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

09 Mar 2023 15:48 CET

USD 297,400,000 Senior Unsecured Convertible Bonds due 2024

Notice to Bondholders

BW Offshore Limited USD 297,400,000 Senior Unsecured Convertible Bonds due 2024
(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").

In accordance with the Bond Terms, BW Offshore Limited as the Issuer hereby
gives notice to Bondholders that, as a result of the Dividend in cash of USD
0.035 and the Dividend in kind of 0.0094 shares in BW Energy Limited (rounded
down to the nearest whole number of shares), each distributable to Shareholders
of record on 3 March 2023, pursuant to Clause 13.1(iii) and Clause 13.6, the
Conversion Price has been adjusted from USD 8.0776 to USD 7.9013, effective as
of 9 March 2023.

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

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 offshore 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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