BW Offshore: Decision related to mandatory offer for all shares in BW Energy from BW Group

Decision related to mandatory offer for all shares in BW Energy from BW Group

Reference is made to the announcement made by BW Group Limited (the "Offeror") on 13 December 2023 regarding the launch of a mandatory offer for all issued and outstanding common shares of BW Energy Limited ("BW Energy") not already owned by the Offeror at a price of NOK 27 per share (the "Offer"), and the offer document for the Offer dated 13 December 2023. BW Offshore Limited ("BW Offshore" or the "Company") owns 58,111,461 (22.52%) shares in BW Energy.

Following the Offeror's announcement on 30 November 2023 of its intention to launch the Offer, BW Offshore engaged Arctic Securities AS as its independent financial advisor to assist the Company in assessing the Offer. Based on careful assessment of the Offer, and after having taken into consideration valuation advice received from Arctic Securities AS, BW Offshore's strategy and such other factors as the Company deemed relevant, BW Offshore has resolved not to accept the Offer.

Andreas Sohmen-Pao who is the Chairman of the Offeror, the Company and BW Energy, and Carl Krogh Arnet, CEO of BW Energy and a board member of the Company, have not participated in BW Offshore's discussions and decisions relating to the Offer.

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About BW Offshore:

BW Offshore engineers innovative floating production solutions. The Company has a fleet of 5 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,400 employees and is publicly listed on the Oslo stock exchange.