28 November 2016: BW Offshore Limited (the "Company") hereby announces that the Company's board of directors (the "Board of Directors") has resolved to carry out a reverse share split of the Company's common shares (the "Reverse Share Split"). The Reverse Share Split is carried out to ensure compliance by the Company with section 2.4 of the Oslo Børs' continuing obligations relating to the minimum market value of NOK 1.00 on issued shares.
The Reverse Share Split will comprise of a consolidation of the common shares of the Company such that every 50 common shares in issue and authorized but unissued of par value US$0.01 shall be consolidated into 1 common share of par value US$0.50.
The Company will procure that all shareholders will receive a whole number of common shares through an issue of fractions of common shares out of its authorised, but unissued share capital in accordance the bye-laws of the Company, in order to round up to the nearest whole number any and all fractions of the common shares issued and outstanding following the Reverse Share Split.
Information regarding key dates for the Reverse Share Split will be published in a separate announcement.
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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 represented in all major oil regions world-wide. BW Offshore has a long track record on project execution and operations. In more than 30 years of production, BW Offshore has executed 38 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.