BW Energy

Key information regarding potential subsequent offering

Key information regarding potential subsequent offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF ANERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange release by BW Energy Limited (the “Company” or "BW Energy") on 21 January 2021 regarding the successful completion of a private placement of 23,690,000 new shares at an offer price of NOK 27 per share (the “Private Placement”) and that the Company is considering to conduct a subsequent share offering of up to 2,200,000 new shares (the "Subsequent Offering").

Date for announcement of terms: 21 January 2021

Last day including right to receive subscription rights: 20 January 2021

First day excluding right to receive subscription rights: 21 January 2021

Record Date: 22 January 2021

Maximum number of new shares: 2,200,000

Subscription price: NOK 27

Shall the rights be listed: No.

The rights will not be transferrable.

The Subsequent Offering is subject to the Company resolving to initiate the Subsequent Offering, and the publication of a prospectus approved by the Norwegian Financial Supervisory Authority.

Notwithstanding the foregoing, the board of directors of BW Energy may, in its sole discretion, decide that the Company shall not carry out the Subsequent Offering inter alia if the prevailing market price of the Company's shares trade lower than the subscription price of NOK 27 and thereby making a subsequent offering redundant.

For further queries, please contact:

Knut R. Sæthre, CFO BW Energy, [phone]
[e-mail]

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing FPSOs to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon and a 95% interest in the Maromba field in Brazil, both operated by the Company. Total net 2P+2C reserves were 247 million barrels at the start of 2021.