BW Athena to demobilise in February

BW Offshore and Ithaca Energy have agreed on a termination of the FPSO BW Athena, and the unit will be demobilised in February 2016.

The Athena field is located in the Moray Firth area of the UK Continental Shelf. BW Athena has had an uptime of 98% since first oil in May 2012, and BW Offshore stood as duty holder for the unit.

BW Athena first operated under a three year contract, and the operation was extended with a contract with mutual termination right.

The BW Athena is a versatile and cost efficient floating production unit with an oil processing capacity of 28,000 barrels per day. The FPSO is now marketed for new opportunities.

For further information, please contact:

Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322

About BW Offshore:

BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore is the world's second largest contractor with a fleet of 14 FPSOs represented in all major oil regions world-wide. The company also operates additional 2 FPSOs. BW Offshore has a long track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In more than 30 years of production, BW Offshore has executed 38 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 pursuant to section 5-12 of the Norwegian Securities Trading Act.