BWO-Disclosure of shareholding in APL and issue of new shares in BW Offshore Limited

Bermuda, 5 February 2007 - BW Offshore Limited has today acquired 4,415,000 shares in APL ASA, corresponding to approximately 10.1 percent of the shares and votes of APL ASA in exchange for 10,566,148 new shares in BW Offshore Limited, which implies an exchange ratio of approximately 2.39 shares in BW Offshore Limited for each share in APL ASA.

Following this new share issue, BW Offshore Limited will have 260,566,148 shares in issue.


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