BW Offshore: BW Catcher Update

The Crude oil production of BW Catcher recently reached the nameplate capacity at 60 000 bopd. BW Offshore is currently operating on a reduced day rate due to delays in the ongoing start-up activities. The export of excess associated gas into the SEGAL pipeline system is expected to start shortly to sustain stable plateau production.

The company expects to record a one off negative impact on Q2 2018 EBITDA in the range of USD 15-20 million reflecting the prolonged start-up activities.

BW Catcher has to date successfully offloaded five cargoes. The ongoing drilling programme on the Catcher field has in 2018 continued to yield results exceeding expectations with regards to reserves and reservoir quality, according to a statement from Premier Oil.

For further information, please contact:

Knut R. Sæthre, CFO, +47 911 17 876 

IR@bwoffshore.com or www.bwoffshore.com

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 15 FPSOs and one FSO represented in all major oil & gas regions world-wide. BW Offshore has a long track record on project execution and operations. In more than 30 years of production, BW Offshore has executed 39 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange.

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