BW Offshore: Sendje Berge Arbitration
With reference to stock exchange release dated 28 February 2017.
Sendje Berge Limited ("SBL"), a subsidiary of BW Offshore Limited, has received an arbitration award relating to its claim against Addax Petroleum Exploration (Nigeria) Ltd for the payment of all outstanding day rates in respect of the hire of SBL's FPSO Sendje Berge, currently operating in Nigeria. The award found entirely in SBL's favour, requiring the claimed day rates to be paid. The arbitration tribunal has further declared that no deduction may be made by Addax from future hire payments.
BW Offshore has prior to the award received payment of approximately USD 18.7 million from Addax as partial payment of the outstanding hire payable.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)