Decision related to mandatory offer for all shares in BW Energy from BW Group
Reference is made to the announcement made by BW Group Limited (the "Offeror")
on 13 December 2023 regarding the launch of a mandatory offer for all issued and
outstanding common shares of BW Energy Limited ("BW Energy") not already owned
by the Offeror at a price of NOK 27 per share (the "Offer"), and the offer
document for the Offer dated 13 December 2023. BW Offshore Limited ("BW
Offshore" or the "Company") owns 58,111,461 (22.52%) shares in BW Energy.
Following the Offeror's announcement on 30 November 2023 of its intention to
launch the Offer, BW Offshore engaged Arctic Securities AS as its independent
financial advisor to assist the Company in assessing the Offer. Based on careful
assessment of the Offer, and after having taken into consideration valuation
advice received from Arctic Securities AS, BW Offshore's strategy and such other
factors as the Company deemed relevant, BW Offshore has resolved not to accept
the Offer.
Andreas Sohmen-Pao who is the Chairman of the Offeror, the Company and BW
Energy, and Carl Krogh Arnet, CEO of BW Energy and a board member of the
Company, have not participated in BW Offshore's discussions and decisions
relating to the Offer.
For more information:
IR@bwoffshore.com (mailto:IR@bwoffshore.com)
www.bwoffshore.com (http://www.bwoffshore.com) (http://www.bwoffshore.com)
About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has
a fleet of 5 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 1,400 employees and is publicly listed on the Oslo stock exchange.