BW Offshore : FPSO BW Pioneer contract extension and mooring system repair

Petrobras America Inc. has exercised the option to extend the fixed term of the lease contract for FPSO BW Pioneer from Q1 2017 to Q1 2020.

BW Offshore will in Q2 2016 replace parts of the subsea mooring system for FPSO BW Pioneer. The cost for the replacement will be partly covered by insurance. During the replacement, the FPSO BW Pioneer will be disconnected. The replacement campaign is expected to result in approximately two months of downtime.

For further information, please contact:

Knut R. Sæthre, CFO, +47 911 17 876

About BW Offshore:

BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore has a fleet of 14 owned FPSOs and one FSO represented in all major oil & gas regions world-wide. The company also operates additional two FPSOs. BW Offshore has a long track record on project execution and operations. In more than 30 years of production, BW Offshore has executed 38 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange. Further information is available on www.bwoffshore.com

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