Reference is made to the previous notification from BW Offshore Limited ("BWO") on 28th November 2012 concerning award of restricted BWO shares to CEO Carl K. Arnet and to CFO Knut R. Sæthre. The price of the shares and timing of the award were stated incorrectly. The award is part of a long term bonus plan that was reviewed and approved by the Board in conjunction with the approval of the 2011 audited accounts of the company, and the price of the shares is NOK 8.12.
The correct number of shares that will be transferred to Mr. Arnet is 110,942 and to Mr. Sæthre is 38,177.
The shares will be restricted until 1 June 2013. The shares are transferred from BW Offshore's holding of treasury shares. Following the above transactions, BW Offshore Limited will hold 2,609,535 own shares.
Carl K. Arnet, directly and indirectly, will hold 6,383,081 shares in BWO. Knut R. Sæthre will hold 495,468 shares in BWO.
For further information, please contact:
Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore is the world's second largest contractor with a fleet of 14 FPSOs and 1 FSO represented in all major oil regions world-wide. BW Offshore has a long track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In more than 30 years of production, BW Offshore has executed 36 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange. Further information is also available on www.bwoffshore.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.