BW Offshore: Subscription of Shares in Subsidiary by CEO
Carl Arnet ("CA"), CEO of BW Offshore Limited ("BWO" or the "Company"), has today become the holder of 1% shares in BW Energy Holdings Pte. Ltd. ("BWEH"), the joint venture company formed in 2016 by the Company and BW Group Limited ("BW Group") for the purpose of pursuing oil and gas interests. The new shares in BWEH were allotted to CA for a total consideration of USD 1.85 million, including a pro rata share of shareholder loans. Following this transaction, the shareholders of BWEH are: the Company (66%), BW Group (33%) and CA (1%). Similar to the other shareholders in BWEH, CA will be obliged to provide continued funding in respect of BWEH's business and development costs for its projects, whether through equity or shareholder loans. BW Energy holds the license to the Dussafu field offshore Gabon.
"Carl Arnet was instrumental in generating this strategy shift for BWO and we are pleased that he will be directly financially committed and aligned with the shareholders for the profitable development of this entity", said BWO Chairman Andreas Sohmen-Pao.
For further information, please contact:
Knut R. Sæthre, CFO, +47 911 17 876
About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore 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.