Company: BLUWU
Filing Date: 2025-02-20
Form Type: S-1
Source: 0001493152-25-007630
Chunk: 307

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-02-20
Form: S-1
Chunk 307
---
1) | Includes up to                                                                                                                             
 750,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters 
 (Note 7).                                                                                                                                  |

<div align='center'>The accompanying notes are an integral part of the financial statements.</div>

| F-3 |

<div align='center'>Blue Water Acquisition Corp. III

STATEMENT OF OPERATIONS</div>

|                                                                           |     | For the           
 Period from       
 November 1, 2024  
 (Inception)       
 through           
 December 31, 2024 |           |   |
|:--------------------------------------------------------------------------|:----|:------------------|----------:|:--|
| Formation, general and administrative costs                               |     | $                 |    48,541 |   |
| Net loss                                                                  |     | $                 |   (48,541 | ) |
| Basic and diluted weighted average Class B ordinary shares outstanding(1) |     |                   | 5,000,000 |   |
| Basic and diluted net loss per share                                      |     | $                 |     (0.01 | ) |

| (1) | Excludes up to                                                                                                                             
 750,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters 
 (Note 7).                                                                                                                                  |

<div align='center'>The accompanying notes are an integral part of the financial statements.</div>

| F-4 |

<div align='center'>Blue Water Acquisition Corp. III

STATEMENT OF CHANGES IN SHAREHOLDER’S DEFICIT</div>

| Balance as of November 1, 2024 (inception)   |     | Class B         
 Ordinary shares 
 Shares          |         — |     | Amount |   — |     | Additional 
 Paid-In    
 Capital    |      — |     | Deficit | Accumulated 
 —           |   |     | Shareholder’s 
 Deficit       |       — |   |
|:---------------------------------------------|:----|:----------------|----------:|:----|:-------|----:|:----|:-----------|-------:|:----|:--------|:------------|:--|:----|:--------------|--------:|:--|
| Class B ordinary shares issued to Sponsor(1) |     |                 | 5,750,000 |     |        | 575 |     |            | 24