Update on FPSO for Basker Manta Gummy

(Bermuda, 19 December 2008): Anzon, on behalf of the participants in the BMG Project, has given notice to BW Offshore of a termination of the Letter of Intent ("LoI") signed in July 2008 for the supply of a FPSO for the proposed BMG Phase-2 Project. BW Offshore will act according to the conditions under the LoI related to a termination with the purpose of receiving recovery of the costs already occurred in the project. 
 
For further information, please contact:
Carl K. Arnet, CEO BW Offshore, +65 9630 3290
Knut R. Sæthre, CFO BW Offshore, +47 9111 7876


BW Offshore is one of the world`s leading FPSO contractors and a market leader within advanced offshore loading and production systems to the oil and gas industry. BW Offshore has more than 25 years` experience and has successfully delivered 13 FPSO projects and 50 turrets and offshore terminals. BW Offshore`s technology division APL has delivered solutions for production vessels, storage vessels and tankers in a wide range of field developments. Adapting through competence, in-house technology, solid project execution and operational excellence, BW Offshore ensures that customer needs are met through versatile solutions for offshore oil and gas projects. BW Offshore has as a global network with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore has 1,100 employees and is listed on the Oslo Stock Exchange. For more information, please visit www.bwoffshore.com and www.apl.no