Update on BW LPG’s Product Services Q1 2023 Segment Performance

13 Apr 2023 07:15 CEST

(Singapore, 13 April 2023)

BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) today
provides an update on its Product Services’ (“BW Product Services”) Q1 2023
segment performance.

For the quarter ended 31 March 2023, BW Product Services made an estimated net
profit of approximately USD 3 million. The net profit includes the value of the
cargo and derivative positions based on 12 months forward rolling mark-to-market
(M-t-M) valuation, adjusted for estimated costs from general and administrative
expenses, taxes, and depreciation. The net profit excludes the M-t-M valuation
of shipping positions as these are not accounted for on an M-t-M basis.

The average Value-At-Risk (VAR) for the quarter was approximately USD 5 million.

Says Anders Onarheim, BW LPG CEO, “We are pleased with how our first full
quarter of operation after the Vilma-transaction has played out. We decided to
conservatively adjust our portfolio to a Q1 market which traditionally is
challenging while progressing further with the remaining parts of the company
integration. Expectations are for increased activity in Q2 with an enhanced and
scalable trading platform.”

BW LPG will release its Q1 2023 and interim Q1 2023 financial report on 23 May
2023.


For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com


About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and
operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over
3 million CBM. With five decades of operating experience in LPG shipping and
experienced seafarers and staff, BW LPG offers a flexible and reliable service
to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved
in shipping, floating infrastructure, deepwater oil & gas production, and new
sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of
over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and
LPG ships constituting the largest gas fleet in the world. In the renewables
space, the group has investments in solar, wind, batteries, biofuels and water
treatment.

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