Shares, bonds and dividends

Shares, Bonds & Dividends

Financial Calendar

DATE	EVENT
28 February 2022	Quarterly Results Q4 2021 and Annual Report 2021
26 May 2022	Annual General Meeting
27 May 2022	Quarterly Results Q1 2022
29 August 2022	Half-Year Report Q2 2022
17 November 2022	Quarterly Results Q3 2022

Share Information

Dividends

Payment Date	USD/Share	NOK/Share
17.06.2022	0.035	0.33
17.03.2022	0.035	0.32
07.12.2021	0.035	0.32
09.09.2021	0.035	0.30
10.06.2021	0.035	0.29
05.03.2021	0.035	0.30
03.12.2020	0.035	0.31
11.09.2020	0.034	0.31
10.06.2020	0.034	0.31
18.09.2015	0.01	0.08
18.06.2015	0.02	0.16
11.03.2015	0.02	0.16
11.12.2014	0.03	0.21
18.09.2014	0.03	0.19
19.06.2014	0.03	0.18
19.03.2014	0.03	0.18
19.12.2013	0.03	0.19
19.09.2013	0.03	0.18
21.06.2013	0.02	0.11
05.04.2013	0.02	0.12
21.12.2012	0.01	0.06
25.09.2012	0.01	0.06
22.06.2012	0.02	0.12
22.03.2012	0.02	0.11
22.12.2011	0.04	0.24
22.09.2011	0.04	0.23
21.06.2011	0.04	0.22

Loans and Facilities

USD 672.5 million Corporate Facility

During the second quarter of 2019, BW Offshore refinanced the previous USD 2,400 million facility into a five-year senior secured USD 672.5 million revolving credit facility. The facility is priced at a margin of 225 basis points above USD LIBOR and if the facilities utilisation exceeds 50%, the margin increases by another 25 basis points. The facility is reduced semi-annually with USD 52.5 million.

The new USD 672.5 million Corporate Facility is subject to certain covenants, including:

Minimum book equity of at least 25% of total assets
Debt to EBITDA of maximum 5.5
Minimum USD 75 million available liquidity including undrawn amounts
Interest coverage of minimum 3.0

BW Catcher facility

During the third quarter of 2014, the Group entered into a USD 800 million senior secured pre-and post-delivery term loan facility being a project specific bank financing in relation to construction of an FPSO to operate on the Catcher oil field in the UK North Sea. The facility has a margin of 225 basis points above USD LIBOR and is subject to financial covenants similar to the covenants under the USD 672.5 million Corporate Facility.

Petroleo Nautipa facility

During the first quarter of 2015, the Group entered into a USD 80 million senior secured loan facility in respect of the FPSO Petróleo Nautipa. The loan has a tenor of 7.5 years and will be used for general corporate purposes. The facility is subject to financial covenants similar to the covenants under the USD 672.5 million Corporate Facility.

Bonds

Green bond

Green Bond Framework

DNV Eligibility Assessment

BWO05 – NOK 900 million Bond
ISIN NO0010869019

During the fourth quarter 2019, BW Offshore Limited successfully completed the placement of a NOK 900 million senior unsecured bond with maturity date on 4 December 2023. The proceeds from the Bond loan was used to partly repay existing bond loans. The bond loan is subject to certain covenants, including minimum book equity of at least 25% of total assets and minimum USD 75 million available liquidity including undrawn amounts available for utilisation by the Group.

Convertible bonds

During the fourth quarter 2019, BW Offshore Limited issued a USD 297.4 million convertible bond with a five-year tenor and coupon of 2.50% per annum, payable semi-annually in arrears. The convertible bond has no regular repayments and matures in full on 12 November 2024. There are no financial covenants in the convertible bond agreement. The proceeds from the convertible bond loan is used to refinance the existing bond loans and general corporate purposes. The initial conversion price of USD 10.24 corresponds to a conversion premium of 37.5% over the volume weighted average price of the shares on the Oslo Stock Exchange at 5 November 2019 (converted at the prevailing USD:NOK spot rate equal to NOK 9.1921 / USD 1.00).

Analyst Coverage

Company	Name	Phone	E-mail
AGB Sundal Collier	Haakon Amundsen	+47 2201 6025	haakon.amundsen@abgsc.no
Carnegie	Erik Aspen Fosså	+47 9228 4999	erik.aspen.fossaa@carnegie.no
Arctic Securities	Sebastian Grindheim	+47 2101 3162	sebastian.grindheim@arctic.com
DNB	Martin Huseby Karlsen	+47 2416 9193	martin.huseby.karlsen@dnb.no
Fearnley Securities	Øystein Vaagen	+47 2293 6397	o.vaagen@fearnleys.no
Sparebank 1	Christopher Møllerløkken	+47 2414 7421	christopher.mollerlokken@sb1markets.no
SEB	Herman Lia	+47 2100 8513	herman.lia@seb.no
Pareto Securities	Bård Rosef	+47 2413 2156	bard.rosef@paretosec.com

Registrar

BW Offshore’s shares are listed in Norway on the Oslo Stock Exchange, and trade under the ticker code BWO.

Questions regarding your shareholding or assistance (change of address, transfer of shares etc) should be directed to your local account operator or our registrar as shown below.

DNB Bank ASA
Registrars Department
PO Box 1600 Sentrum
N-0021 Oslo
Norway

Phone: +47 23 26 80 16

Contact: Pål Thomas Lysaker
E-mail: pal.thomas.lysaker@dnb.no

www.dnb.no

Prospectuses

For documentation on the bond loan issues, please see our Financial Strategy.

The BW Offshore Financial Strategy

As of 31 December 2020, the total utilised debt facilities for the Company, including bond loans and other facilities, were USD 1,075.7 million. Net interest-bearing debt was USD 936.1 million at 31 December 2020.

Read our Financial Strategy

Top 20 Shareholders

Board and Management Shareholding

Investor Relations Policy

It is in the interest of BW Offshore, as a public listed company, to effectively communicate with the financial community and other stakeholders in order to provide consistent and transparent information to ensure fair treatment of all stakeholders.

Read our IR Policy