BW Offshore: Signs Head of Agreement with Equinor for Bay du Nord FPSO

01 Sep 2025 14:15 CEST

Signs Head of Agreement with Equinor for Bay du Nord FPSO

BW Offshore has signed a Head of Agreement (HoA) with Equinor Canada Ltd,
confirming its selection as preferred bidder for the Floating Production,
Storage and Offloading (FPSO) unit for the Bay du Nord project offshore
Newfoundland and Labrador, Canada. Bay du Nord, Canada's first deepwater oil
project, is operated by Equinor in partnership with BP and holds an estimated
400 million barrels of recoverable light crude in its initial phase.

Under the HoA, BW Offshore and Equinor will continue to advance discussions on
all technical and commercial aspects of the FPSO project. These include further
maturation of a smart and cost-effective design through Front End Engineering
Design (FEED) work, and agreeing on a commercial solution.

The FPSO will be tailored for the harsh environment of the sub-Arctic. The unit
is expected to support production of up to 160,000 barrels of oil per day and
will feature a disconnectable turret system and extensive winterisation. The
topside will include emission reduction initiatives such as high-efficiency
power generation and heat recovery, variable speed drives and a closed flare
system. The FPSO will be designed for future tiebacks to enhance the project's
long term economic viability and value creation.

"We are honoured to have been selected by Equinor, which shows confidence placed
in BW Offshore's capabilities to support such a pioneering Canadian project,"
said Marco Beenen, CEO of BW Offshore during the signing ceremony in Stavanger
on 1 September, "This HoA follows a constructive and close dialogue with Equinor
since late 2023 and highlights our commitment to bringing substantial value to
the Bay du Nord project. It affirms BW Offshore's commitment to continue work
with Equinor to develop a fit-for-purpose and cost-attractive solution where
safety, human rights and search for local value creation come first during all
phases of the project and operations."

Following pre-FEED completion mid-September, BW Offshore and Equinor will enter
into a bridging phase to prepare for FEED in early 2026, subject to approvals by
Equinor and BP. BW Offshore will establish a local office in Newfoundland during
FEED.

This project supports BW Offshore's strategy to deliver high-performance
offshore solutions to progress the future of energy.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55

IR@bwoffshore.com or www.bwoffshore.com (http://www.bwoffshore.com)

About BW Offshore:

BW Offshore engineers innovative floating production solutions. The Company has
a fleet of 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 1,000 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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