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Block sale of existing shares in BW Energy Limited by BW Offshore Limited completed

Block sale of existing shares in BW Energy Limited by BW Offshore Limited completed


Reference is made to the stock exchange notice published on 28 October 2021 regarding a potential block sale of existing shares in BW Energy Limited (“BWE” or the “Company”) by BW Offshore Limited (“BWO” or the “Seller”).

BWO has successfully sold 20,000,000 shares in BWE, representing approximately 7.8% of the shares outstanding in BWE, at NOK 28.00 per share (the “Offering”).

Following the Offering, BWO holds 70,840,553 shares in BWE, representing approximately 27.5% of the shares outstanding in BWE. BWO has entered into a 6-month customary lock-up with the Managers on the remaining shares in BWE held by BWO after the Offering.

In February 2020, BWE was spun off from BWO and listed on the Oslo Stock Exchange. BWO is very pleased with the development of BWE into a robust and independent E&P company. However, BWO has decided to divest part of its shareholding in BWE to accelerate growth in core business areas. The net proceeds to BWO from the Offering will be used for further growth opportunities within energy infrastructure, including FPSO and renewable energy investments, as well as other general corporate purposes. BWO will remain a committed and supportive partner to enable BWE to deliver on its growth strategy.

Citigroup Global Markets Limited and Pareto Securities AS acted as Managers in the Offering (the “Managers”).

This information is considered to include inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Una S. Holmen, Senior Manager Sustainability & Communications at BWO, at the date and time as set out above.

Important Notices

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of BWE. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. BWE does not intend to register any part of the offering or its securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although BWO believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.

By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements. Except for any ongoing obligation to disclose material information as required by the applicable law, BWO does not have any intention or obligation to publicly update or revise any forward-looking statements after it distributes this announcement, whether to reflect any future events or circumstances or otherwise.

Neither of the Managers nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in BWE. Neither the Managers nor any of their respective affiliates accepts any liability arising from the use of this announcement.