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Successful placement of senior unsecured bond issue

Successful placement of senior unsecured bond issue

22 November 2023 – Reference is made to the stock exchange notice from BW Offshore Limited (the “Company”) dated 16 November 2023 regarding a contemplated new senior unsecured bond issue.

The Company has successfully completed a new senior unsecured bond issue of NOK 1,000 million with a 5-year tenor, carrying a coupon of 3 months NIBOR + 5.00% p.a. with quarterly interest payments. The net proceeds from the bond issue will be applied towards refinancing of the Company's existing NOK 900 million senior unsecured bonds maturing 4 December 2023 with ISIN NO0010869019 (“BWO05”) and general corporate purposes.

In conjunction with the bond issue, the Company has bought back NOK 159.5 million of BWO05.

Danske Bank and DNB Markets acted as Joint Lead Managers in connection with the bond issue.

For further information, please contact:

Ståle Andreassen, CFO, +47 91 71 86 55

About BW Offshore:

BW Offshore engineers innovative floating production solutions. The Company has a fleet of 5 FPSOs (Floating Production Storage and Offloading) with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,400 employees and is publicly listed on the Oslo Stock Exchange.

This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act.