Energy SpA — M&A Activity 2024

Jan 22, 2024

BW Offshore: Sale of shares in BW Energy to BW Group

BW Offshore: Sale of shares in BW Energy to BW Group

BW Offshore: Sale of shares in BW Energy to BW Group

Oslo, 22 January 2024 - BW Offshore Limited ("BW Offshore" or the "Company") has

today entered into an agreement with BW Group Limited ("BW Group") to sell all

of BW Offshore's shares in BW Energy Limited ("BW Energy"). BW Offshore will

sell 58,111,461 (22.52%) shares in BW Energy at a price of NOK 32 per share,

resulting in total proceeds to BW Offshore of NOK 1,860 million or approximately

USD 176 million.

The decision was taken by the independent directors of BW Offshore after

assessing the Company's strategy and other relevant factors, including external

valuation advice. As previously communicated, BW Offshore does not consider the

shareholding in BW Energy to be a long-term strategic investment.

CEO of BW Offshore Marco Beenen states: "We are pleased to have obtained a price

for BW Energy that is close to the highest that the shares have historically

traded, which became possible following the outcome of BW Group's mandatory

offer resulting in BW Group holding approximately 52% of BW Energy.  This

transaction strengthens our balance sheet and allows the continuation of a

sustainable dividend that can potentially grow over time".

Chairman of BW Group Andreas Sohmen-Pao comments: "Under BW Offshore's current

dividend policy, it would have taken over 7 years to distribute BW Offshore's

stake in BW Energy.  This transaction clears a significant overhang on BW Energy

shares, and we look forward to continued efforts to build the company and unlock

shareholder value."

Completion of the transaction is expected to occur on or around 25 January 2024.

For further information, please contact:

Ståle Andreassen, CFO, +47 91 71 86 55

IR@bwoffshore.com or www.bwoffshore.com (http://www.bwoffshore.com)

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements according

to section 5-12 of the Norwegian Securities Trading Act. This stock exchange

announcement was published by Kathrine Johanne Rane on 22 January 2023 at 07:30

CET.

About BW Offshore:

BW Offshore engineers innovative floating production solutions. The Company has

a fleet of 5 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 1,400 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