Second Quarter and First Half Results 2024

HIGHLIGHTS

• EBITDA USD 77 million in Q2 and USD 163 million for the first half-year

• Net profit USD 29 million in Q2 and USD 66 million for the first half-year

• Operating cashflow USD 107 million in Q2 and USD 198 million for the first half-year

• Equity ratio 30.4% and USD 728 million in available liquidity

• Q2 cash dividend USD 0.0625 per share equivalent to USD 11 million

• Barossa FPSO project 86% complete at end-July 2024

• Completion of FEED work on the Sakarya project

• Full-year 2024 EBITDA expectation raised to USD 305-315 million

BW Offshore continues to progress the Barossa project according to schedule. As of end July 2024, the project was 86% completed. All 16 top-side modules have been lifted onto the FPSO, representing an important project milestone. Integration work is well underway and pre-commissioning and commissioning activities have started to ramp up.

In the third quarter, BWO completed Front-End Engineering Design (FEED) work and early engineering related to the Sakarya redeployment project. The work generated an EBITDA contribution of approximately USD 7 million in the second quarter of 2024 and a further approximately USD 10 million is expected to be recognised in the third quarter. Sakarya is set to progress as a local-content-oriented project in Turkey with limited scope for BW Offshore to provide further value-added services meeting own return requirements.

“BW Offshore continues to deliver high commercial uptime across the FPSO fleet and the topside integration and commissioning of the BW Opal is proceeding to plan,” said Marco Beenen, CEO of BW Offshore. “We are selectively progressing several potential FPSO projects in a very active market and the Sakarya FEED shows that that we can create material value in preparatory phases, even if a final contract does not materialise.”

The Board of Directors has declared a quarterly cash dividend of USD 0.0625 per share. The shares will trade ex-dividend from 3 September 2024. Shareholders recorded in VPS following the close of trading on Oslo Børs on 4 September 2024, will be entitled to the distribution payable on or around 11 September 2024.

BW Offshore expects that the fleet will continue to generate significant cash flows in the time ahead, supported by the USD 5.4 billion firm contract backlog at the end of June 2024. BW Offshore expects to report an EBITDA in the range USD 305-315 million for 2024, an increase from previously in the range of USD 290-310 million.

Please see attached the half year report and presentation. The earnings tables are available at:

https://www.bwoffshore.com/ir/

BW Offshore will host a webcast of the financial results 09:00 (CEST) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.