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2016-07-22

BW OFFSHORE: LONG-TERM FINANCIAL PLATFORM ESTABLISHED

ribution (directly or
indirectly) in or to the United States, Canada, Australia or Japan. It is not
an offer of securities for sale in or into 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.
The new 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.

BW OFFSHORE: LONG-TERM FINANCIAL PLATFORM ESTABLISHED

22 July 2016: Reference is made to the stock exchange announcement dated 23
May 2016 in which BW Offshore Limited (the "Company") announced its plan to
secure a long-term financial platform for the Company (the "Plan"), to
subsequent stock exchange announcements regarding the Company's receipt of
required consents from all bondholders' meetings and lending banks to the
Plan, and to stock exchange announcements regarding the completed fully
underwritten rights issue.

All conditions to the implementation of the Plan have now been completed and
the long-term financial platform has been implemented with effect from 21
July 2016. In addition to the completed rights issue, this comprises:

(i) With respect to the Company's MUSD 2,400 Facility: Extended maturity
with two years until 2020; reduced amortization by 50% for the next five
semi-annual instalments; increased margin by 25bps; changed leverage ratio
(IBD/EBITDA) from 5.50:1 to 6.00:1 until maturity and changed equity ratio
covenants from 25% to 20%. The company may not pay dividends and has
restrictions on bond buy-backs until 9 March 2020.

(ii) With respect to other credit facilities: Changed leverage ratio
(IBD/EBITDA) from 5.50:1 to 6.00:1 and changed equity ratio covenants from
25% to 20%. The company may not pay dividends and has restrictions on bond
buy-backs until 9 March 2020.

(iii) With respect to the Company's unsecured bonds:

* BWO01: Maturity extended to 15 March 2020 with NOK 140 million partial
redemption on 15 March 2017;
* BWO02: Maturity extended to 21 September 2020 with NOK 100 million partial
redemption on 21 March 2020;
* BWO03: Maturity extended to 11 March 2021 with NOK 150 million partial
redemption on 11 September 2020;
* BWO04: Maturity extended to 16 March 2022 with NOK 90 million partial
redemption on 16 March 2021 and NOK 180 million partial redemption on 16
December 2021;

reduction of equity ratio from 25% to 20%; increase of margin to 450 bps in
the extended period; inclusion of restriction on dividends; and adding of an
American call option at par until extended maturity date.

The new long-term financial platform is expected to contribute with more than
USD 500m in improved liquidity in the period throughout 2020 and thereby give
the Company a significant runway until an expected market recovery.

For further information, please contact:

Knut R. Sæthre, Chief Financial Officer, +47 911 17 876

About BW Offshore:

BW Offshore is a leading global provider of floating production services to
the oil and gas industry. BW Offshore has a fleet of 14 owned FPSOs and one
FSO represented in all major oil&gas regions world-wide. The company also
operates two additional FPSOs. BW Offshore has a long track record on project
execution and operations. 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 available on www.bwoffshore.com.

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

IMORTANT INFORMATION:

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 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. A decision to invest in securities of BW
Offshore Limited referred to in this announcement should be based exclusively
on the prospectus published by BW Offshore Limited for such purpose.

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 new 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 U.S.
Securities Act of 1933, as amended (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").

The new shares are 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 Limited 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 Limited 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.

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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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