(Singapore, 28 February 2023)

Highlights and Subsequent Events
- Achieved Q4 VLGC freight rates of USD 53,300 per calendar day
- Generated Q4 Net Profit after Tax (NPAT) of USD 95 million or an earnings per
share of USD 0.69, after including a downward IFRS adjustment of USD 17 million
- Declared Q4 cash dividend of USD 0.52 per share amounting to USD 69 million
- Enhanced dividend policy from this quarter to a pay-out of 100% of NPAT when
net leverage is below 20%
- Bought back 5.9 million shares at an average price of USD 5.99 per share
- Incorporated Vilma Oil's LPG trading operations into BW Product Services in
November
- Added nine vessels to pool, exercised purchase options for two vessels and
sold four vessels in Q4 2022 and Q1 2023
- Locked in USD 27 million in net profit for 2023 on the TC-in book. For Q1
2023, ~84% of available fleet days have been fixed at an average rate of ~USD
56,000 per day

Financial Performance
BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL") reported a
Q4 2022 Net Profit After Tax of USD 95 million (FY 2022: USD 239 million),
yielding an annualised return on equity of 25% (FY 2022: 16%) with USD 326
million of free cash flow (FY 2022: USD 654 million). In Q4 2022, EBITDA was USD
139 million (FY 2022: USD 408 million), and earnings per share was USD 0.69 (FY
2022: USD 1.68).

Net leverage ratio remained low at 24% in Q4 2022, mainly due to solid cash
flows from operations and investing activities. Available liquidity was USD 463
million at the end of Q4 2022. On the back of another strong quarter, the Board
has declared a cash dividend of USD 0.52 per share amounting to USD 69 million.
This translates to a dividend per share of USD 1.28 and total returns of USD 172
million to shareholders in FY 2022, representing a pay-out ratio of 76% of NPAT
for FY 2022.

In line with its aim to return value to our shareholders, the Board has enhanced
the Company's dividend policy to target a quarterly pay-out ratio of 100% of
NPAT when the net leverage ratio is below 20%. As of 31 December 2022, the
Company has also purchased a total of 5.9 million common shares at an average
price of USD 5.99 per share, amounting to USD 35 million since the start of its
Share Buy-back program.

Commercial Performance
Q4 2022 VLGC freight rates averaged USD 53,300 per calendar day, or USD 55,000
per available day with 98% commercial utilisation. Time Charter Equivalent
("TCE") income was USD 186 million for Q4 2022 (FY 2022: USD 568 million),
mainly due to higher LPG spot rates and higher fleet utilisation. This also
includes a net downward impact of USD 17 million related to the effects of IFRS
15 where spot voyages that straddle the quarter-end are now accounted for on a
load to discharge basis. In addition, our India subsidiary continues to
contribute stable TCE income of USD 28 million for Q4 2022 (FY 2022: USD 93
million) mainly from fixed-rate time charters.

The incorporation of Vilma Oil's LPG trading operations into our Product
Services business was completed in November at a transaction price of
approximately USD 50 million for 85% of the company. By expanding BW Product
Services, the Company adds another layer to its business model and increases its
ability to adjust its market exposure.

In a strong second-hand market, BW LPG signed Memorandums of Agreement for the
sale of BW Odin (2009-built, Hyundai Heavy Industries, Korea), BW Austria
(2009-built, Daewoo Shipbuilding & Marine Engineering, Korea), and BW Thor
(2008-built, Hyundai Heavy Industries, Korea), the latter in Q1 2023, for a
total book gain of USD 42 million. As announced during BW LPG's Q3 earnings
presentation, the sale and delivery of BW Prince (2007-built, Hyundai Heavy
Industries, Korea) was concluded in October 2022.

BW LPG has exercised purchase options for BW Messina (2017-built, Daewoo
Shipbuilding & Marine Engineering Co) and BW Kyoto at attractive discounts and
with expected deliveries in Q2 and Q4 respectively. The Company is pleased to
announce the expansion of our Pool fleet, with contributions from Vitol, Exmar
and BW Product Services. BW LPG Pool fleet comprises over 30 VLGCs which is the
world's largest VLGC pool. The Company has locked in USD 27 million net profit
on the TC-in book for 2023, and has fixed approximately 84% of available fleet
days in Q1 2023 at an average rate of USD 56,000 per day.

Market Outlook
For 2023, the Company remains optimistic amid high volatility. Key underlying
drivers include strong US and steady Middle East export growth, starting up of
Propane Dehydrogenation (PDH) plants in China post-Covid, and continued shipping
inefficiencies from heavy dry-dock schedules and Panama Canal congestion.

Q4 and FY 2022 Earnings Presentation and Interim Financial Report
Please see attachments for the Q4 and FY 2022 Earnings Presentation and Interim
Financial Report, and the BW LPG 2022 Integrated Annual Report.
1. BW LPG Q4 and FY 2022 Earnings Presentation
2. BW LPG Q4 and FY 2022 Interim Financial Report
3. BW LPG 2022 Integrated Annual Report
4. ESEF - iXBRL Reporting Package "5493006WBEME88YFDW23-2022-12-31-en"

BW LPG will host an investor presentation of the financial results at 13:00hrs
CET today. The presentation will be made by Anders Onarheim (CEO), Kristian
Sørensen (Deputy CEO and Head of Strategy), Elaine Ong (CFO), and Niels Rigault
(EVP, Commercial).

The presentation will be held live via Zoom. Please register in advance at the
link below:

http://bit.ly/BWLPGQ42022EP

A recording of the presentation will also be available after the event on the
Company's website at: https://www.bwlpg.com/investors.


For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels, owning and
operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over
3 million CBM. With five decades of operating experience in LPG shipping and
experienced seafarers and staff, BW LPG offers a flexible and reliable service
to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved
in shipping, floating infrastructure, deepwater oil & gas production, and new
sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of
over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and
LPG ships constituting the largest gas fleet in the world. In the renewables
space, the group has investments in solar, wind, batteries, biofuels and water
treatment.

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