Bw Offshore Ltd.

M&A Activity • May 28, 2025

BW Offshore: Acquires FPSO Nganhurra to leverage redeployment opportunities

BW Offshore: Acquires FPSO Nganhurra to leverage redeployment opportunities

Acquires FPSO Nganhurra to leverage redeployment opportunities

BW Offshore has signed an agreement to acquire the FPSO Nganhurra, securing a

high-quality production unit in a market where comparable opportunities are

becoming increasingly scarce. The transaction includes a limited upfront

payment, with additional consideration contingent upon the successful

redeployment of the unit before June 2027.

With visible project opportunities emerging over the next few years, having this

asset in place enhances our ability to offer timely and competitive redeployment

solutions to our clients, strengthening our strategic position relative to

industry peers.

"The acquisition of the FPSO Nganhurra represents a strategic decision to

capitalise on a compelling market opportunity. Given the limited availability of

suitable FPSOs for redeployment, securing this unit places BW Offshore in a

strong, competitive position," said Marco Beenen, the CEO of BW Offshore.

The FPSO Nganhurra is a purpose-built FPSO, constructed in 2006, with a

production capacity of 100,000 barrels per day and a storage capacity of

900,000 barrels. It operated offshore Western Australia until 2018 and was later

laid up in Malaysia. The unit's mooring system supports operation across varied

offshore conditions, enhancing flexibility and reducing costs for future

redeployment.

The unit will have minimal lay-up costs and presents limited downside risk from

recycling, ensuring prudent capital management while we assess redeployment

options.

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 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