Contract extension for FPSO Espoir Ivoirien

BW Offshore has signed a contract with CNR International (Côte d'Ivoire) SARL for a four year extension for the lease and operation of the FPSO Espoir Ivoirien.

The firm period has been extended to Q2 2017 (from Q1 2013). The option period has been extended by 14 years to Q2 2036 (from Q1 2022).

The contract has a total revenue value of USD 925 million including options, up from USD 250 million under the previous contract.

For further information, please contact:

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

Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322 (Investors/analysts)

About BW Offshore:

BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore is the world's second largest contractor with a fleet of 14 FPSOs and 2 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 more than 30 years of production, BW Offshore has executed 36 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)