, Construction
EPCI	Engineering, Procurement, Construction and Installation
FEA	Finite Element Analysis
FID	Final Investment Decision
FPSO	Floating Production, Storage and Offloading
GW	Gigawatt
GWh	Gigawatt hours
IAC	Inter-Array Cables
IPO	Initial Public Offering

Abbreviation	Definition
IR	Investor relations
JDA	Joint development agreement
JV	Joint Venture
LCoE	Levelized Cost of Energy
m/s	Meter per Second
MW	Megawatt
MWh	Megawatt hours
NREL	National Renewable Energy Laboratory
O&M	Operation and Maintenance
Opex	Operating Expenditure
PPA	Power Purchase Agreement
PV	Photovoltaic
SCADA	Supervisory Control And Data Acquisition
SPV	Special purpose vehicle
UK	United Kingdom
UN	United Nations
US	United States
VAFB	Vandenberg Air Force Base