BW Offshore: Second Quarter and First Half Result 2021 – GlobeNewswire

Second Quarter and First Half Result 2021

HIGHLIGHTS

In the second quarter, BW Offshore continued to make significant progress in executing the dual-track strategy of evolving the core FPSO business and capturing energy transition opportunities by developing adjacent business areas.

EBITDA for the second quarter of 2021 was USD 91.1 million, a decrease from USD 110.8 million in the previous quarter. The decrease in EBITDA was mainly driven by non-recurring costs related to lay-up of Cidade de So Vicente and sail away of Umuroa from New Zealand.

During the quarter, BW Offshore secured key equipment packages and work-scope related to the Barossa FPSO hull, mooring and topside fabrication. Project execution is progressing to plan.

The debt and equity financing for the Barossa project is near completion with a syndicate of nine international project finance banks providing a 14-year USD 1.15 billion combined construction and long-term debt financing. BW Offshore and three global infrastructure equity partners will contribute 51% and 49% of the project equity, respectively.

2021 is a strategically important year for BW Offshore. We are very pleased with the progress made on the Barossa project, with first steel cut for the hull planned for next month. We are successfully locking in packages and contracts despite the challenging commodity market. said Marco Beenen, the CEO of BW Offshore. In addition to full speed on the Barossa project, we are focusing on delivering on our strategy by contributing to the energy transition, developing our floating wind project pipeline and we have now submitted bids for the ScotWind tender.

The Board of Directors has declared a cash dividend of USD 0.035 per share. Shares will trade ex- dividend from 31 August 2021. Shareholders recorded in VPS following the close of trading on Oslo Brs on 1 September 2021 will be entitled to the distribution payable on or around 9 September 2021.

Please see attachments for the Half-Year Report and Presentation. The earnings tables are available at: https://bwoffshore.com/ir/quarterly-results/

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

Conference call information:

To dial in to the conference call where the first half year and second quarter results and Q&A will be hosted, please dial one of the following numbers:

Norway: +47 2396 3938UK: +44 3333 009 260US: +1 6467 224 957France: +33 170 750 737Singapore: +65 6429 8349 (PIN: 81560184#)

You can also follow the presentation via webcast with supporting slides, available on:

https://streams.eventcdn.net/bwo/q2-2021/register

Please note that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call.

For further information, please contact:Stle Andreassen, CFO, +65 97 27 86 47Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40

IR@bwoffshore.com http://www.bwoffshore.com

About BW Offshore:

BW Offshore engineers innovative floating production solutions. The Company has a fleet of 14 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 2,000 employees and is publicly listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

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BW Offshore: Second Quarter and First Half Result 2021 - GlobeNewswire