BW Offshore successfully secures long term financing

29 December 2010 - BW Offshore has concluded the syndication process for a USD 2.4 billion seven year senior secured credit facility. The credit facility was substantially oversubscribed by a group of 15 leading international banks.

The facility will be used to refinance BW Offshore and Prosafe Production's main credit facilities, as well as to finance further growth for the company. BW Offshore remains committed to increasing shareholder returns, and will only pursue projects that meet the company's targeted returns.

For further information, please contact:

Knut R. Sæthre, CFO, +47 9111 7876 (Media)

Kristian Flaten, VP Finance & Investor Relations, +47 9509 2322 (Analysts/investors)

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)