BW Offshore: Purchase of VLGC for future conversion project.

Bergesen Worldwide Offshore has entered into an agreement to purchase the LPG VLGC Andean Gas, 70938 cub.m., built 1977 at Chantier Naval La Ciotat, France, for future conversion project to a LPG FPSO. The vessel will be delivered second half of June 2006, and will be included in BWOs inventory of conversion hulls.

After the above purchase, BW Offshore has three FPSO conversion candidates, the BW Nisa, 322 000 dwt, the BW Pioneer, 155 000 dwt and the Andean Gas, 70938 cub.m.