Shares, bonds and dividends

Shares, Bonds & Dividends

Financial Calendar

29 February 2024	Quarterly Results Q4 2023 and Annual Report 2023
23 May 2024	Annual General Meeting
24 May 2024	Quarterly Results Q1 2024
29 August 2024	Half-Year Report Q2 2024
15 November 2024	Quarterly Results Q3 2024

Share Information

Dividends

Payment Date	USD/Share	NOK/Share
11.09.2024	0.063	0.663
05.06.2024	0.063	0.658
12.03.2024	0.088	0.931
28.11.2023	0.059*	0.634
07.09.2023	0.061*	0.658
06.06.2023	0.061*	0.673
10.03.2023	0.058*	0.608
30.11.2022	0.063*	0.633
08.09.2022	0.059*	0.584
17.06.2022	0.058*	0.560
17.03.2022	0.035	0.32
07.12.2021	0.035	0.32
09.09.2021	0.035	0.30
10.06.2021	0.035	0.29
05.03.2021	0.035	0.30
03.12.2020	0.035	0.31
11.09.2020	0.034	0.31
10.06.2020	0.034	0.31
18.09.2015	0.01	0.08
18.06.2015	0.02	0.16
11.03.2015	0.02	0.16
11.12.2014	0.03	0.21
18.09.2014	0.03	0.19
19.06.2014	0.03	0.18
19.03.2014	0.03	0.18
19.12.2013	0.03	0.19
19.09.2013	0.03	0.18
21.06.2013	0.02	0.11
05.04.2013	0.02	0.12
21.12.2012	0.01	0.06
25.09.2012	0.01	0.06
22.06.2012	0.02	0.12
22.03.2012	0.02	0.11
22.12.2011	0.04	0.24
22.09.2011	0.04	0.23
21.06.2011	0.04	0.22

* Includes both cash and dividend in-kind. NOK equivalent cash dividend using USD/NOK exchange rate on the day before Ex-date. Dividend in-kind value per share based on actual shares distributed, and BW Energy's closing share price with corresponding USD/NOK currency cross on the distribution date.

Source: Euronext and Norges Bank

Dividend distribution is limited to the higher of (i) 50% of net profit as per latest annual financial statement, and (ii) USD 0.25 for each outstanding share

Loans and Facilities

USD 295 million Revolving Credit Facility

During the third quarter of 2023, BW Offshore refinanced the previous USD 672.5 million facility into a five-year senior secured USD 295 million revolving credit facility. The facility is priced at a margin of 250 basis points above USD SOFR. The facility is reduced semi-annually with USD 27.2 million.

The new USD 295 million Revolving Credit Facility is subject to certain covenants, including:

Minimum book equity of at least 25% of total assets
Debt to EBITDA of maximum 5.5
Minimum USD 75 million available liquidity including undrawn amounts
Interest coverage of minimum 3.0
Dividend distribution is limited to the higher of (i) 50% of net profit as per latest annual financial statement, and (ii) USD 0.25 for each outstanding share

BW Catcher Facility

During the fourth quarter of 2023, BW Offshore refinanced the previous USD 800 million facility for BW Catcher into a three-and-a-half-year senior secured USD 200 million facility. The facility is priced at a margin of 225 basis points above USD SOFR and is subject to financial covenants similar to the covenants under the USD 295 million Corporate Facility. The facility is reduced quarterly with USD 14.3 million.

Bonds

Green bond

Green Bond Framework

DNV Eligibility Assessment

BWO06 – NOK 1,000 million Bond

During the fourth quarter of 2023, BW Offshore Limited successfully completed the placement of a NOK 1,000 million with a 5-year tenor, carrying a coupon of 3 months NIBOR + 5.00% p.a. with quarterly interest payments. The net proceeds from the bond issue were used towards refinancing of the Company's existing senior unsecured bond and general corporate purposes.

Minimum book equity of at least 25% of total assets
Minimum USD 75 million available liquidity including undrawn amounts
Dividend distribution is limited to the higher of (i) 50% of net profit as per latest annual financial statement, and (ii) USD 0.25 for each outstanding share

Analyst Coverage

Company	Name	Phone	E-mail
AGB Sundal Collier	Haakon Amundsen	+47 2201 6025	haakon.amundsen@abgsc.no
Carnegie	Erik Aspen Fosså	+47 9228 4999	erik.aspen.fossaa@carnegie.no
Arctic Securities	Sebastian Grindheim	+47 2101 3162	sebastian.grindheim@arctic.com
DNB	Martin Huseby Karlsen	+47 2416 9193	martin.huseby.karlsen@dnb.no
Fearnley Securities	Øystein Vaagen	+47 2293 6397	o.vaagen@fearnleys.no
Sparebank 1	Christopher Møllerløkken	+47 2414 7421	christopher.mollerlokken@sb1markets.no
Pareto Securities	Bård Rosef	+47 2413 2156	bard.rosef@paretosec.com
SEB	Petter Billing	+47 99 26 80 96	petter.billing@seb.no

Registrar

BW Offshore’s shares are listed in Norway on the Oslo Stock Exchange, and trade under the ticker code BWO.

Questions regarding your shareholding or assistance (change of address, transfer of shares etc) should be directed to your local account operator or our registrar as shown below.

DNB Bank ASA
Registrars Department
PO Box 1600 Sentrum
N-0021 Oslo
Norway

Phone: +47 23 26 80 16

Contact: Pål Thomas Lysaker
E-mail: pal.thomas.lysaker@dnb.no

www.dnb.no

Prospectuses

For documentation on the bond loan issues, please see our Financial Strategy.

The BW Offshore Financial Strategy

The primary focus of BW Offshore’s financial strategy is to ensure a healthy capital structure to support its business, fulfil all financial obligations and maximise shareholder values.

Read our Financial Strategy

Top 20 Shareholders

Board and Management Shareholding

Investor Relations Policy

It is in the interest of BW Offshore, as a public listed company, to effectively communicate with the financial community and other stakeholders in order to provide consistent and transparent information to ensure fair treatment of all stakeholders.

Read our IR Policy