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Bw Offshore Ltd.

Remuneration Information Mar 7, 2025

9903_dirs_2025-03-07_8d0ac048-376e-4a3f-87b4-43d113e7ff2f.html

Remuneration Information

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BW Offshore: New awards under Long-Term Incentive Programme

BW Offshore: New awards under Long-Term Incentive Programme

New awards under Long-Term Incentive Programme

The Board of Directors of BW Offshore Limited ("BWO" or the "Company") has

approved new awards under the Long-Term Incentive Programme (LTIP) adopted in

2024. The programme is a combination of Share Options and Restricted Share Unit

(RSUs), aimed to align the interests of the participating employees with those

of the Company's shareholders. The programme is discretionary, and participants

are invited on an annual basis.

The total number of options awarded under the LTIP for 2025 is 800,000 where

each option will give the holder the right to acquire one BW Offshore share. A

total of 6 BW Offshore employees have been invited to participate in the Share

Option Programme.

The strike price of the options is calculated based on the volume weighted

average share price five trading days prior to grant date, plus a premium of

15.76% (corresponding to a 5% increase annually over three years). The strike

price for the options awarded on 7 March 2025 is NOK 32.19.

The options will have a vesting period of three years, followed by a three-year

exercise period. Exercise windows will be set by the Company. The options will

expire six years after the award date.

The options are non-tradable and conditional upon the option holder being

employed by the Company and not having resigned or being terminated for cause

prior to the vesting date.

For the year 2025, the Board of Directors has on 7 March 2025 also awarded

92,400 RSUs to 18 employees within the Company.

The RSUs will be settled in shares following a three-year vesting period from

the grant date.

The following primary insiders of the Company have been awarded options under

the LTIP:

1. Chief Executive Officer, Marco Beenen

Options awarded: 300,000

Total number of options: 2,159,372

Shares held: 49,993

2. Chief Financial Officer, Ståle Andreassen

Options awarded: 100,000

Total number of options: 634,355

Shares held: 229,273

3. Chief Commercial Officer, Mona Rajoo

Options awarded: 100,000

Total number of options: 189,689

Shares held: 1,618

4. Chief Technical Officer, Mike McAreavey

Options awarded: 100,000

Total number of options: 264,860

Shares held: 0

5. Chief Strategy Officer, Anders S. Platou

Options awarded: 100,000

Total number of options: 364,860

Shares held: 0

6. General Counsel, Ming Yen Yip

Options awarded: 100,000

Total number of options: 236,360

Shares held: 0

For further information, please contact:

Ståle Andreassen, CFO, +47 91 71 86 55

[email protected] 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 1,100 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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