BW Ideol AS

Regulatory Filings • Nov 16, 2021

BW Ideol: Third quarter 2021 operational update

BW Ideol: Third quarter 2021 operational update

HIGHLIGHTS

* Announced partnership with EDF Renewables and Maple Power for the South

Brittany tender in France

* Pre-selection of the EDF Renewables and Maple Power consortium by the French

Government and launch of the competitive dialogue

* Gained exclusive, long-term access to Ardersier Port for local manufacturing

of concrete floating substructures to in-house and third-party ScotWind

developments

* Submitted applications for ScotWind tender with joint venture partners for a

total of 2.1 GW

* Progress on Californian 40 MW Pilot Project towards Environmental Impact

Report

* Signed development and services agreements in Italy and Taiwan

* Year-to-date EUR 1.5 million of revenue derived from engineering activities

including Eolmed

* Cost discipline with cash position of EUR 38.5 million at end of September

2021 supporting growth strategy.

BW Ideol is executing its dual-track strategy as a co-developer of offshore

floating wind projects and as EPCI (engineering, procurement, construction and

installation) contractor of floating offshore wind technology. Progress is

reflected in several recent cooperation agreements and participation in tenders

for commercial scale floating offshore wind projects.

"We are progressing according to plan in a market with increasing activity and a

growing pipeline of opportunities for us to fully leverage our unique floater

design, engineering capabilities and project execution skills to create value

for all stakeholders. The recent COP26 conference in Glasgow highlighted the

need for rapid scaling of clean renewable power production to decarbonize energy

systems worldwide. We are well positioned to support global energy transition

and drive long-term growth through our market leading offshore floating wind

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

Operating revenue for the third quarter was EUR 1.3 million of which EUR 0.8

million from design and engineering activities for projects in France and in

Japan. This brings the year-to-date operating revenue at EUR 2.4 million of

which EUR 1.5 million from design and engineering activities.  Year-to-date

operating loss before depreciation and amortisation (EBITDA) for the period was

EUR 5.4 million. The cash position was EUR 38.5 million at 30 September 2021.

BW Ideol's mission is to create a sustainable future by using floating

technology to unlock the vast potential of offshore wind. The Company was

established as a global pure player in floating offshore wind technology

following the acquisition of Ideol SA and a private placement raising gross NOK

519.6 million of growth capital and subsequent listing on Euronext Growth Oslo

on 18 March.

OPERATION

In September, BW Ideol announced its partnership agreement with EDF Renewables,

a subsidiary of EDF Group, and Maple Power, a joint venture between CPP

Investments and Enbridge Inc., to cooperate on the design of the technical

solution for the floating foundations for the South Brittany project, France's

first commercial-scale floating wind tender. The EDF Renewables-Maple Power

consortium was at the same time pre-selected in the tender process by the

Government. The windfarm will have a capacity of up to 270 MW and is part of

France's national Multiannual Energy Programme (Programmation Pluriannuelle de

l'Energie) aiming at putting 8.75 GW of offshore wind capacity out to tender by

In July, BW Ideol submitted bids in the ScotWind tender for a total of 2.1 GW of

installed capacity together with the joint development partners Elicio NV and

BayWa.r.e. In September, the Company gained exclusive, long-term access the

Ardersier Port, UK's largest brownfield port, enabling a potential serial

production line in Scotland for concrete floating wind substructures based on

the Company's proven Damping Pool ® technology. The local production line in

Scotland will serve ScotWind tenders won by BW Ideol and its partners, as well

as other consortiums which may base their projects on BW Ideol's floater

technology through EPCI contracts. An upfront payment of EUR 5.8 million to

secure port rights was made in September following the signing of this

agreement.  The Crown Estate Scotland targets making the initial offers for the

first option agreements to successful applicants on 17 January 2022.

Early in the third quarter, BW Ideol signed a joint development agreement with

Eneos Corporation, Japan's largest oil refiner and distributor, for commercial

scale floating offshore wind farm off Japan and a design and engineering service

agreement with an undisclosed party related to a commercial-scale project under

development in Taiwan. In August, BW Ideol announced a HoT of Partnership

Agreement with an undisclosed leading party for a commercial scale floating

offshore wind farm in Italy.

In October, The California State Lands Commission (SLC) released a final

Preliminary Environmental Assessment (PEA) for two planned offshore wind farms

near the Vanderberg Space Force Base, including BW Ideol's proposed installation

of four concrete floaters with a total of 40 MW capacity. The SLC will now

proceed to the next stage of the lease application process by authorising the

preparation of the final Environmental Assessment.

BW Ideol continued work on finalising the design phase for the EOLMED project in

the Mediterranean Sea consisting of three floating 10 MW turbines to be

installed off Gruissan, France. The company signed an engineering and licence

agreement in April 2021 with EOLMED. The project is progressing to reach FID in

the first quarter of 2022.

Since commissioning in September 2018, the Floatgen demonstrator installed

offshore western France produce 17.36 GWh of electricity and recorded 90.9%

availability, reflecting the seakeeping performance of BW Ideol's proprietary

damping pool design. The Ecole Centrale de Nantes has published a first

environmental report since the Floatgen installation which covers several

physical and biological factors. No strong effect or impact was identified in

relation to the marine environment and no environmental incidents or pollution

have occurred during the construction, operation and maintenance phases.

OUTLOOK

BW Ideol continues progress and expand its pipeline of offshore floating wind

projects. The Company's vision is to be a leading long-term owner of floating

wind assets in key offshore wind markets across the globe. The goal for 2030 is

to have engaged in approximately 10 GW gross portfolio of floating offshore wind

projects by building from an existing project pipeline and strong JV

partnerships, scaling and optimising in-house developed and proprietary

technology, developing a global organisation and leveraging the partnership with

BW Offshore, including on the power to oil and gas platform market.

WEBCAST

The Company will hold a webcast today, Tuesday 16 November, in connection with

the third quarter operational updateat at 15:00 CET. The webcast will be held in

English by CEO Paul Dupin de la Guérivière.

The webcast will be available by following this link: https://bit.ly/3bN4B45

You can also dial the following number: 47 21 40 42 22 (Phone Conference ID:

649 449 492#).

Please find attached the operational update presentation including financial

tables.

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 (mailto: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,

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 of the Norwegian Securities Trading Act.