BW LPG Limited - Update on BW LPG’s Product Services Q2 2024 Segment Performance

17 Jul 2024 07:00 CEST

(Singapore, 17 July 2024)

BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE
ticker code “BWLP”) today provides an update on its Product Services’ (“BW
Product Services”) Q2 2024 segment performance. For the quarter ended 30 June
2024, BW Product Services reported an estimated gross profit of approximately
USD 26 million. Gross profit represents the realised trading profit plus net
derivative gains and losses from open cargo contracts and hedging transactions.

After general and administrative expenses and income taxes, BW Product Services
made an estimated net profit of approximately USD 16 million for the quarter.

In Q1 2024, the Board of BW Product Services approved a USD 30 million share
capital reduction which was finalised during Q2 2024. Post capital reduction, BW
Product Services reported a book equity of approximately USD 68 million for the
quarter ended 30 June 2024.

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

BW LPG will release its Q2 2024 financial report on 22 August 2024.


For further information, please contact:

Kristian Sørensen
Chief Executive Officer

Samantha Xu
Chief Financial Officer

E-mail: investor.relations@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, an
in-house LPG trading division and a growing presence in LPG terminal
infrastructure and distribution, BW LPG offers an integrated, flexible, and
reliable service to customers along the LPG value chain. More information about
BW LPG can be found at https://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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