USD 297,400,000 Senior Unsecured Convertible Bonds due 2024

26 February 2020

BW Offshore Limited USD 297,400,000 Senior Unsecured Convertible Bonds due 2024 (the Bonds”) (ISIN: NO0010867948)

Capitalised terms not otherwise defined herein shall have the meanings given to them in the terms and conditions of the Bonds (the “Bond Terms”).

Notice to Bondholders

In accordance with the Bond Terms, BW Offshore Limited as the Issuer hereby gives notice to Bondholders that, as a result of the distribution of 37,741,441 BW Energy shares to eligible BW Offshore shareholders of record on 19 February 2020 (otherwise referred to as the “BW Offshore Dividend Distribution” in the announcements made by the Issuer on 29 January 2020, 4 February 2020, 14 February 2020 and 18 February 2020), pursuant to Clause 13.1(iii) and Clause 13.6, the Conversion Price has been adjusted from USD 10.24 to USD 9.2695, effective as of 26 February 2020.

For further information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act.