BW Ideol AS

Investor Presentation • May 12, 2022

BW Ideol Q1 2022 presentation

12 May 2022

CEO - Paul De La Guérivière CFO - Nicolas De Kerangal

Disclaimer

This Presentation and its appendices (the "Presentation") has been produced by BW Ideol AS (the "Company", and together with its direct and indirect subsidiaries, the "Group") solely for information purposes. This document and the information contained herein is being made available on a strictly confidential basis and may not be disclosed, reproduced or redistributed, directly or indirectly, to any other person or published or used in whole or in part, for any purpose. This Presentation, and the information contained herein, does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and nothing contained herein shall form the basis of any contract or commitment whatsoever. By attending a meeting where this Presentation is made, or by reading the Presentation slides or by otherwise receiving this Presentation or the information contained herein, you agree to be bound by the following terms, conditions and limitations. Any failure to comply with the restrictions set out herein may constitute a violation of applicable securities laws or may result in civil, administrative or criminal liabilities. For the purposes of this notice, "Presentation" means and includes this document and its appendices, any oral presentation given in connection with this Presentation, any question-and-answer session during or after such oral presentation and any written or oral material discussed or distributed during any oral presentation meeting. No representation, warranty or undertaking, express or implied, is made by the Company, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Group or the market(s) in which the Group operates, nor do they provide an audited valuation of the Group. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, stock or business of the Group or any other person. Moreover, these materials are incomplete without reference to, and should be viewed and considered solely in conjunction with, the oral briefing provided by an authorised representative of the Company in relation to these materials. The Company have not authorised any other person to provide any persons with any other information related to the Group and the Company will not assume any responsibility for any information other persons may provide.

The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own financial, legal, business, investment and tax advisers to receive financial, legal, business, investment and tax advice. In particular, nothing herein shall be taken as constituting the giving of investment advice and these materials are not intended to provide, and must not be taken as, the exclusive basis of any investment decision or other valuation and should not be considered as a recommendation by the Company (or any of their affiliates) that any recipient enters into any transaction. These materials comprise a general summary of certain matters in connection with the Group. These materials do not purport to contain all of the information that any recipient may require to make a decision with regards to any transaction. Any decision as to whether or not to enter into any transaction should be taken solely by the relevant Recipient. Before entering into such transaction, each recipient should take steps to ensure that it fully understands such transaction and has made an independent assessments of the appropriateness of such transaction in the light of its own objectives and circumstances, including the possible risks and benefits of entering into such transaction.

This Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group and/or industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and risks, uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from this results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement.

The recipient acknowledges and accepts that it will be solely responsible for its own assessment of the Group, the market, the Group's market position, the Group's funding position, and the potential future performance of the Group's business and the Company's shares. The Company's shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States, absent registration under the U.S. Securities Act or under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act or in compliance with any applicable securities laws of any state or jurisdiction of the United States. Accordingly, any offer or sale of securities will only be offered or sold (i) within the United States or to U.S. Persons, only to qualified institutional buyers as defined under Rule 144A under the Securities Act ("QIBs") in offering transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of securities in the United States, or to or for the account of U.S. Persons, will be deemed to have been made certain representations and acknowledgements, including without limitation that the purchaser is a QIB.

The Company has not authorized any offer to the public of securities, or has undertaken or plans to undertake any action to make an offer of securities to the public requiring the publication of an offering prospectus, in any member state of the European Economic Area. No prospectus has or will be prepared in connection with this Presentation and the information contained herein. This Presentation is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2 (E) of the Prospectus Regulation (Regulation (EU) 2017/1129).

Neither this Presentation nor the information contained herein is being issued, and nor may this Presentation nor the information contained herein be distributed, directly or indirectly, to or into any jurisdiction in which such issuance and/or distribution would be unlawful.

By accepting these materials, each recipient represents and warrants that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business. This Presentation is subject to and governed by Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as exclusive legal venue.

Q1 2022 Highlights

1

Consolidating leadership position

| Adding 1GW of projects under development and ~1GW of substantiated pipeline during Q1 2022

• | Good progress on growing the project pipeline as floating wind co-developer and technology provider
• | Final investment decision for the 30MW EolMed project offshore France
• | Signed ScotWind option agreement as part of the Floating Energy Allyance for the development of ~1GW of floating wind project in April after the initial award in January
• | Starting first stage of commercial-scale floating wind project in Iwate prefecture, Japan, with Tohoku Electric Power
• | First feasibility study for a Power to Platform project awarded

| Focusing on cash discipline

• | Signing of an investment agreement with JERA and ADEME Investissement in January 2022 to establish an investment vehicle targeting projects in development phase
• | Cash position of EUR 30.0 million at end of March supporting growth strategy
• | EUR 2.8 million cash burn during Q1 2022

Development portfolio (GW)

Under development: projects awarded

• Substantiated pipeline: projects with agreements signed by BW Ideol for a specific site or tender with leading partners
• Opportunity pipeline: tenders announced by Governments with timing and capacity over the next 3 years (see next slide)

A booming market 2

High visibility on near-term confirmed tenders for up to 23 GW

15GW ScotWind + 23GW to be tendered over a three-year period

Exceptional long-term growth prospects to reach energy independence and net zero

DNV estimated global installed offshore wind capacity (GW)

• | Spain approved plan for up to 3GW of offshore wind by 2030 (December 2021)
• | French President Macron announced aiming for 40GW of offshore wind power by 2050 (February 2022)
• | Australia's Victorian State Government announced targets for offshore wind capacity of 2GW by 2032, 4GW by 2035, and 9GW by 2040 (March 2022)
• | Portugal's Minister for Energy announced the launch of a 3- 4GW floating offshore wind tender (March 2022)
• | UK's Prime Minister Johnson announced plans to increase offshore wind capacity to 50 gigawatts by 2030, up from just over 10GW at present (April 2022)

3

A unique floating wind development platform

A unique floating wind project development platform

• | One of the few companies with over 12 years of engineering, project execution and maintenance experience in floating wind
• | 4 years of operational experience gained from two full-scale units in France and Japan
• | Unique capacity to estimate accurately and optimize all CapEx and OpEx, necessary to bid
• | Credible track-record of local value creation based on our existing demonstrators and local manufacturing of floaters in concrete
• | First non-recourse financing for a floating wind project with EolMed

Partnerships with leading utilities

Founded on extensive offshore project development experience

• | An experienced and multidisciplinary team of ~70 wind energy experts with extensive experience in offshore project development
• | Several recent hires reinforcing the development expertise
• | Supported by BW Offshore's unique experience, services and resources

Strengthening the commercial and project development organisation

USA : Christopher Dorman, Head of Development-US

Over a decade of experience from renewable energy projects at Mainstream Renewable Power. Will lead the development of our pipeline in the US as well as prepare for the upcoming BOEM lease auctions on the Atlantic and Pacific coasts

Japan: Miki Sawada - Project development Manager-Japan Previously Japan Renewable Energy (Jun 2019 – Dec 2021) as assistant manager for offshore wind and solar. Managed over 1.1GW of projects under development to commercial operation (COD)

Spain: Alberto Pena Sicilia- Head of Development-Southern Europe More than two decades at Siemens-Gamesa, serving at various sales and project development positions. Was Corporate Head of Project Development of the onshore wind business unit during the last five years, leading both greenfield and co-development activities for the company.

BWO experience boosting our competencies to conquer other markets

• | First feasibility study for an oil & gas major awarded in Q1 to create a framework for power-to platform projects
• | Power-to-Gas and Power-to-FPSO markets to be developed with the support of BWO resources and expertise

4

A tender-winning proprietary technology

A unique value proposition covering the whole asset life cycle

| 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 draft compatible with several ports and quayside assembly of wind turbine

DAMPING POOL TECHNOLOGY

Floatgen delivers stable production…

• | 19.9 GWh of cumulative production since January 2019
• | 94.5% of availability since January 2019

Floatgen electricity generation

…providing operational experience for upcoming tenders

• | Rescue training done in March 2022 to confirm iintervention of helicopters on floaters
• | Process to be deployed for upcoming pilot & commercial-scale projects

• | Important wildlife refuge with 30 different birds observed on the floater
• | Participation in a dedicated R&D project to improve knowledge of flying fauna close to offshore wind turbines

4

Transforming pipeline to real projects

FID reached on EolMed 30 MW project

• | World's first non -recourse financing for a floating wind project
• | EUR 165 million financing arranged with the support of the European Investment Bank and several leading French banks
• | First offshore wind project in France without legal recourse, to be commissioned in mid -2024
• | Three 10MW wind turbines mounted on BW Ideol's patented floating steel foundations installed in the Mediterranean Sea 18 km off Gruissan
• | BW Ideol (5% ownership) and Qair have cooperated on the project since 2016. TotalEnergies joined the development consortium as 20% owner in 2020

Progressing 1GW ScotWind project

• | Signed formal option agreement with Crown Estate Scotland in April following the project award in January to the Floating Energy Allyance
• | Payment of option fee at signing in April
• | Launching of site investigations and environmental studies which will form the basis for consent application

ScotWind factsheet

• Exclusivity on 330 km² area with potential for 960MW capacity
• Excellent wind conditions, protected from the most severe waves, water depth between 75 and 105 m
• More than 3 years of stakeholder-engagement by CES¹and the consortium
• Grid application already secured, 80 km from coast
• Largely free from any environmental and marine use conflicts and constraints
• Targeting construction by 2030 with an estimated ~60 turbines
• Signed Engineering Service and Technology Licence agreements, securing revenues for BW Ideol

Confirming and extending leadership in Japan

• | Signed agreement and initiated feasibility studies with Tohoku Electric Power Co., Inc. for a joint development of a commercialscale floating offshore wind project
• | Tohoku Electric has more than 15 GW of existing generation capacity and is the largest local company (15 billion \$ revenues, 5000 employees)
• | Located off the coast Japan in Iwate prefecture
• | Only location currently pre-quailified by the Japanese government to initiate a formal tender for a commercial-scale floating wind project
• | Most advanced floating wind project in Japan in terms of impact studies and local stakeholder consultation
• | BW Ideol has one of the largest floating wind pipeline under development in Japan, with a total of ~2,2 GW
• | Signed Joint Development Agreements with other leading utilities incl. Eneos for commercial scale floating wind projects

Q1 2022 Financial overview 5

Q1 2022 financial highlights

• | Q1 2022 revenue from design and engineering activities in France and Asia of EUR 1.1 million
• | EolMed FID to trigger royalty-payments in Q2-Q3 2022 for a total of EUR 1.2 million
• | Organisation's additions limited to business development activities following ramp-up in 2021, translating into disciplined management of operating cash flows
• | Q1 2022 net cash outflow of EUR 2.8 million

EUR 30.0 million cash position at end of Q1 2022

• | Share of BW Ideol option lease payment on ScotWind paid in early April for GBP 11 million
• | No short-term cash requirement, although growing pipeline of projects under development and tenders to require additional funding during 2023
• | Flexible financing options available as illustrated with the JERA+ADEME investment vehicle set-up

Outlook 4

| Signing of 1 GW project in Scotland and Final Investment Decision on EolMed project are turning points

| Clear roadmap to market leadership with a fully proven and bankable technology

| Ready to be deployed on a secured pipeline of commercial-scale projects

| Preparing up to 23GW of confirmed tenders in key markets

| Rare opportunity to invest in the leader of a booming transformational industry

| Focus on cash discipline while developing funding capacity

| Ahead of 2030 goal of engaging in approximately 10GW gross portfolio

Development portfolio (GW)

10,0

Under development Q1 2022 Substantiated pipeline

Appendix

Consolidated P&L

P&L (K€)	Q1 2021	FY 2021	Q1 2022
Revenue from Contracts with Customers	23	2 259	1 077
Other operating income	-	1 402	529
Operating expenses	(2 126)	(11 424)	(3 052)
Operating profit /(loss) before depreciation/amortisation	(2 103)	(7 763)	(1 446)
Depreciation	(269)	(5 566)	(2 325)
Amortisation	(6)	(3 251)	(1 105)
Operating profit/(loss)	(2 378)	(16 581)	(4 877)
Interest income	-	-	22
Net Interest expense	(26)	(229)	(34)
Other financial items	(305)	(519)	(209)
Net financial income/(expense)	(331)	(748)	(221)
Profit/(loss) before tax	(2 710)	(17 329)	(5 098)
Income tax expense	73	693	215
Profit/(loss) from continuing operations	(2 637)	(16 636)	(4 883)
Net profit/(loss) for the period	(2 637)	(16 636)	(4 883)

Consolidated Balance sheet

ASSETS (K€)	Q1 2021	YE 2021	Q1 2022
Vessels and vessels under construction
Other Property, plant & equipment	94	154	147
Right-of-use assets	120	5 344	4 843
Technical Installations	14 096	11 852	10 130
Other Intangible assets	75 760	4 063	4 096
Goodwill	-	25 267	25 606
Technology Asset	-	56 604	55 608
Other non-current assets	420	3 270	3 289
Total non-current assets	90 490	106 553	103 719
Trade receivables and other current assets	3 250	3 200	4 062
Cash and cash equivalents	51 409	32 792	29 982
Total current assets	54 659	35 992	34 044
TOTAL ASSETS	145 150	142 545	137 763

EQUITY AND LIABILITIES (K€)	Q1 2021	YE 2021	Q1 2022
Share Capital	313	313	313
Share Premium	130 591	130 591	130 591
Other Equity	-	-	(16 450)
Retained Earnings	(7 057)	(17 300)	(4 883)
Foreign Currency Translation Reserve	-	(2)	(4)
Total equity	123 846	113 602	109 566
Interest-bearing long-term debt	5 234	5 654	5 242
Pension obligations	190	229	229
Asset retirement obligations	1 217	2 172	2 172
Other long-term liabilities	5 282	3 539	3 514
Long-term lease liabilities	62	16	-
Deferred Tax Liability	-	12 453	12 234
Total non-current liabilities	11 985	24 063	23 391
Trade payables and other short-term liabilities	7 069	3 405	3 178
Interest-bearing short-term debt	2 178	1 408	1 561
Short-term lease liabilities	61	62	62
Income tax liabilities	11	6	4
Total current liabilities	9 319	4 880	4 806
Total liabilities	21 303	28 943	28 197
TOTAL EQUITY AND LIABILITIES	145 150	142 545	137 763

Consolidated Cashflow

Cash Flow (K€)	Q1 2021	FY 2021	Q1 2022
Profit/(loss) before taxes	(2 710)	(17 329)	(5 098)
Unrealised currency exchange loss/(gain)	13	2	189
Depreciation and amortisation	275	8 818	3 431
Share-based payment expense	90	1 812	513
Change in Subsidies & Grants Receivable	-	825	(530)
Add back of net interest expense	-	229	11
Changes in working capital	1 943	(241)	(585)
Net cash flow from operating activities	(389)	(5 884)	(2 070)
Investment in other property, plant & equipment	(44)	(1 815)	(30)
Investment in other intangible assets (capitalized R&D)	-	-	(209)
Investment in subsidiaries, net of cash acquired	(52 219)	(49 577)	-
Net cash flow from investing activities	(52 263)	(54 246)	(239)
Proceeds from Share Issue: Parent Company	52 219	52 219	-
Proceeds from Share Issue: Parent Company share of issuance on Oslo Stock Market	9 917	9 917	-
Proceeds from Share Issue: Oslo Stock Market	39 668	39 683	-
Repayment of debt and other liabilities	(388)	(2 264)	(452)
Interest paid	-	(438)	(34)
Payment of lease liabilities	-	(5 878)	(16)
Net cash flow from financing activities	101 415	92 918	(502)
Net change in cash and cash equivalents	48 763	32 788	(2 810)
Cash and cash equivalents at beginning of period	4	4	32 792
Cash and cash equivalents acquired at beginning of period	2 642	2 642	-
Cash and cash equivalents at end of period	51 409	32 792	29 982