BW Offshore

First oil on BW Pioneer

The FPSO BW Pioneer has received first oil in the US Gulf of Mexico. The FPSO is
owned by BW Offshore and is the first FPSO to produce oil and gas in US waters.
As stated in the press release by Petrobras, production of the Cascade field was
started on 25 February from the Cascade 4 well.

The FPSO has a capacity to process 80,000 barrels of oil and 500,000 cubic
meters of gas per day. The unit is provided of a disconnecting anchorage system
which allows its displacement to sheltered areas in the event of a storm or
hurricanes.

BW Offshore has a contract to operate on the Cascade Chinook oil fields, with a
firm period of five years and additional options for up to three years.

The Cascade Chinook fields are located in a water depth of approx. 2,500 meters.
Petrobras holds 100.00% of the Cascade field, while the partners in the Chinook
field are Petrobras (66.67%) and Total (33.33%).

For further information, please contact:

Knut R. Sæthre, CFO, [phone] (Media)

Kristian Flaten, Vice President IR and Corporate Finance, [phone]
(Investors/analysts)

About BW Offshore:

BW Offshore is a leading global provider of floating production services to the
oil and gas industry. With the acquisition of Prosafe Production in 2010, the
company has become the world´s second largest contractor with a fleet of 14
FPSOs and 2 FSOs represented in all major oil regions world-wide. BW Offshore
has an excellent track record on project execution and operations, as well as a
robust balance sheet and strong financial capabilities. In 30 years of
production, BW Offshore has successfully executed more than 30 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 acc. to §5-12 vphl
(Norwegian Securities Trading Act)

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: BW Offshore via Thomson Reuters ONE

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