Energy SpA — Remuneration Information 2021

Jul 8, 2021

BW Energy: Long-Term Incentive Program initiated

BW Energy: Long-Term Incentive Program initiated

Long-Term Incentive Program initiated

The Board of Directors of BW Energy Limited ("BWE" or the "Company") has

approved the award of share options under a Long-Term Incentive Program (LTIP)

adopted on 19(th) May 2021, to align the interests of the participating

employees with those of the Company's shareholders. This is the first annual

award under the LTIP. The LTIP is discretionary and participants are invited on

an annual basis.

The total number of shares awarded under the LTIP for 2021 are 1,547,966, where

1,289,972 are allocated to options that will give the holder the right to

acquire one BW Energy shares and 257,994 are allocated to Restricted Share Units

("RSUs") providing the holder shares at each vesting event. A total of 16 BW

Energy employees have been invited to participate in the program.

The strike price of the options is calculated based on the volume weighted

average share price five trading days prior to grant date, plus a premium of

15.76% (corresponding to a 5% increase annually over 3 years). The strike price

for the options awarded on 7 July 2021 is NOK 30,73.

The options will have a vesting period of three years, followed by a three years

exercise period. Exercise windows will be set by the Company. The options will

expire 6 years after the award date.

The RSUs are settled in shares immediately following vesting schedule. At time

of vesting the shares will be settled at the Fair Market Value. The RSUs will

vest 1/3 annually over three years.

The options and RSUs are non-tradable and conditional upon the option holder

being employed by the Company and not having resigned or being terminated for

cause prior to the vesting date.

The following primary insiders of the Company have been awarded options and RSUs

under the LTIP for 2021:

1.   Chief Executive Officer, Carl K. Arnet

Options awarded: 400,000

Restricted Stock Units: 129,500

Total number of shares: 529,500

Shares held: 2,649,582

2.   Chief Financial Officer, Knut R. Saethre

Options awarded: 133,000

Restricted Stock Units: 42,831

Total number of shares: 175,831

Shares held: 125,991

3.   Chief Commercial Officer, Thomas Kolanski

Options awarded: 133,000

Restricted Stock Units: 42,831

Total number of shares: 175,831

Shares held: 673

4.   Chief Strategy Officer, Thomas M. Young

Options awarded: 133,000

Restricted Stock Units: 42,831

Total number of shares: 175,831

Shares held: 18,885

For further information, please contact:

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

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 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 242 million barrels at the start of 2021.

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.