Energy SpA - Major Shareholding Notification 2023

BW Energy: Notification of Major Holdings

Notification of Major Holdings

Reference is made to the announcement 10 March 2023, whereby BW Offshore Limited

("BW Offshore") announced the distribution of 1,697,868 BW Energy Limited shares

as in-kind dividend to eligible BW Offshore shareholders.

Subsequent to the distribution 10 March 2023, BW Offshore will retain

63,874,565 shares, which constitute 24.76% of the total issued capital and

voting rights in BW Energy Limited through direct ownership, downwards crossing

the 25% shareholding threshold.

With reference to stock exchange release dated 07 April 2022, BW Offshore has

indirect exposure to 353 425 shares in BW Energy through a TRS agreement with

expiry date 30 March 2023 and a TRS price of NOK 28.34 per underlying BW Energy

share.

For further information, please contact:

Knut R. Sæthre, CFO 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

main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon, 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 428 million barrels at the start of 2023.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act

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