Company Announcements

BW Ideol secures close to 1GW of offshore floating wind acreage in ScotWind leasing round

BW Offshore is pleased to announce that its subsidiary BW Ideol AS, a global leader in floating offshore wind, as part of the Floating Energy Allyance, today has secured the rights to a significant floating offshore wind farm with the approximate capacity of 1GW off the northeast coast of Scotland through the Crown Estate Scotland’s ScotWind leasing round. BW Offshore owns 53.2% of the shares outstanding in BW Ideol.

The ‘option agreement’ is for the area designated NE8 in the Scottish Government’s Sectoral Marine Plan for Offshore Wind, which is located some 75km to the northeast of Fraserburgh on the Aberdeenshire coast.

The Allyance is a development partnership between BW Ideol, BayWa r.e., a global renewable energy business with offices in Glasgow and Edinburgh, and Elicio, an experienced Belgian offshore wind developer, owner and operator.

“The award is a validation of BW Ideol’s market-leading proven floating wind technology and the company’s plan for high local value-creation through strategically located serial manufacturing of concrete foundations as underlined by the exclusive development of the Ardersier Port,” said Marco Beenen, the CEO of BW Offshore and chairman of the board of BW Ideol. “We extend our gratulations to the entire BW Ideol team and the Floating Energy Allyance. BW Offshore, with our 40 years of experience from offshore development and operations, stands ready to support BW Ideol and the consortium in delivering this substantial project.”

Please see the full press release from BW Ideol for more information at www.bw-ideol.com.

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.

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

IR@bwoffshore.com or 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.