Impairment

BW Offshore has decided to record an impairment to the book value of the FPSOs Berge Helene, BW Cidade de São Vicente and Espoir Ivoirien amounting to USD 59.6 million in the fourth quarter of 2020. The impairments reflect continued uncertainty around redeployment and extension for certain older units in the fleet. The uncertainty is tied to the current market volatility and future development of oil prices, and also considering increased focus on energy transition.

The impairments will be included in the fourth quarter earnings and annual 2020 accounts which will published on 19 February 2021.

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 35 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