Long-Term Incentive Programme new awards

With reference to stock exchange release dated 8 April 2019.

The  Board of  Directors of  BW Offshore  Limited ("BWO"  or the  "Company") has
approved  the award  of share  options under  the Long-Term  Incentive Programme
(LTIP)  adopted in 2019, to  align the interests  of the participating employees
with  those of the Company's shareholders. This  is the fifth annual award under
the  LTIP. The LTIP is discretionary, and  participants are invited on an annual
basis.

The  total number of options awarded  under the LTIP for 2023 is 1,849,600 where
each  option will give the holder the right  to acquire one BW Offshore share. A
total  of  60 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 a 5% increase annually over 3 years). The strike price
for the options awarded on 7 March 2023 is NOK 33.04.

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

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 for 2023:

1. Chief Executive Officer, Marco Beenen
Options awarded: 293,842
Total number of options: 1,559,372
Shares held: 49,993

2. Chief Financial Officer, Ståle Andreassen
Options awarded: 96,545
Total number of options: 434,355
Shares held: 229,273

3. Chief Commercial Officer, Rune Bjorbekk
Options awarded: 96,545
Total number of options: 512,355
Shares held: 111,424

4. Chief Operating Officer, Kei Ikeda
Options awarded: 96,545
Total number of options: 512,355
Shares held: 24,994

5. General Counsel, Magda K. Vakil
Options awarded: 96,545
Total number of options: 434,355
Shares held: 14,834 (including ownership of close associate)

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40

IR@bwoffshore.com (mailto:IR@bwoffshore.com) or www.bwoffshore.com
(http://www.bwoffshore.com)

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has
a fleet of 10 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 2,000 employees and is publicly listed on the Oslo Stock Exchange.

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