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IR policy

Investor relations policy

This investor relations policy (the “IR Policy”) for BW Energy Limited (the “Company”) is based on the Oslo Stock Exchange’s rules, regulations and recommendations for listed companies, in particular the Oslo Stock Exchange Code of Practice for IR, as of 1 March 2021 (the “Code of Practice for IR”).

1. Purpose

This IR Policy shall help the Company build trust and awareness in the investor community by ensuring that Investor Relations is conducted in compliance with relevant rules, regulations and recommended practices.

This policy shall help ensure that shareholders, potential investors and other stakeholders shall gain simultaneous access to accurate, clear, relevant, comprehensive and up-to-date information about the Company.

Good relations and an open, active dialogue with shareholders, potential investors, analysts and other participants of the capital markets, shall build trust and contribute to reduced costs of capital for the Company.

This IR Policy shall also contribute to the Company’s management (the “Management”) and board of directors (the “Board of Directors”) obtaining information about the market’s views and opinion on the Company.

The CFO is responsible for the Company’s Investor Relations function.

2. Shareholder contact and communication with the financial market

All communication with shareholders shall be on an equal treatment basis and in compliance with the provisions of applicable laws and regulation. The Company shall continuously provide its shareholders, the Oslo Stock Exchange and the financial markets in general with timely and precise information about the Company and its operations.

The CFO is responsible for all day-to-day contact with the Company’s shareholders on behalf of the company.

Inside information shall be dealt with in compliance with the Company’s Insider Trading Policy. The IR team may continuously communicate with shareholders for the purposes of developing an understanding of matters affecting the Company from time to time are of particular importance to its shareholders. The IR team will in such cases ensure that communication with shareholders is in compliance with the provisions of applicable laws and regulations and consistent with the principle of equal treatment of shareholders.

Relevant information about the Company shall be given in the form of annual reports, half-year reports, quarterly reports, press releases, notices to the stock exchange and investor presentations in accordance with what is deemed appropriate from time to time. All such information shall be published on the Company’s website,

The Company shall offer subscription service for stock exchange announcements and press releases.

3. Policy

The Company complies with the Code of Practice for IR. Any future deviations from the Code of Practice for IR will be explained as required by the code.

Disclosure and reporting to the financial markets and contact with shareholders, investors and analysts shall be based on the following main principles:

  • Compliance with laws and regulations: All disclosure, communication and reporting shall be in compliance with the applicable laws and regulations from time to time, in particular the Norwegian Securities Trading Act and the Oslo Stock Exchange’s continuing obligations for listed companies. The Company shall also comply with the relevant recommendations and market practices for reporting financial and other IR information.

  • Inside information: Unless exceptions apply and are invoked, the Company shall promptly disclose all inside information (as defined by the Norwegian Securities Trading Act).

Shareholder information 42 BW Energy Limited | Annual Report 2021

  • Language: All financial and other IR information shall be published in English.

  • Information on value drivers: The Company shall publish accurate, clear, comprehensive and relevant information about its historical earnings, operations, long-term potential, strategies, risk factors, outlook and any other information that the Company has defined as significant and relevant value drivers for the shares. Such information shall be consistent over time, giving equal weight to positive and negative factors, thus enabling shareholders and the financial markets to draw conclusions about the value of the Company.

  • Guiding: The Company shall not publish specific guidance on the Company’s future financial results. The Company operates in accordance with a set of financial and non-financial strategic targets, established by the Board of Directors. These targets govern the Company’s operations within a defined strategic period. The targets are communicated at least every year in connection with the annual report or as soon as they are approved by the Board of Directors and shall not be disclosed elsewhere.

  • Quiet period: Investor and analyst meetings shall not be held in the last four weeks prior to the presentation of results. In the same period, no comments shall be made to the media or other external parties regarding the Company’s earnings and outlook.
  • Information the Company’s website: The Company shall comply with the principles of the Code of Practice for IR in respect of disclosing information for investors and the market on the Company’s website as further set forth therein. The Company shall follow the Norwegian Code of Practice for Corporate Governance, including the code’s principles regarding transparency, equal treatment of shareholders and disclosure of relevant information. Information shall therefore be available on and other places where it is relevant.

Please see the Investor Relations Policy available on

4. R events and arenas

In addition to making information easily available on a timely basis to shareholders and the financial markets, the IR team prioritises raising awareness of, and interest in, the Company and its shares among various market participants - both nationally and internationally. To help promote this goal, the meetings and presentations described below shall be held.

5. Information available on the Company’s website

The Company will make information available on its website in accordance with the recommendations set out in the Oslo Stock Exchange’s Code of Practice for IR.


Annual report: 
Annual reports and presentations shall be available on The annual report for the current as well as the preceding three years shall be made available on the Company’s website.

Annual reports shall be published within three months after the end of the financial year. The Company shall ensure that the annual report remains available and public for the following five years, as a minimum. It is recommended by the IR Code that the annual reports are published no later than three months after the end of the accounting period, unless the Company has published an interim report for the fourth quarter within this deadline.

Quarterly reporting:

Quarterly reports (i.e. interim reports for the first and third quarter and half year reports for the first and the last half of the year) shall be published as soon as possible, and within the second month after the end of the said financial period. The Company shall ensure that the quarterly report remains available and public for the following five years, as a minimum.

Half-year and interim reports for the current as well as the preceding three years shall be made available on the Company’s website.


Open results presentations shall be held for investors, analysts and other stakeholders. The presentations shall be available on

Financial calendar:

The reporting dates for annual, half-year and quarterly reports shall be stated in the financial calendar, which also shall include the date of the ordinary general shareholders’ meeting. The financial calendar shall be published on

Investor and analyst meetings:

The Company shall hold regular meetings with investors and analysts.

The Company’s ability to provide information about to individual market participants, including investors and analysts, is limited by regulations applicable to listed companies, including the rules on good stock exchange practices, and the general requirement of equal treatment.

All presentations used in the meetings will be available on

Capital Markets Day:

The Company will consider holding a capital markets day when appropriate to keep the market up to date on development, strategy and outlook. Capital market days will be open to all who wish to attend, and the presentations will be made available on

Conferences, seminars, symposia, etc.

Representatives from the Company’s management will participate in various conferences and seminars where relevant.

All relevant presentations held by the Company’s management will be published on

BW Energy Limited | Annual Report 2021 43