First quarterly dividend payment

BW Offshore reports an EBITDA of USD 75.6 million in the first quarter of 2011 compared to USD 38.9 million in the previous quarter. FPSO BW Pioneer was accepted for operation and has been receiving stand-by day rate since the end of March 2011.

On 12 May 2011, the Company’s dividend policy was approved at the Annual General Meeting, an important milestone for the company in its objective to achieve class leading shareholder return. Based on the financial performance in the first quarter, as well as the commencement of day rates for BW Pioneer, the Board has declared a cash dividend of USD 0.04 per share for the first quarter 2011.

The outlook remains strong and BW Offshore is pursuing several prospective projects. BW Offshore has the resources and capabilities to grow the business at improved terms.

Key events:

• EBITDA of USD 75.6 million in the first quarter
• FPSO BW Pioneer on dayrates from end March 2011
• Contract extensions for FPSO Espoir Ivorien and FSO Endeavor
• FPSO conversions are progressing in line with expectations
• Quarterly dividend of USD 0.04 per share
• Completion of the USD 2.4 billion credit facility

Please see the links below for the quarterly report and presentation.
Q1 2011 report
Q1 2011 presentation