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2015-03-31

BW Offshore: Contract extension for BW Athena

BW Offshore has received a notice of termination for the FPSO BW Athena
contract from Ithaca Energy. BW Offshore and Ithaca Energy (on behalf of the
Athena field co-venturers) have agreed a revised contract structure to
continue production on the Athena field beyond expiry of the firm period on a
revised compensation scheme, involving advanced payment of an FPSO
demobilisation fee and sharing of positive cashflow from the field. Both
parties have the right to terminate on a 60-day notice period.

For further information, please contact:
Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322

About BW Offshore:
BW Offshore is a leading global provider of floating production services to
the oil and gas industry. BW Offshore is the world's second largest
contractor with a fleet of 14 FPSOs and 1 FSO represented in all major oil
regions world-wide. The company also operates additional 2 FPSOs. BW Offshore
has a long track record on project execution and operations, as well as a
robust balance sheet and strong financial capabilities. In more than 30 years
of production, BW Offshore has executed 38 FPSO and FSO projects. The company
is listed on the Oslo Stock Exchange. Further information is also available
on www.bwoffshore.com

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

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BW Offshore via Globenewswire

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