Shares, bonds and dividends

Shares, Bonds & Dividends

Financial Calendar

28 February 2023	Quarterly Results Q4 2022 and Annual Report 2022
22 May 2023	Annual General Meeting
24 May 2023	Quarterly Results Q1 2023
28 August 2023	Half-Year Report Q2 2023
16 November 2023	Quarterly Results Q3 2023

Share Information

Dividends

Payment Date	USD/Share*	NOK/Share*
28.11.2023	0.059	0.634
07.09.2023	0.061	0.658
06.06.2023	0.061	0.673
10.03.2023	0.058	0.608
30.11.2022	0.063	0.633
08.09.2022	0.059	0.584
17.06.2022	0.058	0.560
17.03.2022	0.035	0.32
07.12.2021	0.035	0.32
09.09.2021	0.035	0.30
10.06.2021	0.035	0.29
05.03.2021	0.035	0.30
03.12.2020	0.035	0.31
11.09.2020	0.034	0.31
10.06.2020	0.034	0.31
18.09.2015	0.01	0.08
18.06.2015	0.02	0.16
11.03.2015	0.02	0.16
11.12.2014	0.03	0.21
18.09.2014	0.03	0.19
19.06.2014	0.03	0.18
19.03.2014	0.03	0.18
19.12.2013	0.03	0.19
19.09.2013	0.03	0.18
21.06.2013	0.02	0.11
05.04.2013	0.02	0.12
21.12.2012	0.01	0.06
25.09.2012	0.01	0.06
22.06.2012	0.02	0.12
22.03.2012	0.02	0.11
22.12.2011	0.04	0.24
22.09.2011	0.04	0.23
21.06.2011	0.04	0.22

* Includes both cash and dividend in-kind. NOK equivalent cash dividend using USD/NOK exchange rate on the day before Ex-date. Dividend in-kind value per share based on actual shares distributed, and BW Energy's closing share price with corresponding USD/NOK currency cross on the distribution date.

Source: Euronext and Norges Bank

Loans and Facilities

USD 295 million Revolving Credit Facility

During the third quarter of 2023, BW Offshore refinanced the previous USD 672.5 million facility into a five-year senior secured USD 295 million revolving credit facility. The facility is priced at a margin of 250 basis points above USD SOFR. The facility is reduced semi-annually with USD 27.2 million.

The new USD 295 million Revolving Credit Facility is subject to certain covenants, including:

Minimum book equity of at least 25% of total assets
Debt to EBITDA of maximum 5.5
Minimum USD 75 million available liquidity including undrawn amounts
Interest coverage of minimum 3.0

BW Catcher facility

During the third quarter of 2014, the Group entered into a USD 800 million senior secured pre-and post-delivery term loan facility being a project specific bank financing in relation to construction of an FPSO to operate on the Catcher oil field in the UK North Sea. The facility has a margin of 225 basis points above USD LIBOR and is subject to financial covenants similar to the covenants under the USD 672.5 million Corporate Facility.

Bonds

Green bond

Green Bond Framework

DNV Eligibility Assessment

BWO05 – NOK 900 million Bond
ISIN NO0010869019

During the fourth quarter 2019, BW Offshore Limited successfully completed the placement of a NOK 900 million senior unsecured bond with maturity date on 4 December 2023. The proceeds from the Bond loan was used to partly repay existing bond loans. The bond loan is subject to certain covenants, including minimum book equity of at least 25% of total assets and minimum USD 75 million available liquidity including undrawn amounts available for utilisation by the Group.

Convertible bonds

During the fourth quarter 2019, BW Offshore Limited issued a USD 297.4 million convertible bond with a five-year tenor and coupon of 2.50% per annum, payable semi-annually in arrears. The convertible bond has no regular repayments and matures in full on 12 November 2024. There are no financial covenants in the convertible bond agreement. The proceeds from the convertible bond loan is used to refinance the existing bond loans and general corporate purposes. The initial conversion price of USD 10.24 corresponds to a conversion premium of 37.5% over the volume weighted average price of the shares on the Oslo Stock Exchange at 5 November 2019 (converted at the prevailing USD:NOK spot rate equal to NOK 9.1921 / USD 1.00).

Analyst Coverage

Company	Name	Phone	E-mail
AGB Sundal Collier	Haakon Amundsen	+47 2201 6025	haakon.amundsen@abgsc.no
Carnegie	Erik Aspen Fosså	+47 9228 4999	erik.aspen.fossaa@carnegie.no
Arctic Securities	Sebastian Grindheim	+47 2101 3162	sebastian.grindheim@arctic.com
DNB	Martin Huseby Karlsen	+47 2416 9193	martin.huseby.karlsen@dnb.no
Fearnley Securities	Øystein Vaagen	+47 2293 6397	o.vaagen@fearnleys.no
Sparebank 1	Christopher Møllerløkken	+47 2414 7421	christopher.mollerlokken@sb1markets.no
Pareto Securities	Bård Rosef	+47 2413 2156	bard.rosef@paretosec.com
SEB	Kim Uggedal	+47 2100 8526	kim.uggedal@seb.no

Registrar

BW Offshore’s shares are listed in Norway on the Oslo Stock Exchange, and trade under the ticker code BWO.

Questions regarding your shareholding or assistance (change of address, transfer of shares etc) should be directed to your local account operator or our registrar as shown below.

DNB Bank ASA
Registrars Department
PO Box 1600 Sentrum
N-0021 Oslo
Norway

Phone: +47 23 26 80 16

Contact: Pål Thomas Lysaker
E-mail: pal.thomas.lysaker@dnb.no

www.dnb.no

Prospectuses

For documentation on the bond loan issues, please see our Financial Strategy.

The BW Offshore Financial Strategy

As of 31 December 2020, the total utilised debt facilities for the Company, including bond loans and other facilities, were USD 1,075.7 million. Net interest-bearing debt was USD 936.1 million at 31 December 2020.

Read our Financial Strategy

Top 20 Shareholders

Board and Management Shareholding

Investor Relations Policy

It is in the interest of BW Offshore, as a public listed company, to effectively communicate with the financial community and other stakeholders in order to provide consistent and transparent information to ensure fair treatment of all stakeholders.

Read our IR Policy