BW Offshore: Long Term Share Option Programme initiated

The Board of Directors of BW Offshore Limited ("BWO" or the "Company") has approved a long-term share option programme (LTIP) aimed to align the interests of the participating employees with those of the Company's shareholders. The programme is discretionary, and participants are invited on an annual basis.

The total number of options awarded under LTIP 2019 is 1.732.000 where each option will give the holder the right to acquire one BW Offshore share. A total of 45 BW Offshore employees have been invited to participate in the programme.

The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to 5% increase annually over 3 years). The strike price for the options awarded on 8 April 2019 is NOK 54.69.

The options will have a vesting period of three years, followed by a three years exercise period. Exercise windows will be set by the Company. The options will expire 6 years after the award date.

The Company's exposure relating to the 2019 award will be hedged by a Total Return Swap (TRS) agreement with financial exposure to 1.732.000 shares in BWO.

The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.

The following primary insiders of the Company have been awarded options under the LTIP 2019:

1. Chief Operation Officer, Marco Beenen

            Options awarded: 350,000
            Shares held: 37,418
             

2. Chief Commercial Officer, Rune Ødegaard Bjorbekk

            Options awarded: 115,000
            Shares held: 147,847
             

3. Chief Financial Officer, Knut Ruhaven Sæthre

            Options awarded: 115,000
            Shares held: 150,000
             

4. Head of Projects, Kei Ikeda

            Options awarded: 115,000
            Shares held: 6,034
             

5. Head of Asset Engineering & Maintenance, Hans Kristian Langsrud

            Options awarded: 37,000
            Shares held: 0
             

6. Head of Human Capital, Pia Margrethe Schnitler

            Options awarded: 37,000
            Shares held: 155
             

7. General Counsel, Magda Iqbal Karim Vakil

            Options awarded: 37,000
            Shares held: 14,834 (including ownership of close associate)
             

8. SVP Finance, Ståle Håkon Andreassen

            Options awarded: 37,000
            Shares held: 229,273
             

9. Head of Corporate Finance, Anders Stoud Platou

            Options awarded: 37,000
            Shares held: 0
             

10. Manager IR & Communications, Una Skram Holmen

            Options awarded: 19,000
            Shares held: 4,507 (including ownership of close associate)
             

11. Senior Legal Counsel, Yip Ming Yen

            Options awarded: 19,000
            Shares held: 0
             
             

For further information, please contact:

Knut R. Sæthre, CFO, [phone]

[e-mail] or www.bwoffshore.com

About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.

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 West Corporation on behalf of West Corporation 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