Contract extension for BW Joko Tole

Contract extension for BW Joko Tole

With reference to stock exchange release dated 24 January 2022.

BW Offshore has received a one-year contract extension for the lease and operation of the FPSO BW Joko Tole.

As previously announced, BW Offshore has entered into an agreement to divest the FPSO. The transaction is expected to close late in the first quarter of 2022. The sale will free up over USD 50 million of liquidity on closing. BW Offshore will provide transition services for a period of up to four months after closing to ensure safe and uninterrupted transfer of operations including the local organisation operating the FPSO to the new buyer.

BW Joko Tole is a gas producing FPSO operating on the TSB field offshore Indonesia.

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

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 13 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 2,000 employees and is publicly listed on the Oslo stock exchange.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.