BW Energy: Mandatory Notifications of Trade and Disclosure of Shareholding

20 June 2024 – Reference is made to the stock exchange announcement published on 6 May 2024 regarding the planned corporate restructuring of BW Group Limited’s (“BW Group“) ownership in BW Energy Limited (“BW Energy“) from the maritime business held by BW Group, and the exemption from mandatory offer obligation granted in connection therewith.

BW Group has today, as part of the above corporate restructuring, sold all of its shares in BW Energy to BW Energy Holdings Limited (“BW Energy Holdings“) (the “Transfer“). The Transfer took place at the carrying value of the BW Energy shares in BW Group’s books.

BW Group and BW Energy Holdings are close associates of Andreas Sohmen-Pao, Chairman of the board of directors of BW Energy. Please refer to the attached notification of trading for further details.

Disclosure of shareholding:

Following the purchase of 191,903,110 shares in BW Energy, BW Energy Holdings holds approximately 74.38% of the issued share capital and voting rights in BW Energy.

Following the sale of all of its 191,903,110 shares in BW Energy, BW Group has reduced its shareholding from approximately 74.38% to zero and will no longer own any shares or hold any voting rights in BW Energy.

Sebastien Brochet, Group CFO

BW Group Limited

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalents at the start of 2024.

This information is published in accordance with the disclosure requirements in Regulation EU 596/2014 (MAR) article 19, section 5-12 of the Norwegian Securities Trading Act, and the Oslo Rule Book II.