BW Energy: Sale and leaseback agreement for the Jasmine Alpha rig

31 Mar 2026 07:30 CEST

BW Energy has signed a sale and leaseback agreement with Minsheng Financial
Leasing Co., Ltd. ("MSFL") for the Jasmine Alpha jack up drilling rig. BW
Energy will receive an USD 80 million cash consideration, strengthening
financial flexibility while maintaining continued access to the unit.

Under the agreement, BW Energy has entered into a 12 month lease of the rig,
with an option to extend for a further 12 months. The Company expects to
recognise an equity gain above the carrying value of the rig, reflecting the
value increase since the acquisition of the rig at a favourable price during
the Covid-19 pandemic in 2020.

"We are realising substantial value from an asset acquired at a deep discount
while maintaining operational availability and full strategic flexibility,
including the potential future repurposing into a production platform for
deployment in our development portfolio," said Thomas Young, the CFO of BW
Energy. "The transaction strengthens BW Energy's balance sheet and
demonstrates our ability to repeatedly execute flexible and competitive
infrastructure financing solutions in support of our plan to triple production
in 2028."

The agreement builds on BW Energy's established partnership with MSFL,
including the ongoing financing of the Maromba B wellhead platform. The terms
of the new arrangement align with the Company's existing infrastructure
financing strategy.

For further information, please contact:
Martin Seland Simensen, VP Investor Relations
ir@bwenergy.no

About BW Energy

BW Energy is a fast-growing independent oil and gas company creating value
through low-risk, phased developments of proven offshore reservoirs,
leveraging existing infrastructure and capital-efficient execution. The
company owns and operates production, development and exploration assets in
Gabon, Brazil and Namibia. Total net 2P reserves exceed 240 million barrels of
oil equivalent, with a further 390 million barrels classified as 2C resources,
providing a strong foundation to organically increase production from around
30 kbopd in 2025 to approximately 90 kbopd by 2028.

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

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