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BW Energy investor presentation

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN OR TO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN. THE SHARES TO WHICH THIS ANNOUNCEMENT RELATES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF  1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT.  THERE WILL NOT BE A PUBLIC OFFERING OF SHARES IN THE UNITED STATES.

(With reference to stock exchange release dated 27 May) 

BW Energy investor presentation

Please find attached the presentation material which will be used by BW Energy at the announced lunch presentation which the company will host on 3 June 2019 at 12:00 (CEST) at Hotel Continental in Oslo, Norway, as well as in upcoming investor meetings.

An E&P company that unlocks value that traditional oil & gas companies are not addressing
BW Energy's development of the Dussafu license offshore Gabon has moved the threshold for commercial development of discovered resources through innovative FPSO agreements and fast-track, properly scaled development concepts.
The attached presentation material provides additional information about BW Energy, its assets and business plan. These include the following key elements:  

  • A growth-focused E&P company unlocking value from proven discoveries
  • Unique ability to trigger phased field developments by redeployment of existing FPSOs
  • Business model proven by first oil from Dussafu field in Gabon 18 months after acquisition
  • On track to triple Dussafu production to ~30,000 bopd by Q4 2021
  • Completion of the Maromba acquisition in Brazil will more than double estimated net reserves and resources to 175 mmbbl (management estimate)
  • Significant upside beyond current commercial reserves in Dussafu and Maromba

"We target robust business opportunities based on proven reserves with sequential growth potential, seeking to unlock significant value that traditional oil & gas companies are not addressing," said Carl K. Arnet, the CEO of BW Offshore. "We see great upside from our existing assets and several field investment opportunities which meet our selective criteria as larger oil companies continue to adjust their portfolios of offshore assets."

"We will invite external investors to add to BW Energy's project execution capacity and growth potential and look forward to presenting our unique business model over coming days and weeks," Carl K. Arnet added.

BW Energy will have a diversified portfolio of production and development assets, positioned for growth based on its unique low-risk development strategy supported by BWO's FPSO track-record and experience. BW Energy was established as a joint-venture company with BW Group in late 2016 and has since together with BWO developed a portfolio of attractive upstream oil and gas assets in West Africa and Brazil. BW Energy targets a listing on Oslo Stock Exchange by mid H2 2019.

For further information, please contact:
IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.

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This announcement is not an offer to sell or a solicitation of offers to purchase or subscribe for securities of BW Offshore Limited. This announcement is not a prospectus for the purposes of Directive 2003/71/EC (as amended, together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Copies of this announcement may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained herein does not and shall not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.

This announcement and the information contained herein is not for publication or distribution into the United States of America and should not be distributed or otherwise transmitted into the United States or publications with a general circulation in the United States. This announcement does not constitute an offer or invitation to subscribe for or to purchase any securities in the United States of America. The shares referred to herein have not been and will not be registered under the Securities Act or the laws of any state and may not be offered or sold in the United States of America absent registration or an exemption from registration under the Securities Act. There will be no public offering of the new shares in the United States of America.

The information contained herein does not constitute an offer of securities to the public in the United Kingdom. No prospectus offering securities to the public will be published in the United Kingdom. This announcement is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons").

Investment in BW Energy is only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Prospectus Directive is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive.

This publication may contain specific forward-looking statements, e.g. statements including terms like "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of BW Offshore Ltd. and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. BW Offshore Ltd. assumes no responsibility to up-date forward-looking statements or to adapt them to future events or developments
  

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.