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BW Offshore Limited - Completion of Private Placement

(Bermuda, January 15, 2007)  We refer to our press release earlier today Monday 15 January 2007 regarding a Private Placement. We would like to announce that the offer period is now closed and that BW Offshore has successfully completed the Private Placement for a total of 43,605,016 new shares. The subscription price was NOK 26.0 per share. Gross proceeds from the equity issue amounted to approx. NOK 1.1 billion. The total issued share capital in BW Offshore will increase from USD 2,063,949 to USD 2,500,000. The total number of shares in issue will increase from 206,394,984 to 250,000,000.
Allocations will be communicated to Subscribers before the Oslo Stock Exchange opens tomorrow. Payment date is set to Friday 19 January 2007. The Subscribers will be delivered existing and unencumbered shares in BW Offshore that are already listed on the Oslo Stock Exchange pursuant to a Stock Lending agreement entered into between the Manager, Carnegie, and BW Limited. BW Limited is the largest shareholder in BW Offshore. The shares delivered to the Subscribers will be tradable from the date they are delivered.
The Private Placement was managed by Carnegie ASA.
For further information, please contact:
Svein Moxnes Harfjeld, CEO BW Offshore AS +47 41 40 48 86
Niels Erik Feilberg, CFO BW Offshore AS +47 90 87 08 66
Andreas Sohmen-Pao, Deputy Chairman BW Offshore Limited +65 96 69 15 09