Delivery of Consideration Shares and New Issued Share Capital

22 November 2010 - Reference is made to the announcement made by BW Offshore Limited ("BW Offshore") on 12 November 2010, regarding the plan of settlement of the acquisition by BW Offshore of all the shares in the issued share capital of Prosafe Production Public Limited ("Prosafe Production") not already owned, directly or indirectly, by BW Offshore (the "Squeeze-Out").

 

In the Squeeze-Out, the shareholders in Prosafe Production could choose between (i) a consideration of 1.2 shares in BW Offshore plus NOK 3 in cash for each share held in Prosafe Production and (ii) a consideration of NOK 15.11 in cash for each share held in Prosafe Production. On basis of the combined consideration acceptance forms received by BW Offshore by the expiry of the acceptance period, and in line with the timetable indicated in the announcement made on 12 November 2010, BW Offshore has issued 15,108,209 new shares. The new shares are being delivered today as consideration shares to the Prosafe Production shareholders who accepted the combined consideration in item (i) above. Those Prosafe Production shareholders who did not accept the combined consideration are deemed to have chosen the consideration in item (ii) above.

 

The new number of issued and outstanding shares in BW Offshore is 688,006,004, and all shares are validly and legally issued, fully paid-up and properly registered.

 

For further details of the plan of settlement, please refer to the announcement made by BW Offshore on 12 November 2010.

 

For further information, please contact:

 

Carl K. Arnet, CEO, +65 9630 3290
Knut R. Sæthre, CFO, +47 9111 7876

 

 

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 16 FPSOs and 3 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 over 25 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 acc. to §5-12 vphl (Norwegian Securities Trading Act)