Closing of the sale of the FPSO Polvo to BW Energy

Reference is made to the announcement on 22 April 2022, whereby BW Offshore Limited (“BW Offshore”) announced the agreement to divest the FPSO Polvo to BW Energy Limited for USD 50 million. BW Energy has paid USD 30 million upon the vessel transfer date, with the remaining USD 20 million provided as a seller’s credit by BW Offshore.

BW Offshore has received the remaining USD 20 million plus interest. The final instalment concludes the transaction.

The FPSO Polvo, which was originally built for operation in the Polvo Field located off the coast of Brazil, successfully completed 14 years of production before being demobilised in 2021. After its acquisition by BW Energy Limited, the unit is currently set to undergo refurbishment in China, preparing for its forthcoming redeployment at the Maromba field.

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

IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 3 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 1,200 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.