Sale of Abo FPSO for USD 20 million

Sale of Abo FPSO for USD 20 million

BW Offshore has today closed the transaction for the sale of Abo FPSO to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC) for USD 20 million.

As part of the transaction, BW Offshore has entered into a bareboat charter with STAC to allow for uninterrupted operations for the client during a transition period of maximum two months. Upon expiry of the bareboat charter, STAC will assume responsibility for operations of the unit.

Originally recognised as the "Gray Warrior", a Suezmax tanker constructed in 1976, the vessel underwent conversion at Keppel Shipyard before beginning its operations in April 2003. Abo FPSO has now reached a commendable milestone, having completed two decades of service on the Abo field. This achievement underscores its enduring contribution to the oil and gas industry in Nigeria.

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 5 FPSOs (Floating Production Storage and Offloading) 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 2,000 employees and is publicly listed on the Oslo Stock Exchange.

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