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BW Ideol 2021 First Half-Year Results

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HIGHLIGHTS

  • Creation of BW Ideol AS and listing on Euronext Growth Oslo as an offshore floating wind champion (March)

  • Signed EolMed 30 MW pilot project engineering contract and license agreement (April)

  • Signed partnership agreement with leading utility for South Brittany tender in France (April)

  • Signed collaboration agreement with Hitachi ABB Power Grids on developing industry-first floating substation solution (June)

  • Signed Joint Development Agreement with Eneos Corporation for a commercial scale floating wind farm in Japan (July)

  • Submitted applications for ScotWind tender with joint venture partners for a total of 2.1 GW (July)

  • Signed design and engineering Services contract with undisclosed leading party for a commercial scale floating wind farm in Taiwan (July)

  • Signed Heads of Terms with an undisclosed party for a commercial scale floating offshore wind farm in Italy (August)

  • Cash position of EUR 46.2 million at end of June supporting our growth ambitions

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 in March 2021 following the acquisition of Ideol S.A. and a private placement raising gross NOK 519.6 million of growth capital and subsequent listing on Euronext Growth Oslo on 18 March.

BW Ideol continues to execute 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 making good progress on several projects and pipeline opportunities, while also leveraging our floater design and engineering expertise to develop innovative solutions such as the floating substation offering to drive the growth of the offshore floating wind market,” said Paul Dupin de la Guérivière, the CEO of BW Ideol. “The capital raise and listing in March, our long-term industrial partnership with BW Offshore and an increasing number of strategic collaborations world-wide, position BW Ideol to be a leader of this emerging market and to realise a substantial long value-generation potential.”

Operating Revenue for first half of 2021 was EUR 1.3 million of which EUR 0.67 million from design and engineering activities for projects in France and in Japan. Operating loss before depreciation and amortisation for the period was EUR 3.9 million. Cash balance amounted to EUR 46.2 million on 30 June 2021.

Please see attachments for the Half-Year Report and Presentation.

WEBCAST INFORMATION
BW Ideol will host a live webcast presentation of the financial results at 13:00 (CEST) today. The webcast will be held in English by CEO Paul Dupin de la Guérivière and CFO Nicolas de Kerangal.

The webcast will be available by following this link: https://bit.ly/3CHPe9o

Alternatively, dial the following number: +47 21 40 42 22 (Phone Conference ID: 199 690 797#)

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

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.

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