BWO - disclosure of shareholding in BWO

BW Euroholdings Limited has on 5 February 2007 acquired 10,566,148 new shares in BW Offshore Limited in exchange for selling 4,415,000 shares in APL ASA. The exchange ratio was approximately 2.39 BW Offshore Limited shares for each APL ASA share, corresponding to a subscription price for the BW Offshore Limited shares of NOK 28.10 per share vs APL ASA's closing share price on February 2, 2007 of NOK 67.25 per share.

Following the transaction Bergesen Worldwide Limited holds 130,600,000 shares (50.1 %) in BW Offshore Limited and BW Euroholdings Limited holds 10,566,148 shares (4.1 %) in BW Offshore Limited. The BW Group now holds 141,166,148 shares (54.2 %) in the company.

Bergesen Worldwide Limited is represented on the board of BW Offshore Limited by Dr. Helmut Sohmen (Chairman) and Andreas Sohmen-Pao (Deputy Chairman).

Best regards
for BW Offshore

Johnny Duedahl
Chief Controller Finance & Accounting Division

Tel         +47 23 13 00 00
DID        +47 23 13 02 22
Fax        +47 23 13 00 08
Mobile  +47 982 06 833
E-mail  johnny.duedahl@bwoffshore.com
Web  www.bwoffshore.com

Address PO Box 33 Skøyen, Drammensveien 149, 0212 Oslo, Norway