BW Group Limited announces the final results of the tender offer for the 6.625% notes due 2017

BW Group Limited (the “Company”) announced on January 13, 2014 (the “January 13 Announcement”) that it had commenced a tender offer (the “Tender Offer”) to purchase for cash any and all of the Company’s outstanding 6.625% Notes due 2017 (the “Notes”).  On February 3, 2014, the Company announced the early results of the Tender Offer (the “February 3 Announcement” and, together with the January 13 Announcement, the “Announcements”).  The Tender Offer expired at 11:59 p.m., New York City time, on February 10, 2014 (the “Expiration Date”).  Capitalized terms used but not defined in this announcement shall have the same meanings ascribed to them in the Announcements.

The Company today announced that US$306,122,000 principal amount of the Notes had been validly tendered (including US$20,000,000 principal amount of Notes held and tendered by the Company) in the Tender Offer, representing 61.22% of the total amount of the US$500,000,000 principal amount of Notes outstanding, as of the Expiration Date.  The Company has accepted all of the Notes tendered for payment.  As of the Expiration Date, US$193,878,000 principal amount of the Notes had not been tendered pursuant to the Tender Offer.

As previously announced, each holder who has validly tendered their Notes prior to the Expiration Date but after the Early Tender Date will receive the Tender Consideration of US$1,030 per US$1,000 principal amount of Notes, plus accrued and unpaid interest thereon to, but not including, the date of settlement.  Settlement for the Notes tendered prior to the Expiration Date but after the Early Tender Date is expected to be no later than February 18, 2014, New York City time.

The Company has engaged The Hongkong and Shanghai Banking Corporation Limited as Dealer Manager for the Tender Offer. Bondholder Communications Group, LLC has been retained to serve as the information and tender agent for the Tender Offer. Requests for documents and questions regarding the tendering of Notes may be directed to Bondholder Communications Group, LLC at  1-888-385-2663 (US Toll Free), +44 (0)20 7832 4580 (London), or +1 212 809 2663 (New York), or by emailing [email protected] or by visiting Questions regarding the Tender Offer may be directed to the Dealer Manager at 1-888-HSBC-4LM (US Toll Free), +852 2822 4100 (Hong Kong), +44 20 7992 6237 (London), or +1 212 525 5552 (New York) or by emailing [email protected].

This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities.  The Tender Offer has been made solely pursuant to and subject to the terms and conditions of the Offer to Purchase that the Company has distributed to holders of the Notes.

About BW Group

BW Group is a leading global maritime group involved in shipping, floating gas infrastructure and deepwater oil & gas production, and has been delivering energy and other vital commodities for more than 80 years, with a current fleet of over 180 ships.  The group was founded by Sir YK Pao in Hong Kong in 1955 as World-Wide Shipping. In 2003, the group acquired Bergesen, Norway’s largest shipping company founded in 1935, and in 2005, the business was re-branded as BW. Today, BW Group operates the world’s largest gas shipping fleet (LNG and LPG combined), with a total of over 70 large gas vessels including FSRUs (floating storage and regasification units). BW Offshore operates the world’s second largest floating oil and gas production fleet (FPSOs), with 16 units in US, Brazil, Mexico, West Africa, North Sea, and Australasia. BW’s fleet also includes crude oil supertankers, refined oil tankers, chemical tankers and dry bulk carriers.