Update on the Gato do Mato project

Update on the Gato do Mato project

BW Offshore has been advised by Shell Brasil Petróleo Ltda (Shell) that final investment decision (FID) on the Gato do Mato oil and gas field development offshore Brazil will not be made within the next 12 to 24 months.  The Company expects to receive formal notification terminating the limited notice to proceed (LNTP) in due course.  BW Offshore will be reimbursed for costs incurred in line with the agreed terms of the LNTP.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40

IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 10 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored 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 considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Eric Stousland, IR & Corporate Finance at BW Offshore, on 21.11.2022 at 17:22 CET