(Singapore, 28 May 2020)
Reference is made to the announcement by BW LPG Limited (“BW LPG”, “the
Company”) on 26 May 2020 regarding the award of share options to the CEO under
the management share option plan "LTIP 2017".
The strike price for the options awarded to the CEO shall be equal to the sum
(i) the volume weighted average share price quoted on the Oslo Stock Exchange on
the first trading day (VWAP) following the release of BW LPG’s Q1 2020 report on
26 May 2020, and
(ii) 16% of the VWAP.
The strike price for the options awarded on 26 May 2020 is NOK37.10. In the
event dividends or other distributions in cash or in kind are made, the strike
price for the awarded options shall be reduced with an amount equal to the NOK
value distributed per share over the period until the options are exercised.
The options will have a vesting period of three years from being awarded and may
then be exercised in a period of three additional years. The options are
non-tradable and conditional upon the option holder being employed by the
Company or its subsidiaries and not having resigned or being terminated for
cause prior to the vesting date.
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
Head of Investor Relations
BW LPG Limited
Tel: +65 6705 5519
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, one of the world's leading shipping groups.
BW Group controls a fleet of over 360 ships which includes product tankers, LNG
and LPG carriers, floating storage and regasification (FSRU) units, dry cargo
carriers, crude oil supertankers and floating production storage and offloading
This information is subject to disclosure requirements pursuant to Section 4-2
and Section 5-2 of the Norwegian Securities Trading Act.