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BW Energy Q3 2026 29 October 2026 Carl K. Arnet, CEO Brice Morlot, COO Thomas Young, CFO
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This Presentation has been produced by BW Energy 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 Energy 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 Energy 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 Energy 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 Energy 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 Energy 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 may 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 Energy 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 Energy. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein. This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. BW Energy has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Energy. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. In any EEA Member State that has implemented Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (together with any applicable implementing measures in any member State, the “Prospectus Regulation”), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. 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. 2 Disclaimer Front page image: Maromba FPSO process modules under transport
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3 Drilling rig incident on the Dussafu licence Gabon Dussafu • On 24 October, the jack-up rig Prospector 5, owned and operated by Borr Drilling, lost stability and sank while preloading ahead of planned drilling at MaBoMo • Initial focus on search and rescue operations for missing personnel • Of the 115 persons on board, 110 have been rescued and safely landed in Port Gentil • BW Energy is supporting the ongoing search and rescue operations in close collaboration with the Gabonese authorities and Borr Drilling, and with help from our neighbouring operators Vaalco and Perenco • As a standard safety precaution, production was shut down ahead of the rig moving into the safety perimeter of MaBoMo • No damage to the MaBoMo facility or related equipment has been identified • Measures in place to minimise impact of an expected leak from Prospector 5, which had 280 m3 of diesel on board • BW Energy is working to reschedule the planned drilling activities on Dussafu
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Maromba, Golfinho and Bourdon progressing as planned MaBoMo Phase 2 appraisal results Strategic entry into Angola Kudu farm-down Akoum financing and RCF extension 4 Other key Q3 2026 updates 1) All figures are unaudited Q3 production 21.5 kbopd Q3 EBITDA $47M End-Q3 cash position $200M
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>100 kbopd in 2028 MaBoMo Phase 2 – appraisal success, first oil to be rescheduled Maromba – on track Golfinho Boost – on track Bourdon – on track Golfinho new wells – on track Progressing the project portfolio 1) Net BW Energy 2) Management estimate 5 projects in execution Adding 222 mmboe 2P reserves1,2 Tangible future growth Bourdon area upsides Additional Dussafu targets Maromba carbonates Greater Golfinho area Material undeveloped resources near all assets enabling next growth phases 5 Low breakevens and rapid payback 2028 production target maintained
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6 Maromba on track FPSO topside modules delivered, piping and hook-up progressing toward sail-away in Q2 2027 Wellhead platform heavy lift to Brazil planned for January 2027, installation in Q1 2027 SURF flexibles and umbilicals in fabrication, with delivery by end-2026 Drilling team mobilised and well planning largely complete, all drilling materials on track 2025 2026 2027 Main milestones FPSO refurbishment Wellhead platform SURF Drilling Current Procurement and construction – yard stay Towing and installation Engineering and procurement Tender and contract Conversion at yard Towing and installation Installation Start of jack-up conversion Final investment decision First oil Jack-up conversion completed FPSO refurbishment completed Initial 6 wells
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Hormuz transit and heavy lift Maromba B tow from Dubai, December 2026 • Wet-tow transit planned for December • Security and mitigations continuously evaluated with tow operators for the wet-tow plan • Heavy lift to Brazil for installation secured for early January 2027 from Oman Brazil entry Regulatory approvals ongoing • Active engagement with all stakeholders in preparation of entry: • ANP • IBAMA • Brazilian Navy • Customs Upcoming sail away to Brazil 7
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8 Strategic entry into Angola’s world-class hydrocarbon basin Net production from Q1 20271 ~8 kbopd Gross 2P reserves 93 mmboe Additional upsides >500 mmboe • Exposure to producing assets with material identified upsides • Target is to add future greenfield opportunities • Acquisition with beneficial terms1 ‒ Low-risk production and cash flow with <2 year pay-back ‒ Effective date 1 January 2026, completion expected Q1 2027 ‒ Last but not least abandonment costs fully funded Angola Luanda Block 14 & 14K1 Operator Partner interests and providing technical and operational support Operating partnership Consideration per 2P reserves2 ~6 USD/bbl 1) Estimates are preliminary, subject to final approvals and completion of related transactions based on net working interest of 20% in Block 14 and 10% in Block 14K 2) Adjusted for interim cash flow from effective date to completion reduces the consideration from ~USD 9/bbl to ~USD 6/bbl Source map: Chariot
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• Process ongoing with multiple parties ‒ Strategic, large-scale, shallow water position with discovered resource and material liquids upside potential ‒ Kharas-1A confirmed multiple source rocks, light oil and liquids ‒ Proven gas discovery • Orange Basin has strong international attention ‒ High exploration and appraisal activity ‒ Several recent transactions • Dialogue with government over gas to power project continues actively Kudu farm down Kharas-1A results fully integrated 3 key plays with oil and gas potential Companies in dialogue ~50 Number of NDAs in place to date ~20 Expected completion, including government approvals 2H 2027 Image: Namibian coastline, Orange Basin area9
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10 Operational performance • High Dussafu facility uptime, volumes impacted by pending well workover ‒ 99% production availability on BW Adolo ‒ One MaBoMo well down from July after ESP1 having reached end of life after nearly 2 years of operation • Golfinho impacted by pump failure and GLC2 downtime ‒ 58% production availability • Q4 2026 production impacted ‒ Dussafu production resumed after rig incident ‒ Seasonal planned maintenance completed in October ‒ ESP workover to be rescheduled 20 22.4 19.23 19.3 16.8 6.3 2.8 5.9 6.0 4.7 26.3 25.2 25.2 25.3 21.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Dussafu Golfinho Net production kbopd Q3 2026 production 21.5 kbopd 2.0 mmbbls 2026 guidance revised ~23 kbopd 1) Electrical submersible pump 2) Gas lift compressor
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11 Unit cost development 1) Unit OPEX are based on Production costs which excludes royalties, tariffs, workovers, crude oil purchases for domestic market obligations, production sharing costs in Gabon, any non-recurring special items, and incorporates impact of IFRS 16 adjustments Average unit OPEX1 USD/bbl 22.7 21.3 22.2 24.0 27.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Unit OPEX reflecting lower volumes on a largely fixed cost base Full-year 2026 OPEX guidance unchanged 22-26 USD/bbl
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Producing MaBoMo wells 12 MaBoMo Phase 2 update Appraisal wells Production well drain location • 13 of 14 successful exploration and appraisal wells • Oil found in both Northwest Hibiscus appraisal wells ‒ 30 metre column in Gamba reservoir with good quality and 16 metre oil column in a separate accumulation ‒ Combined recovery estimated at 8-9 mmbbls • The MaBoMo Phase 2 wells and the remaining Dussafu drilling program will be rescheduled as soon as a new rig has been contracted New production well added to plan following successful appraisal Hibiscus & Hibiscus South
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Dussafu offers optionality when reassessing drilling program MaBoMo WHP BW Adolo FPSO Incoming Bourdon platform, Akoum WHP Tortue infill Bourdon Phase 1 Walt Whitman area MaBoMo Phase 2 to be rescheduled • Adding up to 20 kbopd from 5 new producers Bourdon Phase 1 first oil Q1 2028 • Adding up to ~15 kbopd Bourdon Phase 2 first oil 2029 Walt Whitman appraisal drilling 2028 30-45 kbopd Sustained production range Bourdon Updip Abeille Bourdon Southwest Bourdon Southeast Bourdon Phase 2 Frelon area Moubenga area 1) Gross, BW Energy 73.5% working interest13 MaBoMo Phase 2 Hibiscus Espadon area
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• Financial results impacted by timing of liftings • USD 208 million long-term financing in place the Bourdon wellhead platform • RCF extended by 18 months, strengthening liquidity through the growth phase Financials Q3 2026 1) Unaudited figures 2) Includes cash and total undrawn credit from reserve based - lending facility 14 Golfinho subsea connectors installation Q3 EBITDA1 $47M Q3 Net loss1 $0.7M End-Q3 available liquidity1,2 $385M
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200 124 173 296 73 0 50 100 150 200 250 300 350 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenues2 USD million Realised sales oil price USD/bbl before hedges Production and sales mmbbls 15 Impact of timing of liftings1 on financials 1) See full financial statements in appendix 2) Q3 2026 includes realised hedging loss of USD 22.4 million. 2.4 2.3 2.3 2.3 2.0 2.9 1.8 2.2 3.2 1.1 0 0.5 1 1.5 2 2.5 3 3.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Production Sales 69 62 79 104 83 40 50 60 70 80 90 100 110 120 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Realised oil price Brent spot
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• Operating cash flow impacted by lower sales volumes and hedge settlement • Investments related to Maromba, MaBoMo Phase 2 and Golfinho Boost • Financing activities reflect net debt movements 16 Cash flow development Cash flow overview USD million Strong liquidity position $385 million Cash and undrawn facilities 254 +26 −45 −157 +122 200 Cash end-Q2 Operating CF before WC Working capital Investing Financing Cash end-Q3
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484 606 811 698 910 0.9x 1.5x 2.0x 1.8x 2.7x 0 100 200 300 400 500 600 700 800 900 1000 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 NIBD NIBD to EBITDA LTM Total liquidity2 USD million NIBD to EBITDA1 USD million 17 Robust balance sheet supporting ongoing activities 1) NIBD is defined as long-term and short-term interest-bearing debt excluding IFRS-16 leases, less cash; ratio calculated as NIBD / twelve-month rolling EBITDA 2) Total liquidity includes cash and total undrawn credit from reserve based -lending facility 529 366 333 544 385 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Additional liquidity Cash Book equity and equity ratio USD million 40% 988 1,001 1,029 1,142 1,077 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 41% 35%40% 37%
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18 2026 guidance revised Previous guidance Updated guidance Actual 9M 2026 Production1 kbopd (mmbbls) 24-27 (8.8-9.9) ~23 (8.4) 24.0 Unit OPEX2 USD/bbl 22-26 22-26 24.5 CAPEX3 USD million 600-650 Suspended 391.3 G&A USD million 12-14 12-14 12.4 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Unit OPEX are based on Production costs which excludes royalties, tariffs, workovers, crude oil purchases for domestic market obligations, production sharing costs in Gabon, any non-recurring special items, and incorporates impact of IFRS 16 adjustments 3) Net CAPEX for all producing assets and projects past FID
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19 Robust investment case 1) 2P reserves + 2C resources per Annual Statement of Reserves end -2025 2) Current base case rate of return for all development projects: Maromba, MaBoMo Phase 2, Bourdon, Golfinho Infill and Golfinho Boost 3) At 27 October 2026 Diversified asset base with material reserves Industry-leading growth in offshore oil and gas Capital efficient development model Strong cash generation Robust investment case >600 mmboe Reserves and resources1 >100 kbopd by 2028 From 24 kbopd in 9M 2026 >30% IRR Average portfolio at USD 60 Brent2 ~2-4 USD billion Free cash flow 2026-2030 at USD 60-90 brent Current enterprise value of USD ~2.7 billion3
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Appendix 20
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21 Capital structure optimised to investment programme • Flexible, low-cost financing ‒ Tailored to project progress and first oil timing • Revolving credit facility extended by 18 months • Akoum long-term lease in place • Diversified financing sources ‒ Project finance, RBL, leases, pre-payment and bond markets • Limited near-term financing need ‒ Most maturities post-Maromba first oil Debt overview USD million MaBoMo Sale- Leaseback Dussafu RBL RCF BWE bond Maromba FPSO Facility Maromba B Akoum sale- leaseback 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Outstanding per 30 September 2026 2026 2027 2028 2029 2030 2031 2032 Maturity profile USD million Long-term lease of Akoum in place Debt per 30 September 2026
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• Securing cash flows until Maromba first oil while retaining exposure to higher commodity prices • A combination of collars and swaps • Compliant with RBL covenant 22 Protecting cash flow by hedging 61 60 69 0 10 20 30 40 50 60 70 80 90 Q4 2026 2027 2028 Floor Ceiling Forward hedges USD/bbl 1.0 mmbbls 65 82 2.5 mmbbls Hedge volumes and levels per 30 September 2026 1.3 mmbbls 81
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23 Earnings tables are available for download in Excel format on www.bwenergy.no/investors/reports-and-presentations/ All financial statements are unaudited P&L Quarters Nine months USD MILLION Q3 2026 Q2 2026 Q3 2025 2026 2025 Revenues 94.0 332.5 200.1 598.8 665.3 Other income / (loss) (20.8) (36.2) (0.5) (56.6) 8.8 Total revenues and other income 73.2 296.3 199.6 542.2 674.1 Operating expenses (26.1) (145.5) (82.8) (233.0) (266.7) Crude oil purchases for domestic market obligations (0.2) (10.2) (20.8) (10.4) (30.3) Operating profit before depreciation, amortisation and impairment 46.9 140.6 96.0 298.8 377.1 Depreciation and amortisation (26.0) (70.1) (51.7) (145.0) (161.9) Operating profit 20.9 70.5 44.3 153.8 215.3 Interest income 2.4 2.4 3.0 6.8 10.0 Interest expense (5.5) (9.6) (6.4) (22.7) (27.5) Other financial items 3.1 0.7 (5.4) 1.4 (5.5) Net financial items - (6.5) (8.8) (14.5) (23.0) Profit before tax 20.9 64.0 35.5 139.3 192.3 Income tax expense (21.6) (20.1) (15.4) (63.5) (62.5) Net profit1 (0.7) 43.9 20.1 75.8 129.8 Basic earnings per share (USD) (0.00) 0.17 0.07 0.29 0.50 Diluted earnings per share (USD) 0.00 0.16 0.07 0.29 0.50
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24 Balance sheet Earnings tables are available for download in Excel format on www.bwenergy.no/investors/reports-and-presentations/ All financial statements are unaudited USD MILLION 30.09.2026 30.06.2026 31.12.2025 Assets Property, plant and equipment 1,715.5 1,572.1 1,308.3 Intangible assets 490.7 478.8 506.2 Right-of-use-assets 229.4 230.8 199.7 Derivatives 9.0 3.1 1.2 Deferred tax assets 31.2 31.4 31.2 Other non-current assets 102.6 107.8 109.1 Total non-current assets 2,578.4 2,424.0 2,155.7 Inventories 135.3 61.0 72.4 Trade and other current assets 131.5 124.2 101.7 Derivatives - 3.3 4.1 Cash and cash equivalents 200.3 254.0 150.5 Total current assets 467.1 442.5 328.7 Total assets 3,045.5 2,866.5 2,484.4 Equity and liabilities Share capital 2.6 2.6 2.6 Share premium 550.8 550.8 550.8 Other equity 523.4 588.9 447.6 Total equity 1,076.8 1,142.3 1,001.0 Loans and borrowings 1,096.1 858.0 741.7 Derivatives 7.8 0.4 - Provisions 281.3 278.3 272.6 Long-term lease liabilities 217.8 214.7 186.0 Other non-current payables 2.2 3.4 5.8 Total non-current liabilities 1,605.2 1,354.8 1,206.1 Loans and borrowings 14.6 93.9 14.6 Trade and other payables 241.2 210.6 219.1 Derivatives 56.0 10.6 0.1 Short-term lease liabilities 51.7 54.3 43.5 Total current liabilities 363.5 369.4 277.3 Total equity and liabilities 3,045.5 2,866.5 2,484.4
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25 Cash flow Earnings tables are available for download in Excel format on www.bwenergy.no/investors/reports-and-presentations/ All financial statements are unaudited Quarters Nine months USD MILLION Q3 2026 Q2 2026 Q3 2025 2026 2025 Operating activities Profit /(loss) before tax 20.9 64.0 35.5 139.3 192.3 Adjustments for: Taxes paid (21.7) (23.6) (16.0) (61.0) (64.7) Depreciation and amortisation 26.0 70.1 51.8 145.0 161.9 Accretion expense 2.9 2.9 2.9 8.6 7.6 Net interest 3.1 7.2 3.6 15.9 17.6 Unrealised currency exchange differences (0.7) 4.9 1.5 3.3 (5.7) Unrealised fair value change on financial instruments (4.8) (3.3) 3.0 (9.3) 0.9 Share-based payment expense 0.2 (0.9) 1.1 0.8 1.8 Loss on debt modification - - - - 4.8 Changes in working capital and other balance sheet items (45.3) 138.8 6.1 (40.4) (65.0) Net cash flows from/(used in) operating activities (19.4) 260.1 89.5 202.2 251.5 Investing activities Investment in property, plant and equipment and intangible assets (160.0) (104.0) (123.6) (391.3) (303.6) Repayments from partners 1.0 1.0 1.0 3.0 3.0 Investment in shares - - (1.0) (1.6) (2.5) Investment in other financial assets (0.2) (0.3) 0.3 (0.6) (2.2) Interest received 2.4 2.4 3.0 6.8 10.0 Net cash flows used in investing activities (156.8) (100.9) (120.3) (383.7) (295.3) Financing activities Proceeds from interest-bearing debt 344.8 67.6 174.8 741.4 344.8 Repayment of interest-bearing debt (183.3) (89.2) (23.8) (388.3) (141.3) Transaction costs related to loans and borrowings (1.7) 0.2 (23.6) (2.4) (31.1) Interest paid (19.1) (26.0) (13.6) (64.0) (41.8) Payment of lease liabilities, principal (15.4) (15.1) (13.9) (46.6) (40.6) Payment of lease liabilities, interest (2.8) (3.2) (2.7) (8.8) (8.7) Net cash flows from (used in) financing activities 122.5 (65.7) 97.2 231.3 81.3 Net change in cash and cash equivalents (53.7) 93.5 66.4 49.8 37.5 Cash and cash equivalents at beginning of period 254.0 160.5 192.9 150.5 221.8 Cash and cash equivalents at end of period 200.3 254.0 259.3 200.3 259.3
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ir@bwenergy.no www.bwenergy.no 26