New Long-Term Incentive Programme 2024

The Board of Directors of BW Offshore Limited ("BWO" or the "Company") has approved a New Long-Term Incentive Programme (LTIP). The programme is a combination of Share Options and Restricted Share Unit (RSUs), 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 the LTIP for 2024 is 800,000 where each option will give the holder the right to acquire one BW Offshore share. A total of 6 BW Offshore employees have been invited to participate in the Share Option 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 three years). The strike price for the options awarded on 7 March 2024 is NOK 29.85.

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 six 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.

For the year 2024, the Board of Directors has on 7 March 2024 awarded 115,634 RSUs to 19 employees within the Company.

The RSUs will be settled in shares following a three-year vesting period from the grant date.

The following primary insiders of the Company have been awarded options under the LTIP for 2024:

1. Chief Executive Officer, Marco Beenen
Options awarded: 300,000
Total number of options: 1,559,372
Shares held: 49,993

2. Chief Financial Officer, Ståle Andreassen
Options awarded: 100,000
Total number of options: 434,355
Shares held: 229,273

3. Chief Commercial Officer, Rune Bjorbekk
Options awarded: 100,000
Total number of options: 512,355
Shares held: 111,424

4. Chief Operating Officer, Kei Ikeda
Options awarded: 100,000
Total number of options: 512,355
Shares held: 24,994

5. Chief Strategy Officer, Anders S. Platou
Options awarded: 100,000
Total number of options: 164,860
Shares held: 0

6. General Counsel, Magda K. Vakil
Options awarded: 100,000
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
IR@bwoffshore.com or www.bwoffshore.com