Completion of the sale of APL to National Oilwell Varco
8 December 2010 - Reference is made to the announcements made by BW Offshore Limited ("BW Offshore") on 13 September 2010 and the publication of an information memorandum and supplemental document, dated 16 September 2010, regarding the agreement entered into by and between BW Offshore Cyprus Ltd, a wholly owned subsidiary of BW Offshore and National Oilwell Varco Norway AS, a wholly owned subsidiary of National Oilwell Varco, Inc., for the sale of all its shares in its subsidiary APL (Advanced Production & Loading) Plc to National Oilwell Varco Norway (the "APL Transaction").
The APL Transaction has been completed today.
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)