Decision related to mandatory offer for all shares in BW Energy from BW Group

Reference is made to the announcement made by BW Group Limited (the "Offeror")
on 13 December 2023 regarding the launch of a mandatory offer for all issued and
outstanding common shares of BW Energy Limited ("BW Energy") not already owned
by the Offeror at a price of NOK 27 per share (the "Offer"), and the offer
document for the Offer dated 13 December 2023. BW Offshore Limited ("BW
Offshore" or the "Company") owns 58,111,461 (22.52%) shares in BW Energy.

Following  the Offeror's  announcement on  30 November 2023 of  its intention to
launch  the Offer, BW  Offshore engaged Arctic  Securities AS as its independent
financial advisor to assist the Company in assessing the Offer. Based on careful
assessment  of the  Offer, and  after having  taken into consideration valuation
advice received from Arctic Securities AS, BW Offshore's strategy and such other
factors  as the Company deemed relevant, BW  Offshore has resolved not to accept
the Offer.

Andreas  Sohmen-Pao  who  is  the  Chairman  of  the Offeror, the Company and BW
Energy,  and  Carl  Krogh  Arnet,  CEO  of  BW  Energy and a board member of the
Company,  have  not  participated  in  BW  Offshore's  discussions and decisions
relating to the Offer.

For more information:

IR@bwoffshore.com (mailto:IR@bwoffshore.com)

www.bwoffshore.com (http://www.bwoffshore.com) (http://www.bwoffshore.com)

About BW Offshore:

BW  Offshore engineers innovative floating production solutions. The Company has
a  fleet of  5 FPSOs with  potential and  ambition to  grow. By  leveraging four
decades  of  offshore  operations  and  project  execution,  the Company creates
tailored  offshore energy solutions for evolving markets world-wide. BW Offshore
has around 1,400 employees and is publicly listed on the Oslo stock exchange.