Closing of voluntary offer and disclosure of share acquisition in APL PLC

Reference is made to the combined offer document and prospectus dated 29 March 2007 (the "Offer Document") relating to the voluntary offer made by BW Offshore Limited ("BWO") to acquire all issued and outstanding shares in APL (Advanced Production & Loading) PLC ("APL").

 

The extended offer period expired on 8 May 2007 at 1630 (CET). BWO received acceptances under the voluntary offer for approx. 51.95 % of the current total number of issued and outstanding shares in APL (including the 10,915,000 APL shares already owned by BWO). BWO has decided to waive the condition under the voluntary offer regarding minimum acceptance of 80 % and take delivery of the accepted shares under the voluntary offer. The settlement under the voluntary offer for the APL shareholders who have accepted the offer is expected to be completed by 16 May 2007. The settlement will consist of approx. 40 % cash and approx. 60 % BWO shares, and consequently BWO will issue approx. 18.2 million BWO shares as consideration under the offer. The first day of trading on Oslo Børs of the BWO consideration shares is expected to be on or before 18 May 2007.

 

On 8 May 2007 after expiry of the offer period in the voluntary offer, BWO acquired 11,331,000 APL shares equalling 28.1 % of the current total number of outstanding shares in APL. After the acquisition (and prior to the completion of the voluntary offer) BWO owns a total of 22,246,000 APL shares, equal to approx. 55.1 % of the current number of outstanding shares in APL. These 22,246,000 shares have been acquired at an average price of NOK 80.19 per share.

 

Upon completion of the voluntary offer, BWO will own a total of 32,312,185 APL shares, equal to 80 % of the current total number of outstanding shares in APL.

 

CEO of BWO Svein Moxnes Harfjeld comments: "We are very pleased to take delivery of the tendered shares under the voluntary offer and announce control over 80 % of the outstanding shares in APL. We will now proceed with the combination of the two companies and create a major force in the global oilfield services market with a strong platform for future growth. The combined company, anchored with the solid track records of both BW Offshore and APL, will have a highly attractive service offering to its current and future clients."  

 

For further information, please contact:

Svein Moxnes Harfjeld, CEO BW Offshore AS + 47 41 40 48 86