BW Energy: Successful handover of BW Adolo operations to BW Energy Gabon SA

20 May 2025 17:00 CEST

Successful handover of BW Adolo operations to BW Energy Gabon SA

BW Offshore Limited ("BW Offshore") and BW Energy Limited ("BW Energy") announce
that, with effect from 20 May 2025, operations and maintenance ("O&M") of the
FPSO BW Adolo have been handed over to BW Energy's subsidiary, BW Energy Gabon
SA ("BW Energy Gabon").

Under an amended bareboat charter, BW Offshore's subsidiary retains ownership of
the unit and will continue to lease the FPSO to BW Energy Gabon on the same
terms as previously agreed without the O&M services. The charter includes a
mutual put-and-call option on the FPSO for USD 100 million, exercisable in
2028. The parties have been working and will continue to work together on the
transition until 30 June 2025 to ensure a safe and uninterrupted transfer of
operations.

"Transferring daily operational control of BW Adolo to BW Energy Gabon is a
natural step given their growing presence in Gabon and potential to capture
efficiencies across the local organisation," said Marco Beenen, the CEO of BW
Offshore. "The seamless execution reflects the commitment of both teams to
safeguard personnel, the environment, and asset integrity."

"Assuming full O&M responsibility will allow BW Energy Gabon to optimise field
performance and capture additional synergies across the Dussafu hub. We thank BW
Offshore for its exemplary stewardship of the vessel and its continued support
during the transition phase," said Carl K. Arnet, the CEO of BW Energy.

Both companies extend their appreciation to all offshore and onshore personnel
who have maintained BW Adolo in a safe and efficient manner over the past seven
years and look forward to sustained strong operational performance under BW
Energy's leadership. The unit remains deployed on the Dussafu Marin licence
offshore Gabon, where it has produced safely since first oil in 2018.

For further information, please contact:
Brice Morlot, CFO BW Energy
+33.7.81.11.41.16
ir@bwenergy.com

About BW Energy
BW Energy is a growth E&P company with a differentiated strategy targeting
proven offshore oil and gas reservoirs through low risk phased developments. The
Company has access to existing production facilities to reduce time to first oil
and cashflow with lower investments than traditional offshore developments. The
Company's assets are 73.5% of the producing Dussafu Marine licence offshore
Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in
the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95%
interest in the Kudu field in Namibia, all operated by BW Energy. In addition,
BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy
Africa Ltd. and a 20% non-operating interest in the onshore Petroleum
Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and
resources were 599 million barrels of oil equivalent at the start of 2025.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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