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BW Offshore Limited holds 24.9% in APL ASA

(Bermuda, February 28, 2007) BW Offshore Limited ("BW Offshore") has today acquired 6.5 million shares in APL ASA, corresponding to approximately 14.8% of the shares and votes of APL ASA ("APL"). BW Offshore now holds 24.9% of the shares and votes in APL.
BW Offshore has today acquired 6,500,000 shares (14.8%) in APL, bringing the total holding in the company up to 10,915,000 shares (24.9%). The Board of Directors of APL and BW Offshore have previously agreed to recommend to their shareholders a combination of the two companies, creating a major force in the global FPSO market with a strong platform for future growth.
Please refer to earlier announcements for more information about the combination.
For further information, please contact:
Svein Moxnes Harfjeld, CEO BW Offshore + 47 41 40 48 86     
Background information:
BW Offshore Limited
BW Offshore is a global provider of floating, production and storage vessels (FPSOs) to the oil and gas industry. The company is listed on the Oslo Stock Exchange and employ some 650 people worldwide of whom 140 work in the management office in Oslo. In addition we have offices in Mexico, Nigeria, Mauritania, Singapore and Malaysia. We have 25 years of experience from tanker-based conversion projects and global operation of production and storage vessels. BW Offshore is part of the BW Group, one of the world's largest maritime groups. For more information, please visit