BW Offshore: Extension of limited notice to proceed for the Gato do Mato development in Brazil

10 Nov 2022 15:00 CET

Extension of limited notice to proceed for the Gato do Mato development in
Brazil

BW Offshore is pleased to announce that Shell Brasil Petróleo Ltda (Shell) and
its partners have extended the limited notice to proceed (LNTP) period with BW
Offshore and Saipem S.p.A. This extension is valid until 15 February 2023 and is
related to the supply of an FPSO for the Gato do Mato oil and gas field offshore
Brazil.

Terms of the contract are in agreed form. Upon completion of the extension
period, BW Offshore and Saipem have the option to be awarded the lease and
operate contract, contingent on financing and the project reaching final
investment decision (FID).

If the project reaches FID and moves forward, the FPSO lease and operate
contract will have a firm period of 18 years with seven years of options.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40

IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has
a fleet of 10 FPSOs with potential and ambition to grow. By leveraging four
decades of offshore operations and project execution, the Company creates
tailored energy solutions for evolving markets world-wide. BW Offshore has
around 2,000 employees and is publicly listed on the Oslo Stock Exchange.

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

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