Energy SpA - Major Shareholding Notification 2021

BW Energy: Allocation of shares to primary insiders

Allocation of shares to primary insiders

Reference is made to the stock exchange release by BW Energy Limited (the

"Company" or "BW Energy") on 21 January 2021 regarding the successful completion

of a private placement of 23 690 000 new shares at an offer price of NOK 27 per

share (the "Private Placement").

BW Group Limited is represented at the Board of Directors of the Company and was

allocated 8 322 192 new shares at NOK 27 per share in the Private Placement.

Following completion of the Private Placement BW Group Limited will own

90 632 259 shares in the Company, equal to 35.13% following the issuance of the

new shares.

CEO of BW Energy Carl Arnet was allocated 243 294 new shares at NOK 27 per share

in the Private Placement. Following completion of the Private Placement Carl

Arnet will own 2 649 582 shares in the Company, equal to 1.03% following the

issuance of the new shares. In addition, close associates of Carl Arnet own

16 324 shares in the Company.

CFO of BW Energy Knut Sæthre was allocated 18,518 shares and will following

completion of the Private Placement hold 125,991 shares in the Company,

corresponding to approximately 0.05% of the total number of shares in the

Company.

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 FPSOs to reduce time to first oil and cashflow

with lower investments than traditional offshore developments. The main assets

are 73.5% of the producing Dussafu Marine Permit offshore Gabon and a 95%

interest in the Maromba field in Brazil, both operated by the Company. Total net

2P+2C reserves were 247 million barrels at the start of 2020.

This information is subject to the disclosure requirements pursuant to section

4-2 of the Norwegian Securities Trading Act.

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