BW Offshore (BWO) Pareto Securities' 33rd Annual Energy Conference presentation summary

Market position and operations

• Over 40 years of offshore project experience with 100% commercial uptime and a strong presence across Africa, Europe, Asia, and the Americas.

• Recognized as a leading provider of gas and harsh-environment FPSOs, with a robust operating cash flow backlog of approximately USD 2.2 billion.

• Maintains a diversified portfolio with key assets such as BW Opal, BW Catcher, BW Adolo, and BW Pioneer.

Strategic focus and growth targets

• Focused on maintaining strong cash flow from FPSO business and converting market opportunities into projects.

• Aims to win one FPSO project every other year and develop 1-2 floating transition solutions.

• Committed to growing dividends over time and leveraging FPSO expertise into new energy segments.

Financial performance and shareholder returns

• Operating cash flow backlog is 97% firm, with significant recognition expected post-2030.

• Annual EBITDA projected at USD 250-280 million for 2026, with available liquidity of USD 511 million and a net consolidated cash position of USD 101 million.

• Returned USD 391 million to shareholders since 2020, targeting 50% of 2025 net profit for distribution and aiming to grow dividends.