BW Offshore Limited (BWO) 🛢

[Krieghoff]

200130-bwenergy-prosp.pdf

[Johan07]

Jeg har også tegnet meg, har tro på dette blir et bra bet

[pleximus83]

kikker på BW Energy…der de har plan å børsnotere seg,med totale 187 400 100 aksjer.

-Der de de skal oppjustere produksjonen til 50 000 oljefat pr år frem mot 2023,- til hele 100 000 fat olje ila 2025,og produksjonskostnaden (eksklusive royalty) var 21 dollar per fat(iflg. Q3 2019).

• Blir flagget i Bermuda (slipper “ekstraskatten” norske oljeaktører har her i Norge?)

sammenligner litt med regnskapet fra Aker BP,og fant ut at hvis de faktisk klarer å prestere 100 000 fat i produksjon,så kan utbyttene komme helt opp i 20-tallet,-mao en real utbyttemaskin,-Ja ,utbyttegraden hos Aker BP er over 100%,men alikevel,-kan dette bli en pengemaskin tro?

[Kaisovski]

Akerbp betaler vel fort 80% skatt, pga produksjon i Norge.
Aner ikke hvilke satser BWE betaler tilsammen, men leste noe om 34% i Brasil? Aner desverre ikke hvilke skattesatser som gjelder i landene de produserer i.

[Kaisovski]

Gitt at de får til sine målsettinger, og oljeprisen holder seg over 60$, så “må” dette være et solid bet.

[Bigblu]

Ikke helt heldig med timingen på noteringen her nå, i disse Corona tider og kollaps i oljeprisen. Vurderer å gå inn, men usikker på om det kan være likeså dumt å handle over børs etter notering. Ikke helt opplagt for meg at denne starter på “bunn” for å si det sånn.

[TekBot]

BW Offshore Limited: Information Relating to Contemplated Dividend Payment

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

INFORMATION RELATING TO CONTEMPLATED DIVIDEND PAYMENT

4 February 2020

Reference is made to the announcements on 29 January 2020, whereby BW Offshore
Limited (“BW Offshore”, OSE ticker “BWO”) and BW Energy Limited (“BW Energy”,
OSE ticker code “BWE”) announced the launch of the initial public offering of BW
Energy’s shares (the “IPO” or the “Offering”) and the subsequent listing of the
shares in BW Energy on the Oslo Stock Exchange (the “Listing”).

In order to facilitate the free float of shares required for the Listing, BW
Offshore will, as announced, distribute a number of shares in BW Energy as
dividend in kind to its shareholders (the “BW Offshore Dividend Distribution”).

Key information regarding the BW Offshore Dividend Distribution and expected
dates (subject to changes):

• Type of dividend: Shares in BW Energy, which will be delivered to the VPS
  account on which the respective eligible BW Offshore shareholders hold their
  shares in BW Offshore.
• Dividend amount: To be announced on 7 February or before the market opens on
  10 February 2020.
• Number of shares to be distributed: To be announced on 7 February or before
  the market opens on 10 February 2020.
• Last day of trading including rights: 7 February 2020
• Ex-date: 10 February 2020
• Record date: 11 February 2020
• Delivery of Dividend Shares: 12 February

BW Offshore will determine the amount of the dividend distribution and the
number of shares to be distributed (the “Dividend Shares”) when the final offer
price in the IPO has been determined following the expiry of the bookbuilding
and application period for the Offering (expected to be on 7 February 2020).

The BW Offshore Dividend Distribution is conditional upon satisfaction of the
conditions for completion of the IPO set out in BW Offshore’s announcement on
29 January 2020. BW Energy has reserved the right to shorten or extend the
bookbuilding period in the institutional tranche of the Offering (the
“Bookbuilding Period”) and/or the application period in the retail tranche of
the Offering (the “Application Period”). In the event of a shortening or an
extension of the Bookbuilding Period and/or the Application Period, the above
dates relating to the BW Offshore Dividend Distribution may be changed
accordingly. However, the Listing and commencement of trading in the Dividend
Shares on the Oslo Stock Exchange may not necessarily be changed.

This information is published in accordance with the requirements of the
continuing obligations of companies listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant in section
5-12 of the Norwegian Securities Trading Act.

                                 * * *

For further information, please contact:

Ståle Andreassen, CFO +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

About BW Offshore

BW Offshore is a leading provider of floating production services to the oil and
gas industry. The company also participates in developing proven offshore
hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas
regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30
years of production track record, having executed 40 FPSO and FSO projects. BW
Offshore is listed on the Oslo Stock Exchange.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: BW Energy Limited - Update on the BW Energy IPO process

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: UPDATE ON THE BW ENERGY IPO PROCESS

6 February 2020

Reference is made to the announcements by BW Energy Limited («BW Energy» or the
«Company», OSE ticker code “BWE”) and BW Offshore Limited (“BW Offshore”, OSE
ticker code “BWO”) on 29 January 2020 regarding the initial public offering of
the shares in BW Energy (the «IPO», the «Offering») and the listing of the BW
Energy shares on the Oslo Stock Exchange (the “Listing”) and 30 January 2020
regarding the commencement of the bookbuilding and application period for the
Offering.

Since 29 January 2020, the Company’s management has carried out an extensive
roadshow and has met with a large number of institutional investors globally.
The Offering period has coincided with significant volatility in the wider
financial markets and downward movements in the oil price. Consequently, the
Company has decided to extend the bookbuilding and application periods in the
Offering to Friday 14 February 2020 (as set out in further detail below).

Carl Arnet, CEO of BW Energy says: «Following our announcement to commence the
bookbuilding and application period in our IPO, global financial markets have
witnessed significant volatility on the back of the outbreak of the Coronavirus.
We have through this period received significant investor attention and met with
a large number of investors that have provided strong support for our strategy,
equity story and asset base. We have therefore decided to extend the
bookbuilding and application period in our IPO to allow more time for investors
to make their investment decision in hopefully more stable financial markets
than what has been witnessed in the recent week».

The bookbuilding period in the institutional tranche of the Offering (the
“Institutional Offering”) will now expire at 14:00 hours (CET) on Friday 14
February 2020 (the “Bookbuilding Period”), and the application period in the
retail tranche of the Offering (the “Retail Offering”) will expire at 12:00
hours (CET) on Friday 14 February 2020 (the “Application Period”). The
allocation of shares and publication of the results of the Offering are expected
to take place on 14 February 2020, and the issuance of allocation notes and
contract notes is expected to take place on 17 February 2020. The payment date
in the Retail Offering is expected to be 18 February 2020, and the accounts from
which payment will be debited in the Retail Offering should therefore be
sufficiently funded on 17 February 2020. The payment date in the Institutional
Offering is expected to be 19 February 2020. The shares issued in the
Institutional Offering and Retail Offering are expected to be delivered on or
about 19 February 2020. BW Energy, in consultation with the Joint Global
Coordinators, may shorten or extend the Bookbuilding Period and the Application
Period and the related dates.

The first day of listing and commencement of trading in the shares in the
Company on the Oslo Stock Exchange is expected to be on 18 February 2020.

As announced on 29 January 2020, BW Offshore will distribute shares in BW Energy
(“Dividend Shares”) in connection with the Offering in order to facilitate the
free float required for the Listing (the “BW Offshore Dividend Distribution”).
The dates relating to the BW Offshore Dividend Distribution will be moved in
response to the extension of the Bookbuilding Period and the Application Period:

• Type of dividend: Shares in BW Energy, which will be delivered to the VPS
  account(s) on which the respective eligible BW Offshore shareholders hold
  their shares in BW Offshore.
• Dividend amount: To be announced on or around 14 February 2020.
• Number of Dividend Shares to be distributed: To be announced on or around
  14 February 2020.
• Last day of trading including rights: 14 February 2020.
• Ex-date: from and including 17 February 2020.
• Record date: 18 February 2020.
• Delivery of Dividend Shares: 19 February 2020.

The dates relating to the BW Offshore Dividend Distribution are subject to any
further changes in the Bookbuilding Period and Application Period in the IPO,
and the BW Offshore Dividend Distribution in contingent upon the completion of
the Offering.

The prospectus prepared in connection with the IPO and the Listing is, subject
to regulatory restrictions in certain jurisdictions, available at
www.bwenergy.no (http://www.bwenergy.no), www.dnb.no/emisjoner
(http://www.dnb.no/emisjoner), www.paretosec.com/transactions
(http://www.paretosec.com/transactions), www.arctic.com/secno/en/offerings
(http://www.arctic.com/secno/en/offerings), www.danskebank.no/bwe
(http://www.danskebank.no/bwe) and www.swedbank.no (http://www.swedbank.no).

DNB Markets, a part of DNB Bank ASA and Pareto Securities AS are acting as joint
global coordinators and joint bookrunners in the Offering (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as co-managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the Company
and Conyers Dill & Pearman Limited is acting as special Bermuda legal counsel to
the Company. Advokatfirmaet Schjødt AS is acting as Norwegian legal counsel to
the Managers.

                                 * * *

For further information, please contact:
Knut Sæthre, CFO BW Energy, +47 91 11 78 76, ir@bwenergy.no
(mailto:ir@bwenergy.no)

Ståle Andreassen, CFO BW Offshore, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance BW Offshore, +47 99 50 47 40

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 cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

About BW Offshore

BW Offshore is a leading provider of floating production services to the oil and
gas industry. The company also participates in developing proven offshore
hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas
regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30
years of production track record, having executed 40 FPSO and FSO projects. BW
Offshore is listed on the Oslo Stock Exchange.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: BW Energy Limited - Application by Primary Insider

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: APPLICATION BY PRIMARY INSIDER

7 February 2020

Reference is made to the announcements on 29 January 2020, whereby BW Energy
Limited (“BW Energy”, OSE ticker code “BWE”) and BW Offshore Limited (“BW
Offshore”, OSE ticker “BWO”) announced the launch of the initial public offering
of BW Energy’s shares (the “IPO” or the “Offering”).

The following primary insider of BW Offshore has applied for shares in the
Offering:

• Hans Kristian Langsrud, BWO Head of Asset Engineering & Maintenance, has
  applied for shares in the Offering for a total amount of NOK 200,000.

The application has been made according to the terms and conditions for the
Offering described in the prospectus dated 29 January 2020 prepared in
connection with the IPO (the “Prospectus”).

BW Energy and BW Offshore’s primary insiders will receive full allocation on
their applications in the Offering. The number of offer shares to be allocated
to the above primary insider will accordingly be determined by the final offer
price and will be announced following expiry of the bookbuilding period for the
Offering.

Pareto Securities AS and DNB Markets (a part of DNB Bank ASA) are acting as
joint global coordinators and joint bookrunners in the IPO (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as co-managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the
Company, whilst Conyers Dill & Pearman Limited is acting as special Bermuda
legal counsel to the Company. Advokatfirmaet Schjødt AS is acting as Norwegian
legal counsel to the Managers.

                                 * * *
                For further information, please contact:

Knut 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 FPSOs to reduce time to first oil and cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: Update on the BWE IPO Process

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

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“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: UPDATE ON THE BWE IPO PROCESS

13 February 2020

Reference is made to the announcements by BW Energy Limited (“BW Energy”, “BWE”
or the “Company”) and BW Offshore Limited (“BW Offshore” or “BWO”) on 29 January
2020 regarding the initial public offering of the shares in BW Energy (the
“IPO”, the “Offering”) and the listing of the BW Energy shares on the Oslo Stock
Exchange (the “Listing”), on 30 January 2020 regarding the commencement of the
bookbuilding and application period for the Offering as well as on 6 February
2020 regarding the extension of the bookbuilding and application period for the
Offering.

The offering period has coincided with significant volatility in the global
financial markets due to the outbreak of the Coronavirus in China, which has
also triggered a material downward movement in the oil price. The Company has a
strong pipeline of projects which will deliver long term value creation for both
existing and new shareholders, and BW Energy has consequently decided to adjust
terms to enable a successful IPO and to maintain its operational and financial
targets.

Based on its current growth plans, the Company is comfortably financed with a
reduced equity offering of USD 125 million. In order to reflect the current
market fundamentals, the Company is also reducing the offering valuation from
approximately USD 700 million to USD 500 million. BW Group Limited has decided
to subscribe for USD 25 million in the Offering on the revised terms. Combined
with dividend shares from BW Offshore, the Company will have a similar free
float and ownership split at the revised terms compared to the initially
contemplated terms.

The Company will file a prospectus supplement with the Norwegian FSA today and
expects the Offering to close on Monday 17 February 2020 at 16:30 hours (CET).

SUMMARY OF REVISED TERMS

Price per Share: NOK 24.40

Number of Shares to be issued: 46,904,200 Shares (in total 53,939,830 Shares if
the Greenshoe Option is exercised in full)

Extension of the Bookbuilding Period to 17 February 2020 at 16:30 hours (CET)

Extension of the Application Period to 17 February 2020 at 16:30 hours (CET)

First day of Listing: 19 February 2020

DETAILS OF THE REVISED TERMS OF THE OFFERING

The Company has, in consultation with the Joint Global Coordinators, adjusted
the Offering to consist of an offer of 46,904,200 Shares (excluding over-
allotment) at a fixed offer price of NOK 24.40 (the “Offer Price”) raising gross
proceeds of NOK 1,144,462,480 (equivalent to approximately USD 125 million at
the Offer Exchange Rate). Assuming transaction costs of approximately USD 8
million, net proceeds (excluding over-allotment) are estimated to be USD 117
million (equivalent to NOK 1,071,216,900 at the offer exchange rate).

In addition, the Joint Global Coordinators may elect to over-allot a number of
Shares equal to up to 15% of the number of Offer Shares sold in the Offering.
Including over-allotment, the Offering will consist of an offer of a total of
53,939,830 Shares raising gross proceeds of NOK 1,316,131,852 (equivalent to
approximately USD 143.75 million at the Offer Exchange Rate).

The potential over-allotment and the Joint Global Coordinators’ potential
stabilization activities after the IPO will continue to be facilitated by a
borrowing option from BW Offshore and a greenshoe option from BW Energy.

EXTENSION OF BOOKBUILDING AND APPLICATION PERIOD

The bookbuilding period in the institutional tranche of the Offering and the
application period in the retail trance of the Offering are extended so that
they both expire on 17 February at 16:30 hours (CET).

The Company, in consultation with the Joint Global Coordinators, may extend the
Bookbuilding Period and the Application Period at any time and for any reason,
and extension may be made on one or several occasions. The Bookbuilding Period
and the Application Period may in no event be extended beyond 16:30 hours (CET)
on 24 February 2020. In the event of an extension of the Application Period
and/or the Bookbuilding Period, the allocation date, the payment due date and
the date of delivery of Offer Shares will be changed accordingly. Any extension
of the Bookbuilding Period and/or the Application Period will be announced by
the Company through a stock exchange release on www.newsweb.no prior to 09:00
hours (CET) the first trading day following the last day of the Bookbuilding
Period and Application Period.

NEW SUBSCRIPTIONS BY PRIMARY INSIDERS

BW Group Limited (“BW Group”), the second largest shareholder in BWE after BWO
as well as the largest shareholder in BWO, will subscribe for a total amount of
USD 25 million to support a successful completion of the IPO. BW Group’s
subscription may be scaled back in the allocation in order to facilitate a
broadening of the shareholder base and an increased free float. Assuming that BW
Group receives full allocation, BW Group will hold 66,470,873 shares in BW
Energy, equivalent to approximately 27.54% of the Shares in the Company
(assuming full exercise of the Greenshoe Option, but not including the Shares to
be received by BW Group in the BW Offshore Dividend Distribution (as hereinafter
defined)).

NEW TIMETABLE

Bookbuilding Period ends: 17 February 2020 at 16:30 hours (CET)

Application Period ends: 17 February 2020 at 16:30 hours (CET)

Allocation of the Offer Shares: On or about 17 February 2020

Publication of the results of the Offering: On or about 17 February 2020

Issuance of allocation notes: On or about 18 February 2020

Accounts from which payment will be debited in the Retail Offering to be
sufficiently funded: On or about 18 February 2020

Payment date in the Retail Offering: On or about 19 February 2020

Delivery of the Offer Shares in the Retail Offering (subject to timely payment):
On or about 20 February 2020

Payment date in the Institutional Offering: On or about 20 February 2020

Delivery of the Offer Shares in the Institutional Offering: On or about 20
February 2020

The first day of listing and commencement trading in the Shares: On or about 19
February 2020

BW OFFSHORE DIVIDEND DISTRIBUTION

As communicated previously, BW Offshore will distribute a number of Shares in BW
Energy as dividend in kind to its shareholders (the “BW Offshore Dividend
Distribution”). BW Offshore will determine the amount of the dividend
distribution and the number of Shares to be distributed (the “Dividend Shares”)
upon allocation of the Offer Shares and it is expected to be in the range of USD
65 million (equivalent to approximately 24.4 million Shares) to USD 100 million
(equivalent to approximately 37.5 million Shares).

FREE FLOAT

It is expected that the free float of the Company’s shares following completion
of the Offering and the BW Offshore Dividend Distribution, will be in the range
between approximately 23.7% and 25.0% of the shares in the Company, depending on
the allocation to BW Group and the number of Shares distributed in the BW
Offshore Dividend Distribution, and assuming that the Greenshoe Option is not
exercised. If the Greenshoe Option is exercised in full, the free float is
expected to be in the range between approximately 26.0% and 27.2%.

                                 * * *

Further details about the Offering, and the revised terms thereof, are set out
in the supplemental prospectus (the “Supplemental Prospectus”) prepared by the
Company in connection with the Offering which is expected to be approved by the
Norwegian Financial Supervisory Authority on 13 February 2020 and published
prior to 09:00 hours (CET) on 14 February 2020. The information included in the
Supplemental Prospectus is to be considered an integral part of, and is to be
read together with, the full offering prospectus published by the Company and
dated 29 January 2020 (the “Prospectus”).

Applicants that have applied for Offer Shares at the time of publication of the
Supplemental Prospectus have the right to withdraw their application within two
working days after the publication of this Supplemental Prospectus, cf. Article
23 of the Prospectus Regulation. Such applications may be withdrawn prior to
16:30 hours (CET) on 17 February 2020. Applications may be withdrawn by
contacting the Manager with whom the application was made or, with respect to
investors who have applied for Offer Shares through the VPS’ online application
system, by contacting either of the Joint Global Coordinators. Investors that
have applied for Offer Shares before the publication of the Supplemental
Prospectus and who have not utilized the right to withdraw their application
within the two-day deadline described above, will be deemed to have accepted the
above-mentioned supplemental information and revised terms, and will not need to
submit a new application.

The Prospectus and the Supplemental Prospectus will, subject to regulatory
restrictions in certain jurisdictions, be available at www.bwenergy.no,
www.dnb.no/emisjoner, www.paretosec.com/transactions,
www.arctic.com/secno/en/offerings, www.danskebank.no/bwe and www.swedbank.no.
Hard copies of the Prospectus and the Supplemental Prospectus may also be
obtained free of charge by contacting the Company or one of the Managers.

DNB Markets, a part of DNB Bank ASA and Pareto Securities AS are acting as joint
global coordinators and joint bookrunners in the Offering (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as co-managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the Company
and Conyers Dill & Pearman Limited is acting as special Bermuda legal counsel to
the Company. Advokatfirmaet Schjødt AS is acting as Norwegian legal counsel to
the Managers.

                                 * * *

For further information, please contact:
Knut Sæthre, CFO BW Energy, +47 91 11 78 76, ir@bwenergy.no

Ståle Andreassen, CFO BW Offshore, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance BW Offshore, +47 99 50 47 40

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 cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

ABOUT BW OFFSHORE
BW Offshore is a leading provider of floating production services to the oil and
gas industry. The company also participates in developing proven offshore
hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas
regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30
years of production track record, having executed 40 FPSO and FSO projects. BW
Offshore is listed on the Oslo Stock Exchange.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: BW Energy Limited - Publication of Supplemental Prospectus

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: PUBLICATION OF SUPPLEMENTAL PROSPECTUS

14 February 2020

Reference is made to the announcement on 13 February 2020, whereby BW Energy
Limited (“BW Energy” or the “Company”, OSE ticker code “BWE”) announced an
adjustment of the terms of the contemplated initial public offering of its
shares (the “IPO” or the “Offering”).

In connection with the adjustment of the terms of the Offering, BW Energy has
prepared a supplemental prospectus setting out further details regarding the
Offering and the revised terms thereof (the “Supplemental Prospectus”). The
information included in the Supplemental Prospectus is to be considered an
integral part of, and is to be read together with, the full offering prospectus
published by the Company and dated 29 January 2020 (the “Prospectus”). The
Supplemental Prospectus has been approved by the Norwegian Financial Supervisory
Authority and will be published at or before 09:00 hours (CET) on Friday 14
February 2020.

The Supplemental Prospectus is, subject to regulatory restrictions in certain
jurisdictions, available at www.bwenergy.no (http://www.bwenergy.no),
www.dnb.no/emisjoner (http://www.dnb.no/emisjoner),
www.paretosec.com/transactions (http://www.paretosec.com/transactions),
https://www.arctic.com/secno/en/offerings, www.danskebank.no/bwe
(http://www.danskebank.no/bwe) and www.swedbank.no
(http://www.swedbank.no/store-foretak-og-institusjoner/advisory-services-and-
investment-banking/corporate-finance/aktuelle-transaksjoner). Copies of the
Supplemental Prospectus and the Prospectus may be obtained free of charge at BW
Energy’s offices at 30 Pasir Panjang Road, #14-31/32 Mapletree Business City,
Singapore 117440 or by contacting one of the Joint Global Coordinators (as
defined below).

The bookbuilding period for the institutional offering and the application
period for the retail offering in the IPO will expire on 17 February at 16:30
hours (CET), unless extended.

Subject to satisfaction of the conditions for the Offering set out in the
Company’s announcement on 29 January 2020, the shares of BW Energy are expected
to be admitted to listing and commence trading on the Oslo Stock Exchange on 19
February 2020.

DNB Markets, a part of DNB Bank ASA and Pareto Securities AS are acting as joint
global coordinators and joint bookrunners in the Offering (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as co-managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the Company
and Conyers Dill & Pearman Limited is acting as special Bermuda legal counsel to
the Company. Advokatfirmaet Schjødt AS is acting as Norwegian legal counsel to
the Managers.

                                 * * *

For further information, please contact:

Knut 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 cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: BW Energy Limited - Applications by Primary Insiders

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: APPLICATIONS BY PRIMARY INSIDERS

14 February 2020

Reference is made to the announcements on 30 January 2020, whereby BW Energy
Limited (“BW Energy”, OSE ticker code “BWE”) and BW Offshore Limited (“BW
Offshore”, OSE ticker “BWO”) announced that certain primary insiders of BW
Energy and BW Offshore had applied for shares in the initial public offering of
BW Energy’s shares (the “IPO” or the “Offering”) and on 13 February regarding
the revised terms of the Offering.

The following primary insiders of BW Energy and BW Offshore have now applied for
additional shares in the Offering, resulting in the following total application
amounts for these primary insiders:

• Carl K. Arnet, BWE CEO, has applied for shares in the Offering for a total
  amount of NOK 5,000,000.
• Knut R. Sæthre, BWE CFO, has applied for shares in the Offering for a total
  amount of NOK 2,000,000.
• Lin G. Espey, BWE COO, has applied for shares in the Offering for a total
  amount of NOK 500,000.
• Anders S. Platou, BWO Head of Corporate Finance, has applied for shares in
  the Offering for a total amount of NOK 500,000.

The applications have been made according to the terms and conditions for the
Offering described in the prospectus dated 29 January 2020 prepared in
connection with the IPO and the supplemental prospectus dated 13 February 2020.

BW Energy and BW Offshore’s primary insiders will receive full allocation on
their applications in the Offering. The number of offer shares allocated to the
above primary insiders will be announced following expiry of the bookbuilding
period for the Offering.

As announced yesterday, BW Group Limited (“BW Group”), the second largest
shareholder in BW Energy and the largest shareholder in BW Offshore, has
subscribed for shares in the Offering for a total amount of USD 25 million to
support a successful completion of the IPO. BW Group’s subscription may be
scaled back in the allocation in order to facilitate a broadening of the
shareholder base and an increased free float. BW Group is represented on the
board of directors of BW Offshore and BW Energy. For further information, see
the announcement made by BW Energy and BW Offshore on 13 February regarding the
revised terms of the Offering.

DNB Markets, a part of DNB Bank ASA and Pareto Securities AS are acting as joint
global coordinators and joint bookrunners in the Offering (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as co-managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the
Company, whilst Conyers Dill & Pearman Limited is acting as special Bermuda
legal counsel to the Company. Advokatfirmaet Schjødt AS is acting as Norwegian
legal counsel to the Managers.

                                 * * *
                For further information, please contact:

Knut 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 cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: Updated Information Relating to Contemplated Dividend Payment

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

UPDATED INFORMATION RELATING TO CONTEMPLATED DIVIDEND PAYMENT

14 February 2020

Reference is made to the announcements on 29 January 2020, whereby BW Offshore
Limited (“BW Offshore”, OSE ticker “BWO”) and BW Energy Limited (“BW Energy”,
OSE ticker code “BWE”) announced the launch of the initial public offering of BW
Energy’s shares (the “IPO” or the “Offering”) and the subsequent listing of the
shares in BW Energy on the Oslo Stock Exchange (the “Listing”) and on 4 February
setting out information regarding BW Offshore’s contemplated dividend payment.

In order to facilitate the free float of Shares required for the Listing, BW
Offshore will, as announced, distribute a number of shares in BW Energy as
dividend in kind to its shareholders (the “BW Offshore Dividend Distribution”).
In connection with the extension of the bookbuilding and application period in
the IPO and as described in the supplemental prospectus published by BW Energy
on 14 February 2020, certain key information in relation to the BW Offshore
Dividend Distribution has also been adjusted. Below is updated key information
regarding the BW Offshore Dividend Distribution and expected dates (subject to
changes):

• Type of dividend: Shares in BW Energy, which will be delivered to the VPS
  account on which the respective eligible BW Offshore shareholders hold their
  shares in BW Offshore.
• Dividend amount: To be announced on 17 February or before the market opens
  on 18 February 2020.
• Number of shares to be distributed: To be announced on 17 February or before
  the market opens on 18 February 2020. It is expected that the total value of
  the dividend distribution will be in the range of USD 65 million (equivalent
  to approximately 24.4 million shares in BW Energy at the IPO offer price) to
  USD 100 million (equivalent to approximately 37.5 million shares in BW
  Energy at the IPO offer price).
• Last day of trading including rights: 17 February 2020
• Ex-date: 18 February 2020
• Record date: 19 February 2020
• Delivery of Dividend Shares: 20 February 2020

BW Offshore will determine the amount of the dividend distribution and the
number of shares to be distributed (the “Dividend Shares”) upon allocation of
the offer shares in the IPO (expected to be on 17 February 2020).

The BW Offshore Dividend Distribution is conditional upon satisfaction of the
conditions for completion of the IPO set out in BW Offshore’s announcement on
29 January 2020. BW Energy has reserved the right to shorten or extend the
bookbuilding period in the institutional tranche of the Offering (the
“Bookbuilding Period”) and/or the application period in the retail tranche of
the Offering (the “Application Period”). In the event of a shortening or an
extension of the Bookbuilding Period and/or the Application Period, the above
dates relating to the BW Offshore Dividend Distribution may be changed
accordingly. However, the Listing and commencement of trading in the Dividend
Shares on the Oslo Stock Exchange may not necessarily be changed.

This information is published in accordance with the requirements of the
continuing obligations of companies listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant in section
5-12 of the Norwegian Securities Trading Act.

                                 * * *

For further information, please contact:

Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

About BW Offshore

BW Offshore is a leading provider of floating production services to the oil and
gas industry. The company also participates in developing proven offshore
hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas
regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30
years of production track record, having executed 40 FPSO and FSO projects. BW
Offshore is listed on the Oslo Stock Exchange.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: BW Energy Limited - Status of Bookbuilding

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: STATUS OF BOOKBUILDING

14 February 2020

Reference is made to the announcements by BW Energy Limited (“BW Energy” or the
“Company”) and BW Offshore Limited (“BW Offshore”) on 29 January 2020 regarding
the initial public offering of the shares in BW Energy (the “IPO”, the
“Offering”) and the listing of the BW Energy shares on the Oslo Stock Exchange
(the “Listing”), on 30 January 2020 regarding the commencement of the
bookbuilding and application period for the Offering as well as on 13 February
2020 regarding revised offering terms and extension of the bookbuilding and
application period in the Offering.

The Company has been informed by the Joint Global Coordinators that the Managers
have received orders such that the maximum offering size, including the over-
allotment option, is covered at the new fixed offering price.

The bookbuilding period in the institutional tranche of the Offering and the
application period in the retail tranche of the Offering will remain open until
17 February at 16:30 hours (CET), as previously communicated.

DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS are acting as
Joint Global Coordinators and Joint Bookrunners in the IPO (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as Co-Managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the
Company, whilst Conyers Dill & Pearman Limited is acting as special Bermuda
legal counsel to the Company. Advokatfirmaet Schjødt AS is acting as Norwegian
legal counsel to the Managers.

For further information, please contact:

Knut Sæthre, CFO BW Energy, +47 91 11 78 76, ir@bwenergy.no
Ståle Andreassen, CFO BW Offshore, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance BW Offshore, +47 99 50 47 40

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 cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

About BW Offshore

BW Offshore is a leading provider of floating production services to the oil and
gas industry. The company also participates in developing proven offshore
hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas
regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30
years of production track record, having executed 40 FPSO and FSO projects. BW
Offshore is listed on the Oslo Stock Exchange.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: BW Energy Limited - Application by Primary Insider

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: APPLICATION BY PRIMARY INSIDER

17 February 2020

Reference is made to the announcements on 29 January 2020, whereby BW Energy
Limited (“BW Energy”, OSE ticker code “BWE”) and BW Offshore Limited (“BW
Offshore”, OSE ticker “BWO”) announced the launch of the initial public offering
of BW Energy’s shares (the “IPO” or the “Offering”) and on 13 February 2020
regarding the revised terms of the Offering.

The following primary insider of BW Offshore has applied for shares in the
Offering:

• Rune Bjorbekk, BWO CCO, has applied for shares in the Offering for a total
  amount of NOK 200,000.

The application has been made according to the terms and conditions for the
Offering described in the prospectus dated 29 January 2020 and the supplementary
prospectus dated 13 February 2020, both prepared in connection with the IPO.

BW Energy and BW Offshore’s primary insiders will receive full allocation on
their applications in the Offering. The number of offer shares to be allocated
to the above primary insider will accordingly be determined by the final offer
price and will be announced following expiry of the bookbuilding period for the
Offering.

DNB Markets (a part of DNB Bank ASA) and Pareto Securities AS are acting as
joint global coordinators and joint bookrunners in the IPO (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as co-managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the
Company, whilst Conyers Dill & Pearman Limited is acting as special Bermuda
legal counsel to the Company. Advokatfirmaet Schjødt AS is acting as Norwegian
legal counsel to the Managers.

                                 * * *
                For further information, please contact:

Knut 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 FPSOs to reduce time to first oil and cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: BW Energy Limited - Bookbuilding for the IPO Successfully Completed

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

Vis børsmeldingen

“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: BOOKBUILDING FOR THE IPO SUCCESSFULLY COMPLETED

17 February 2020

BW Energy Limited (“BW Energy”, OSE ticker code “BWE”) and BW Offshore Limited
(“BW Offshore”, OSE ticker “BWO”) announce the successful completion of the
initial public offering of BW Energy’s shares (the “IPO” or the “Offering”).

In summary:

• The shares in the Offering (the “Offer Shares”) were sold at a fixed price
  per Offer Share of NOK 24.40, corresponding to a pre-money equity value of
  BW Energy of NOK 4,578 million (approximately USD 500 million).
• The Company will issue 46,904,200 new shares in connection with the
  Offering, raising gross proceeds of approximately NOK 1,144 million
  (approximately USD 125 million).
• No existing shares will be sold in the Offering.
• The Managers (as defined below) have over-allotted 7,035,630 shares,
  representing 15% of the number of shares sold in the Offering before over-
  allotments, which is equivalent to approximately NOK 172 million
  (approximately USD 19 million). The Managers have exercised their option to
  borrow an equal number of shares from BW Offshore Limited for the purposes
  of covering the over-allotments.
• BW Group Limited has been allocated 6,378,971 Offer Shares, which is
  equivalent to NOK 156 million (approximately USD 17 million).
• All primary insiders in BW Energy and BW Offshore who have applied for Offer
  Shares have received full allocation. Detailed information regarding
  allocation to primary insiders will be given in a separate announcement.
• BW Offshore has resolved to distribute approximately 37,741,000 shares in BW
  Energy (the “Dividend Shares”) to the eligible BW Offshore shareholders (the
  “BW Offshore Dividend Distribution”). The total value of the Dividend Shares
  is approximately NOK 921 million (approximately USD 100 million). One share
  in BW Offshore gives eligible BW Offshore shareholders 0.20405596845785
  Dividend Shares (rounded downwards to the nearest whole number of Dividend
  Shares).
• Following the completion of the Offering (excluding over-allotment) and the
  BW Offshore Dividend Distribution, the free float of BW Energy’s shares will
  be approximately 25%.
• Trading in the shares of BW Energy on the Oslo Stock Exchange will commence
  on Wednesday 19 February 2020.

A total of 53,939,830 shares (including over-allotted shares) were allotted in
the Offering, which is equivalent to NOK 1,316 million (approximately USD 143.8
million). Approximately 95% of the Offer Shares were allotted to investors in
the institutional offering and approximately 5% of the Offer Shares were
allotted to investors in the retail offering. The Offering attracted strong
interest from Norwegian and international investors and was over-subscribed. A
total of approximately 700 investors were allocated Offer Shares. Further,
through the BW Offshore Dividend Distribution, approximately 4,000 BW Offshore
shareholders will receive Dividend Shares.

Notifications of allocated Offer Shares and the corresponding amount to be paid
by investors are expected to be communicated to investors on or about 18
February 2020. Investors having access to investor services through their VPS
manager will be able to check the number of Offer Shares allocated to them from
about 09:00 hours (CET) on 18 February 2020. The Managers may also be contacted
for information regarding allocations.

As further described in the prospectus published in connection with the IPO, the
Company has granted the Managers a greenshoe option, exercisable by Pareto
Securities AS as stabilisation manager within 30 days from the first day of
trading of the Company’s shares on the Oslo Stock Exchange, to cover any short
position resulting from the over-allotments in the Offering following the
stabilisation period. A separate disclosure will be issued by the stabilisation
manager regarding the over-allotment and stabilisation activities.

DNB Markets, a part of DNB Bank ASA and Pareto Securities AS are acting as joint
global coordinators and joint bookrunners in the Offering (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as co-managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the Company
and Conyers Dill & Pearman Limited is acting as special Bermuda legal counsel to
the Company. Advokatfirmaet Schjødt AS is acting as Norwegian legal counsel to
the Managers.

---

For further information, please contact:
Knut 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 cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: BW Energy Limited - Allocation of Shares to Primary Insiders

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
…

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“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BW ENERGY LIMITED: ALLOCATION OF SHARES TO PRIMARY INSIDERS

18 February 2020

Reference is made to the announcements on 17 February 2020, whereby BW Energy
Limited (“BW Energy”, OSE ticker code “BWE”) and BW Offshore Limited (“BW
Offshore”, OSE ticker “BWO”) announced the successful completion of the initial
public offering of BW Energy’s shares (the “IPO” or the “Offering”) and the
listing of BW Energy shares on the Oslo Stock Exchange (the “Listing”).

The following primary insiders of BW Energy and BW Offshore have been allocated
shares in the Company (“Shares”) in the Offering in accordance with the terms
set out in the prospectus dated 29 January 2020 and the supplementary prospectus
dated 13 February 2020:

• Carl K. Arnet, BWE CEO, has been allocated 204,918 Shares in the Offering
  and 471,369 Shares as dividends from BW Offshore, increasing his holding of
  Shares at the time of Listing to a total of 2,406,288 Shares. In addition,
  close associates of Carl K. Arnet will receive 16,324 Shares as dividend
  from BW Offshore.
• Knut R. Sæthre, BWE CFO, has been allocated 81,967 Shares in the Offering
  and 25,507 Shares as dividends from BW Offshore, and his holding at the time
  of listing will be 107,474 Shares.
• Lin G. Espey, BWE COO, has been allocated 20,491 Shares, which will be his
  holding following the completion of the Offering.
• Anders S. Platou, BWO Head of Corporate Finance, has been allocated 20,491
  Shares, which will be his holding following the completion of the Offering.
• Marco Beenen, BWO CEO and BWE board member, has been allocated 20,491 Shares
  and 8,459 Shares as dividends from BW Offshore, and his holding at the time
  of listing will be 28,950 Shares.
• Maarten R. Scholten, BWO board member, has been allocated 37,909 Shares and
  32,804 Shares as dividends from BW Offshore, and his holding at the time of
  listing will be 70,713 Shares.
• Ståle Andreassen, BWO CFO, has been allocated 20,491 Shares and 46,784
  Shares as dividends from BW Offshore, and his holding at the time of listing
  will be 67,275 Shares.
• Kei Ikeda, BWO COO, has been allocated 20,491 Shares and 2,428 Shares as
  dividends from BW Offshore, and his holding at the time of listing will be
  22,919 Shares.
• Magda Vakil, BWO General Counsel, has been allocated 8,196 Shares and 2,531
  Shares as dividends from BW Offshore, and her holding at the time of listing
  will be 10,727 Shares. In addition, close associates of Magda Vakil will
  receive 495 Shares as dividend from BW Offshore.
• Hans Kristian Langsrud, BWO Head of Asset Engineering & Maintenance, has
  been allocated 8,196 Shares, which will be his holding following the
  completion of the Offering.
• Rune Bjorbekk, BWO CCO, has been allocated 8,196 Shares and 31,250 Shares as
  dividends from BW Offshore, and his holding at the time of listing will be
  39,446 Shares.
• BW Group Limited, a major shareholder in BW Energy and BW Offshore, and
  represented on the board of directors of both companies, has been allocated
  6,378,971 Shares in the Offering and 18,841,067 Shares as dividends from BW
  Offshore, thereby increasing its holding of Shares at the time of Listing to
  a total of 82,310,071 Shares (35.13%).
• BW Offshore, a major shareholder represented on the board of BW Energy,
  holds approximately 90,839,066 Shares (38.77%) following the Offering and
  distribution of dividends.

DNB Markets, a part of DNB Bank ASA and Pareto Securities AS are acting as joint
global coordinators and joint bookrunners in the Offering (the “Joint Global
Coordinators”). Arctic Securities AS, Danske Bank (Norwegian Branch), Nordea
Bank Abp (filial i Norge) and Swedbank AB (publ) (in cooperation with Kepler
Cheuvreux) are acting as co-managers (the “Co-Managers”, and together with the
Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the
Company, whilst Conyers Dill & Pearman Limited is acting as special Bermuda
legal counsel to the Company. Advokatfirmaet Schjødt AS is acting as Norwegian
legal counsel to the Managers.

                                 * * *
                For further information, please contact:

Knut 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 cash-flow
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 are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11,779 bbl/day in 2019.

Not for distribution in or into the United States, Australia, Canada, the Hong
Kong Special Administrative Region of the People’s Republic of China or Japan.

Important notice

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to “qualified
institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Transaction.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the Company’s
shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company’s shares and determining appropriate distribution
channels.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believe”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Kilde

[TekBot]

BW Offshore: Invitation to Q4 2019 Presentation 28 February

Invitation to Q4 2019 Presentation 28 February

BW Offshore will release its Annual Report 2019 and the Q4 2019 results on
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Friday 28 February at 07:30 (CET).

The company will host a presentation of the financial results 09:00 (CET) the
same day at Hotel Continental in Oslo, Norway. The presentation will be given by
CEO Marco Beenen and CFO Ståle Andreassen.

The Annual Report, Q4 Presentation, Earnings Tables (in excel format) and
webcast will be available at the website.
Please visit: https://www.bwoffshore.com/ir/quarterly-results/

For further information, please contact:
IR@bwoffshore.com

About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and
gas industry. BW Offshore is represented in all major oil and gas regions world-
wide with a fleet of 15 owned FPSOs. The company has more than 30 years of
production track record, having executed 40 FPSO and FSO projects. BW Offshore
is listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

BW OFFSHORE: USD 297,400,000 Senior Unsecured Convertible Bonds due 2024

26 February 2020

BW Offshore Limited USD 297,400,000 Senior Unsecured Convertible Bonds due 2024
…

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(the Bonds") (ISIN: NO0010867948)

Capitalised terms not otherwise defined herein shall have the meanings given to
them in the terms and conditions of the Bonds (the “Bond Terms”).

Notice to Bondholders

In accordance with the Bond Terms, BW Offshore Limited as the Issuer hereby
gives notice to Bondholders that, as a result of the distribution of 37,741,441
BW Energy shares to eligible BW Offshore shareholders of record on 19 February
2020 (otherwise referred to as the “BW Offshore Dividend Distribution” in the
announcements made by the Issuer on 29 January 2020, 4 February 2020, 14
February 2020 and 18 February 2020), pursuant to Clause 13.1(iii) and Clause
13.6, the Conversion Price has been adjusted from USD 10.24 to USD 9.2695,
effective as of 26 February 2020.

For further information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act.

Kilde

[TekBot]

BW Offshore: Fourth quarter and full year results 2019

BW Offshore fourth quarter and full year results 2019

HIGHLIGHTS
…

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• EBITDA of USD 169.4 million and operating cashflow USD 134.6 million for the
  quarter
• EBITDA of USD 709.9 million and operating cashflow USD 608.3 million for the
  full year
• Extensions signed for Abo FPSO and FPSO Polvo
• Gross production from Tortue of 987 thousand bbls of oil in the quarter and
  4.3 million bbls for the full year
• Tullow 10% back-in right exercised
• BW Energy completed second production well of Tortue phase 2 development
• BW Energy IPO completed in February 2020
• USD 100.6 million dividend distributed to BW Offshore shareholders in the
  form of BW Energy shares
• Proposed initial annual dividend of USD 25 million paid on a quarterly basis

EBITDA for the fourth quarter of 2019 was USD 169.4 million, up from USD 162.1
million in the third quarter. The increase was due to the impact of two liftings
from Tortue, and net 1.3 million bbls sold from BW Energy, partly offset by
additional provisions and no revenues recognised for FPSO Umuroa negatively
impacting results with USD 13 million in the quarter.

Full-year 2019 EBITDA and operating cashflow were at an all-time high due to
continued high commercial uptime for the FPSO segment and strong operational
results for the E&P business throughout the year.

In December, BW Offshore was awarded a one-year extension to the Abo FPSO
contract and the FPSO Polvo received a one-year extension in January 2020. Both
units have over time received multiple extensions, confirming that FPSOs have a
commercial life far beyond the initial fixed contract period. On Umuroa, the
client has not paid any contractual commitments since the third quarter of
2019. It is highly uncertain whether any outstanding amount can be recovered as
the client is under receivership. As a result, the fourth quarter is negatively
impacted by USD 13 million. Demobilisation from the field and transportation of
the unit back to Singapore is being planned which is estimated to cost in the
range of USD 20 million.

Gross production from Tortue averaged 10,735 bbls per day in the fourth quarter.
The total gross production from the Tortue field was 987 thousand bbls of oil.
Two liftings were completed by the licence partners in the fourth quarter, and
approximately 1.3 million bbls net was sold from BW Energy at an average
realised price of USD 65.1 per barrel. Production cost (excluding royalty) was
USD 22.8 per barrel in the quarter.

In November, BW Offshore successfully issued a USD 297.4 million senior
unsecured convertible bond due 2024 as well as a NOK 900 million Nordic high-
yield bond with maturity in 2023. The two issues refinanced the existing Nordic
high-yield bond portfolio, extended maturities and enabled resumption of
dividend payments.

On 19 February, BW Offshore completed the planned IPO for listing of BW Energy
on the Oslo Stock Exchange, raising gross proceeds of approximately USD 125
million to finance future growth investments. To meet free-float requirements
for the listing, BW Offshore distributed 37.7 million shares in BW Energy as
dividend in kind to its shareholders. The total value of the dividend shares is
approximately USD 100.6 million or equivalent to USD 0.54 per share. Due to
financial and oil market volatility during the offer period following the
outbreak of the Corona virus in China, the transaction was completed on revised
terms compared to the initial plan. Following the completion of the IPO and
dividend in kind distribution, BW Offshore holds approximately 38.8% of the
shares outstanding in BW Energy.

“The IPO of BW Energy will enable the company to progress as a stand-alone E&P
growth company and execute its strong pipeline of projects to deliver long-term
value creation for both existing and new shareholders. These include BW Offshore
shareholders who received direct ownership through our first dividend
distribution in more than four years,” said Marco Beenen, the CEO of BW
Offshore. “We will support BW Energy as a close partner and FPSO provider in
years to come. We will also explore business opportunities in a firming FPSO
lease and operate market while maintaining a commercially disciplined approach
to new investments.”

Following the completion of the IPO of BW Energy, the plan is for the Company to
start paying quarterly cash dividends from second quarter of 2020. The board
will propose an initial annual dividend of USD 25 million.

Please see attachments for the full press release, presentation, Annual Report
and Annual Statement of Reserves. The Earnings Tables are available at:
https://bwoffshore.com/ir/quarterly-results/

BW Offshore will host a presentation of the financial results 09:00 (CET) today
at Hotel Continental in Oslo, Norway. The presentation will be given by CEO
Marco Beenen and CFO Ståle Andreassen.

The presentation will be broadcasted via webcast and will also be available for
replay.
Please visit: https://bwoffshore.com/ir/quarterly-results/

For further information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and
gas industry. The company also participates in developing proven offshore
hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas
regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30
years of production track record, having executed 40 FPSO and FSO projects. BW
Offshore is listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Kilde