BW LPG Limited – Regulatory Decision on Norwegian Takeover Rules and Singapore Takeover Code Waiver

23 Jan 2026 15:05 CET

Singapore, 23 January 2026

As a company registered in Singapore and listed on the Euronext Oslo Børs
(“OSE”) and the New York Stock Exchange (“NYSE”), BW LPG Limited (“BW LPG” or
the “Company”, OSE ticker code: “BWLPG”, NYSE ticker code: “BWLP”) is by
default, subject to Singapore, U.S. and Norwegian take-over rules. The Company
has been granted a waiver from the Singapore Code on Take-overs and Mergers (the
"Singapore Code") and accordingly, the Company is currently subject to both U.S.
and Norwegian take-over rules.

The Company considers that being subject to a single set of U.S. take-over rules
provides adequate shareholder protection, greater regulatory clarity, and the
ease for major shareholders to provide support in a softer market. On this
basis, the Company submitted an application to the Norwegian Financial
Supervisory Authority (the "NFSA") for an exemption from the provisions on
voluntary and mandatory offers in Chapter 6 of the Norwegian Securities Trading
Act (the "STA"). In its decision dated 16 January 2026, the NFSA decided not to
grant the exemption. The NFSA's assessment and reasoning are set out in its
decision, which has been published on the NFSA's website.

On 7 September 2023, the Company was granted a waiver by the Securities Industry
Council of Singapore (the “SIC”) from the general application of the Singapore
Code to the Company following its proposed redomiciliation from Bermuda to
Singapore (the “Redomiciliation”). On 24 April 2024, the SIC confirmed that the
said waiver (the “Waiver”) would continue to apply upon the completion of the
Company’s listing on the NYSE in addition to its current listing on the OSE and
its Redomiciliation (the “2024 Ruling”), subject to the Company disclosing in
the document to shareholders on the scheme of arrangement in relation to the
Redomiciliation under the Bermuda Companies Act (the “Scheme”) that the Company
had obtained the Waiver from the SIC and that the Singapore Code would not apply
to the Company following completion of the Redomiciliation (the “2024 Ruling
Disclosure Condition”).

In this regard, the Company had, in the document to shareholders in relation to
the Scheme, referenced the obtaining of the Waiver as a condition to the Scheme
and subsequently announced that all conditions to the Scheme had been satisfied.
However, the SIC (in its 17 December 2025 ruling set out below) stated that
these disclosures did not comply with the 2024 Ruling Disclosure Condition to
make the requisite disclosures to shareholders and the Waiver granted under the
2024 Ruling did not come into effect.

In September 2025, the Company submitted an application to seek the SIC’s
confirmation that the Waiver would still apply to the Company assuming the
application to the NFSA for an exemption be successful. On 17 December 2025, the
SIC granted the Waiver, and confirmed it would remain in effect regardless of
the NFSA's decision.

Accordingly, there will be no change to the take-over rules that apply to the
Company, which will continue to be subject to both U.S. and Norwegian take-over
rules.


For further information, please contact:
Kristian Sørensen, CEO, BW LPG
Samantha Xu, CFO, BW LPG

E-mail: investor.relations@bwlpg.com


About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, with a fleet of
more than 50 Very Large Gas Carriers (VLGCs), including 22 vessels powered by
LPG dual-fuel propulsion technology. Building on over five decades of LPG
shipping experience, the company is strengthened by an in-house LPG trading
division and the commercial expertise to explore investments in value chain
assets. Together, these capabilities enable BW LPG to provide trusted and
reliable services for sourcing and delivering LPG to customers worldwide.
Delivering energy for a better world – 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 450 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, and water treatment.

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