BW Offshore : 2020 Q3 Presentation

BW OFFSHORE

Q3 2020

CEO Marco Beenen

CFO Ståle Andreassen

19 November 2020

SMARTER TOGETHER

Disclaimer

This Presentation has been produced by BW Offshore Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person.

This document contains certain forward-looking statements relating to the business, financial performance and results of BW Offshore and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of BW Offshore or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of BW Offshore or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. BW Offshore assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither BW Offshore nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences man be material.

By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Offshore and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Offshore. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein.

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This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.

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Highlights

Commercial uptime and results impacted by non-recurring events

Cash dividend of USD 0.035 per share to be paid in Q4

Protecting people and operations remain a priority amid COVID-19

• EBITDA of USD 98.1 million in Q3
• Operating cash flow of USD 82 million
• One-yearcontract extension for Petróleo Nautipa until September 2022
• Agreement reached with New Zealand government for a fully funded disconnection of Umuroa
• Progressing tenders for new projects as planned

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Maintaining proactive approach to COVID-19 pandemic

• Risk management, planning and procedures in place to efficiently manage operational impact

• No new FPSO virus outbreak since Q2 reporting

• Proven protocols for efficient crew-change and deep- clean in place

• Main operational challenges relate to crew logistics

• COVID-19 management related costs at approximately USD ~4 million per month

• Measures being implemented to reduce COVID-19 costs to approximately USD 2 million per month for 2021

• Own PCR testing to cut quarantine time

• Increased mobility reducing crew cost

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