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2016-02-09

BW Offshore: Letter from The Financial Supervisory Authority of Norway

The Financial Supervisory Authority of Norway (FSA) has reviewed certain
aspects of the 2014 financial statements of BW Offshore Limited.

The review focuses primarily on the company's method for depreciating vessels
classified as conversion candidates. In 2014, BW Offshore revised the
depreciation method used for conversion candidates, arguing that the
consumption of future economic benefits embodied in these assets during the
redeployment period is negligible, and therefore temporarily stopped
depreciating such assets.

The FSA has made an assessment that the revised depreciation based on the
usage method is not considered suitable for FPSOs with redeployment risk. BW
Offshore will adjust depreciations going forward to reflect this.

Link to notice from the FSA:

http://www.newsweb.no/newsweb/search.do?messageId=394506

For further information, please contact:

Knut R. Sæthre, CFO, +47 9111 7876

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 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

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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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