BW Offshore: Sale of FPSO Ningaloo Vision

A subsidiary of Apache Energy Limited has agreed to purchase the FPSO Ningaloo Vision for USD 185 million on behalf of the Van Gogh field joint venture partners (Apache 52.501 percent and INPEX 47.499 percent). The unit is sold on an "as is where is" basis.

Ningaloo Vision is operating on the Van Gogh oil field offshore Australia.  BW Offshore will operate the FPSO for a period of up to six months on a cost-plus-basis before final handover.

For further information, please contact:
Carl K. Arnet, CEO, +65 9630 3290 (Media)
Knut R. Sæthre, CFO, +47 9111 7876 (Media)
Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322 (Analysts/investors)

About BW Offshore:
BW Offshore is a leading global provider of floating production services to the oil and gas industry. With the acquisition of Prosafe Production in 2010, the company has become the world's second largest contractor with a fleet of 15 FPSOs and 2 FSOs represented in all major oil regions world-wide. BW Offshore has an excellent track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In 30 years of production, BW Offshore has successfully executed more than 30 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange. Further information is also available on www.bwoffshore.com

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