BW Energy: Long-Term Incentive Program – new awards 

Long-Term Incentive Program – new awards 

18 August 2025 

The Board of Directors of BW Energy Limited ("BWE" or the "Company") approved the award of share options under a Long-Term Incentive Program (LTIP) to align the interests of the participating employees with those of the Company's shareholders. The LTIP is discretionary, and participants are invited on an annual basis. 

The total number of shares awarded under the LTIP for 2025 is 1,120,000, allocated to options that will give the holder the right to acquire one BW Energy share per option. A total of nine BW Energy employees have been invited to participate in the program. 

The strike price of the options is calculated based on the volume-weighted average share price five trading days prior to grant date, plus a premium of 15.75% (corresponding to a 5% increase annually over three years). The strike price for the options awarded on 15 August 2025 is NOK 41.56. 

The options will have a vesting period of three years, followed by a three-year exercise period. Exercise windows will be set by the Company. The options will expire six years after the award date. 

The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date. 

Following the new awards, the Company will have a total of 6,696,013 outstanding options. 

The following primary insiders of the Company have been awarded options under the LTIP for 2025: 

 

1. Chief Executive Officer, Carl K. Arnet has been awarded 500,000 options 

Following the award Carl K. Arnet has a total number of 3,300,000 options. 

2. Chief Financial Officer, Brice Morlot has been awarded 125,000 options. 

Following the award Brice Morlot has a total number of 125,000 options. 

 

3. Chief Commercial Officer, Thomas Kolanski has been awarded 125,000 options. 

Following the award Thomas Kolanski has a total number of 721,500 options

4. Chief Strategy Officer, Thomas M. Young has been awarded 125,000 options. 

Following the award Thomas M. Young has a total number of 721,500 options.

5. Chief Technology Officer, Jerome Bertheau has been awarded 125,000 options. 

Following the award Jerome Bertheau has a total number of 125,000 options. 

 

For further information, please contact:  

Martin Seland Simensen, VP Investor Relations 

  

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 production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company's assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 7% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025.  

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