Mandatory notification of trade
Reference is made to the stock exchange announcement on 31 March 2020, where BW Offshore Limited (“BW Offshore” or the “Company”) announced the initiation of a share buy-back programme under which the Company may repurchase common shares for a total consideration of up to USD 10 million.
The Company has on 27 April 2020 purchased 135 000 of its own shares from the market at an average price of NOK 23.67 per share.
In addition, the Company has on 27 April 2020 purchased 537 844 of its own shares from BW Group Limited at an average price of NOK 23.08 per share in line with the announced pro-rata participation in the buy-back program. The buy-backs from BW Group Limited are executed weekly and are based on the volume weighted average price of the shares purchased in the market the previous week.
Following this transaction, BW Group Limited holds 90 758 266 shares in BW Offshore Limited, representing 49.92% of the outstanding shares in BW Offshore excluding treasury shares. BW Group’s percentage ownership remains the same as prior to BW Offshore’s buy-backs.
After this transaction the Company owns a total of 3 290 628 shares or 1.78% of the total number of issued shares.
For further information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40
About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 35 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act