BW Ideol: Third quarter 2021 operational update

BW Ideol: Third quarter 2021 operational update

16 Nov 2021 13:15 CET

HIGHLIGHTS

* Announced partnership with EDF Renewables and Maple Power for the South
Brittany tender in France
* Pre-selection of the EDF Renewables and Maple Power consortium by the French
Government and launch of the competitive dialogue
* Gained exclusive, long-term access to Ardersier Port for local manufacturing
of concrete floating substructures to in-house and third-party ScotWind
developments
* Submitted applications for ScotWind tender with joint venture partners for a
total of 2.1 GW
* Progress on Californian 40 MW Pilot Project towards Environmental Impact
Report
* Signed development and services agreements in Italy and Taiwan
* Year-to-date EUR 1.5 million of revenue derived from engineering activities
including Eolmed
* Cost discipline with cash position of EUR 38.5 million at end of September
2021 supporting growth strategy.

BW Ideol is executing 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 progressing according to plan in a market with increasing activity and a
growing pipeline of opportunities for us to fully leverage our unique floater
design, engineering capabilities and project execution skills to create value
for all stakeholders. The recent COP26 conference in Glasgow highlighted the
need for rapid scaling of clean renewable power production to decarbonize energy
systems worldwide. We are well positioned to support global energy transition
and drive long-term growth through our market leading offshore floating wind
solutions", said Paul Dupin de la Guérivière, the CEO of BW Ideol.

Operating revenue for the third quarter was EUR 1.3 million of which EUR 0.8
million from design and engineering activities for projects in France and in
Japan. This brings the year-to-date operating revenue at EUR 2.4 million of
which EUR 1.5 million from design and engineering activities. Year-to-date
operating loss before depreciation and amortisation (EBITDA) for the period was
EUR 5.4 million. The cash position was EUR 38.5 million at 30 September 2021.

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

OPERATION
In September, BW Ideol announced its partnership agreement with EDF Renewables,
a subsidiary of EDF Group, and Maple Power, a joint venture between CPP
Investments and Enbridge Inc., to cooperate on the design of the technical
solution for the floating foundations for the South Brittany project, France's
first commercial-scale floating wind tender. The EDF Renewables-Maple Power
consortium was at the same time pre-selected in the tender process by the
Government. The windfarm will have a capacity of up to 270 MW and is part of
France's national Multiannual Energy Programme (Programmation Pluriannuelle de
l'Energie) aiming at putting 8.75 GW of offshore wind capacity out to tender by
2028.

In July, BW Ideol submitted bids in the ScotWind tender for a total of 2.1 GW of
installed capacity together with the joint development partners Elicio NV and
BayWa.r.e. In September, the Company gained exclusive, long-term access the
Ardersier Port, UK's largest brownfield port, enabling a potential serial
production line in Scotland for concrete floating wind substructures based on
the Company's proven Damping Pool ® technology. The local production line in
Scotland will serve ScotWind tenders won by BW Ideol and its partners, as well
as other consortiums which may base their projects on BW Ideol's floater
technology through EPCI contracts. An upfront payment of EUR 5.8 million to
secure port rights was made in September following the signing of this
agreement. The Crown Estate Scotland targets making the initial offers for the
first option agreements to successful applicants on 17 January 2022.

Early in the third quarter, BW Ideol signed a joint development agreement with
Eneos Corporation, Japan's largest oil refiner and distributor, for commercial
scale floating offshore wind farm off Japan and a design and engineering service
agreement with an undisclosed party related to a commercial-scale project under
development in Taiwan. In August, BW Ideol announced a HoT of Partnership
Agreement with an undisclosed leading party for a commercial scale floating
offshore wind farm in Italy.

In October, The California State Lands Commission (SLC) released a final
Preliminary Environmental Assessment (PEA) for two planned offshore wind farms
near the Vanderberg Space Force Base, including BW Ideol's proposed installation
of four concrete floaters with a total of 40 MW capacity. The SLC will now
proceed to the next stage of the lease application process by authorising the
preparation of the final Environmental Assessment.

BW Ideol continued work on finalising the design phase for the EOLMED project in
the Mediterranean Sea consisting of three floating 10 MW turbines to be
installed off Gruissan, France. The company signed an engineering and licence
agreement in April 2021 with EOLMED. The project is progressing to reach FID in
the first quarter of 2022.

Since commissioning in September 2018, the Floatgen demonstrator installed
offshore western France produce 17.36 GWh of electricity and recorded 90.9%
availability, reflecting the seakeeping performance of BW Ideol's proprietary
damping pool design. The Ecole Centrale de Nantes has published a first
environmental report since the Floatgen installation which covers several
physical and biological factors. No strong effect or impact was identified in
relation to the marine environment and no environmental incidents or pollution
have occurred during the construction, operation and maintenance phases.

OUTLOOK
BW Ideol continues progress and expand its pipeline of offshore floating wind
projects. The Company's vision is to be a leading long-term owner of floating
wind assets in key offshore wind markets across the globe. The goal for 2030 is
to have engaged in approximately 10 GW gross portfolio of floating offshore wind
projects by building from an existing project pipeline and strong JV
partnerships, scaling and optimising in-house developed and proprietary
technology, developing a global organisation and leveraging the partnership with
BW Offshore, including on the power to oil and gas platform market.

WEBCAST
The Company will hold a webcast today, Tuesday 16 November, in connection with
the third quarter operational updateat at 15:00 CET. The webcast will be held in
English by CEO Paul Dupin de la Guérivière.

The webcast will be available by following this link: https://bit.ly/3bN4B45

You can also dial the following number: 47 21 40 42 22 (Phone Conference ID:
649 449 492#).

Please find attached the operational update presentation including financial
tables.

For further information, please contact:
Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0)
7 76 87 70 08, [email protected] (mailto:[email protected])

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.

More information:
Access the news on Oslo Bors NewsWeb site

546992_BW Ideol_Q3 2021 presentation.pdf

Source

BW Ideol AS

Provider

Oslo Børs Newspoint