BW Offshore: Successful handover of BW Adolo operations to BW Energy Gabon SA

Successful handover of BW Adolo operations to BW Energy Gabon SA

BW Offshore Limited ("BW Offshore”) and BW Energy Limited ("BW Energy”) announce that, with effect from 20 May 2025, operations and maintenance ("O&M”) of the FPSO BW Adolo have been handed over to BW Energy’s subsidiary, BW Energy Gabon SA ("BW Energy Gabon”).

Under an amended bareboat charter, BW Offshore’s subsidiary retains ownership of the unit and will continue to lease the FPSO to BW Energy Gabon on the same terms as previously agreed without the O&M services. The charter includes a mutual put-and-call option on the FPSO for USD 100 million, exercisable in 2028. The parties have been working and will continue to work together on the transition until 30 June 2025 to ensure a safe and uninterrupted transfer of operations.

"Transferring daily operational control of BW Adolo to BW Energy Gabon is a natural step given their growing presence in Gabon and potential to capture efficiencies across the local organisation,” said Marco Beenen, the CEO of BW Offshore. "The seamless execution reflects the commitment of both teams to safeguard personnel, the environment, and asset integrity.”

"Assuming full O&M responsibility will allow BW Energy Gabon to optimise field performance and capture additional synergies across the Dussafu hub. We thank BW Offshore for its exemplary stewardship of the vessel and its continued support during the transition phase,” said Carl K. Arnet, the CEO of BW Energy.

Both companies extend their appreciation to all offshore and onshore personnel who have maintained BW Adolo in a safe and efficient manner over the past seven years and look forward to sustained strong operational performance under BW Energy’s leadership. The unit remains deployed on the Dussafu Marin licence offshore Gabon, where it has produced safely since first oil in 2018.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55

IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of FPSOs 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 1,100 employees and is publicly listed on the Oslo stock exchange.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.