Extension of limited notice to proceed for the Gato do Mato development in Brazil

Extension of limited notice to proceed for the Gato do Mato development in Brazil

BW Offshore is pleased to announce that Shell Brasil Petróleo Ltda (Shell) and its partners have extended the limited notice to proceed (LNTP) period with BW Offshore and Saipem S.p.A. This extension is valid until 15 February 2023 and is related to the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil.

Terms of the contract are in agreed form. Upon completion of the extension period, BW Offshore and Saipem have the option to be awarded the lease and operate contract, contingent on financing and the project reaching final investment decision (FID).

If the project reaches FID and moves forward, the FPSO lease and operate contract will have a firm period of 18 years with seven years of options.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40

IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 10 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored energy solutions for evolving markets world-wide. BW Offshore has around 2,000 employees and is publicly listed on the Oslo Stock Exchange.

This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act.