Bw Energy Ltd. — Management Reports 2025

May 20, 2025

BW Energy: Successful handover of BW Adolo operations to BW Energy Gabon SA

BW Energy: Successful handover of BW Adolo operations to BW Energy Gabon SA

Successful handover of BW Adolo operations to BW Energy Gabon SA

BW Offshore Limited ("BW Offshore") and BW Energy Limited ("BW Energy") announce

that, with effect from 20 May 2025, operations and maintenance ("O&M") of the

FPSO BW Adolo have been handed over to BW Energy's subsidiary, BW Energy Gabon

SA ("BW Energy Gabon").

Under an amended bareboat charter, BW Offshore's subsidiary retains ownership of

the unit and will continue to lease the FPSO to BW Energy Gabon on the same

terms as previously agreed without the O&M services. The charter includes a

mutual put-and-call option on the FPSO for USD 100 million, exercisable in

2028. The parties have been working and will continue to work together on the

transition until 30 June 2025 to ensure a safe and uninterrupted transfer of

operations.

"Transferring daily operational control of BW Adolo to BW Energy Gabon is a

natural step given their growing presence in Gabon and potential to capture

efficiencies across the local organisation," said Marco Beenen, the CEO of BW

Offshore. "The seamless execution reflects the commitment of both teams to

safeguard personnel, the environment, and asset integrity."

"Assuming full O&M responsibility will allow BW Energy Gabon to optimise field

performance and capture additional synergies across the Dussafu hub. We thank BW

Offshore for its exemplary stewardship of the vessel and its continued support

during the transition phase," said Carl K. Arnet, the CEO of BW Energy.

Both companies extend their appreciation to all offshore and onshore personnel

who have maintained BW Adolo in a safe and efficient manner over the past seven

years and look forward to sustained strong operational performance under BW

Energy's leadership. The unit remains deployed on the Dussafu Marin licence

offshore Gabon, where it has produced safely since first oil in 2018.

For further information, please contact:

Brice Morlot, CFO BW Energy

+33.7.81.11.41.16

ir@bwenergy.com

About BW Energy

BW Energy is a growth E&P company with a differentiated strategy targeting

proven offshore oil and gas reservoirs through low risk phased developments. The

Company has access to existing production facilities to reduce time to first oil

and cashflow with lower investments than traditional offshore developments. The

Company's assets are 73.5% of the producing Dussafu Marine licence offshore

Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in

the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95%

interest in the Kudu field in Namibia, all operated by BW Energy. In addition,

BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy

Africa Ltd. and a 20% non-operating interest in the onshore Petroleum

Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and

resources were 599 million barrels of oil equivalent at the start of 2025.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.