Energy SpA — M&A Activity 2023

Nov 21, 2023

BW Energy: Completes acquisition of the FPSO Cidade de Vitoria 

BW Energy: Completes acquisition of the FPSO Cidade de Vitoria

Completes acquisition of the FPSO Cidade de Vitoria

BW Energy has completed the acquisition of the FPSO Cidade de Vitoria from

Saipem S.p.A. The FPSO is currently producing approximately 10,000 barrels per

day of oil from the Golfinho field offshore Brazil, supported by the Company's

local operating organisation.

According to the agreement that was entered into in June 2022, BW Energy will

pay Saipem a total of USD 73 million in fixed consideration for the FPSO, of

which USD 38 million was paid in the third quarter 2023. A further USD 35

million will be paid in 18 monthly instalments following the takeover, with the

first instalment already paid.

The FPSO Cidade de Vitoria is a flexible unit with 1.6 million barrels of

storage capacity. The unit, which recently underwent repairs and upgrades, can

produce more than 100,000 barrels per day of oil and has additional capacity for

gas production and compression. It positions BW Energy to efficiently increase

production from the Golfinho cluster with ample oil and gas handling capacity to

accommodate the upside from planned future developments. The FPSO acquisition

will enable BW Energy to reduce the whole field OPEX.

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76

ir@bwenergy.no (mailto:ir@bwenergy.no)

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 in, a 95% interest in the Maromba field in Brazil and a 95%

interest in the Kudu field in Namibia, all operated by BW Energy. Total net

2P+2C reserves and resources were 546 million barrels of oil equivalents at the

start of 2023, when including the Golfinho Clusters.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act