Long-Term Incentive Programme new awards
Long-Term Incentive Programme new awards
With reference to stock exchange release dated 8 April 2019.
The Board of Directors of BW Offshore Limited ("BWO" or the "Company") has approved the award of share options under the Long-Term Incentive Programme (LTIP) adopted on 14th March 2019, to align the interests of the participating employees with those of the Company's shareholders. This is the second annual award under the LTIP. The LTIP is discretionary, and participants are invited on an annual basis.
The total number of options awarded under the LTIP for 2020 is 1,832,250 where each option will give the holder the right to acquire one BW Offshore share. A total of 59 BW Offshore employees have been invited to participate in the programme.
The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over 3 years). The strike price for the options awarded on 6 March 2020 is NOK 41.88.
The options will have a vesting period of three years, followed by a three years exercise period. Exercise windows will be set by the Company. The options will expire 6 years after the award date.
The Company's exposure relating to the 2020 award will be hedged by a Total Return Swap (TRS) agreement with financial exposure to 1,832,250 shares in BWO.
The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.
The following primary insiders of the Company have been awarded options under the LTIP for 2020:
1. Chief Executive Officer, Marco Beenen
Options awarded: 306,250
Total number of options: 656,250
Shares held: 41,455
2. Chief Commercial Officer, Rune Ødegaard Bjorbekk
Options awarded: 100,625
Total number of options: 215,625
Shares held: 153,145
3. Chief Financial Officer, Ståle Håkon Andreassen
Options awarded: 100,625
Total number of options: 137,625
Shares held: 229,273
4. Chief Operating Officer, Kei Ikeda
Options awarded: 100,625
Total number of options: 215,625
Shares held: 11,901
5. General Counsel, Magda Iqbal Karim Vakil
Options awarded: 100,625
Total number of options: 137,625
Shares held: 14,834 (including ownership of close associate)
6. Head of Corporate Finance, Anders Stoud Platou
Options awarded: 32,375
Total number of options: 69,375
Shares held: 0
7. Senior Legal Counsel, Yip Ming Yen
Options awarded: 21,875
Total number of options: 40,875
Shares held: 0
8. Manager IR & Communications, Una Skram Holmen
Options awarded: 16,625
Total number of options: 35,625
Shares held: 4,507 (including ownership of close associate)
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
IR@bwoffshore.com or www.bwoffshore.com
About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act