BW Offshore: Transfer of assets to BW Energy

Reference is made to the announcement dated 23 May 2019 regarding the planned separate listing of BW Energy Limited ("BW Energy").  In preparation for the listing, BW Offshore Limited's ("BW Offshore" or the "Company") wholly owned subsidiary BW Offshore Singapore Pte Ltd. ("BWOS") has today entered into share swap agreements pursuant to which the shares in and receivables on certain subsidiaries through which the Company holds its E&P assets are transferred on an arms' length basis to BW Energy. BW Energy is a newly established Bermuda limited company and will serve as parent company for the E&P business and become the listed entity.

The E&P assets include BWOS's shareholding interest in:

  • BW Energy Holdings Pte. Ltd., which holds the ownership interest in the Dussafu production sharing contract ("Dussafu").  As consideration, BWOS, Maple Company Limited and Arnet Energy Pte Ltd. will receive, respectively, 66%, 33% and 1% of the shares in BW Energy, which mirrors their shareholdings in BW Energy Holdings Pte. Ltd.;
  • BW Kudu Holding Pte. Ltd., which holds a 56% participating interest in the Kudu licence ("Kudu"); and
  • BW Maromba Holdings Pte. Ltd., which, through its wholly owned subsidiary, has entered into definite agreements to acquire 100% of the participating interest in the Maromba licence ("Maromba").

Following completion of the above transactions, the Company's ownership interest in BW Energy will be 68.6%, while BW Group Limited and Arnet Energy Pte Ltd will own 30.5% and 0.9%, respectively, as set out in the BW Energy investor presentation published on 29 May 2019.

BW Group Limited owns 49.9% of the shares in BW Offshore and is represented on the Board of Directors of the Company by Andreas Sohmen-Pao (Chairman). Arnet Energy Pte Ltd is a company owned by Carl K. Arnet, who is CEO and board member of BW Energy and a member of the Board of Directors of BW Offshore. Carl K. Arnet owns 1.23% of the shares in the Company.

For further information, please contact:

Ståle Andreassen, CFO
+65 97 27 86 47
IR@bwoffshore.com

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