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BW Offshore: Termination of the LOI for acquiring stake in Polvo oil field

On 13 December 2013, BW Offshore announced the Letter of Intent ("LOI") to
acquire 30% of the participating interests in the Polvo oil field in Brazil
from HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT"). Such
transaction was subject to due diligence, and regulatory, governmental and
board approvals. Upon the expiry of the backstop date under the LOI on 8
April 2014, BW Offshore elected to terminate the aforesaid LOI pursuant to
its terms.

BW Offshore is operating the FPSO Polvo on the Polvo field under a fixed
contract until Q3 2015, with options until Q3 2022. BW Offshore and HRT will
continue their positive working relationship in operating the field.

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 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

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


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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