NOT FOR PUBLIC DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, SOUTH AFRICA, CANADA, AUSTRALIA OR JAPAN
1 October 2010 - Reference is made to BW Offshore Limited's ("BW Offshore") stock exchange notices of 13 September 2010 regarding BW Offshore Cyprus Ltd's agreement to sell all of its shares in its subsidiary APL (Advanced Production & Loading) Plc ("APL") to National Oilwell Varco Norway AS (the "APL Transaction") and the supplemental document prepared by BW Offshore and dated 16 September 2010, regarding, inter alia, the APL Transaction.
As previously communicated, the APL Transaction includes APL and the following subsidiaries of APL: APL Norway AS (former BW Offshore Norway AS), BW Offshore Singapore Pte Ltd, Advanced Production & Loading Inc, Advanced Production & Loading Pte Ltd, APL do Brasil Ltda, APL UK Ltd, APL Technology AS and BW Offshore France SAS (together with APL, the "APL Group"). Any FPSO related assets, liabilities and personnel of companies in the APL Group, and certain other assets, will be transferred to other entities in the BW Offshore group prior to completion of the APL Transaction.
As a part of this carve-out of FPSO related assets, BW Offshore yesterday purchased 39,505 shares in BW Offshore from APL Norway AS. The shares were purchased at a price of NOK 9.78 per share, corresponding to volume weighted average price of the BW Offshore share in the five days prior to the date hereof. Following the purchase, BW Offshore`s shareholding of 2,798,159 own shares in treasury remains unchanged.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Carl K. Arnet, CEO BW Offshore, +65 9630 3290
Knut R. Sæthre, CFO BW Offshore, +47 9111 7876
About BW Offshore
BW Offshore is one of the world's leading FPSO contractors and a market leader within advanced offshore loading and production systems to the oil and gas industry. BW Offshore has more than 25 years' experience and has successfully delivered 14 FPSO projects and 50 turrets and offshore terminals. BW Offshore's technology division APL has delivered solutions for production vessels, storage vessels and tankers in a wide range of field developments. Adapting through competence, in-house technology, solid project execution and operational excellence, BW Offshore ensures that customer needs are met through versatile solutions for offshore oil and gas projects. BW Offshore has a global network with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore has 1,100 employees and is listed on the Oslo Stock Exchange. For more information, please visit www.bwoffshore.com and www.apl.no.
This announcement is not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act. BW Offshore has not registered and does not intend to register any portion of any offering of shares in the United States or to conduct a public offering of any securities in the United States.