With reference to stock exchange release dated 8 April 2019.
In relation to BW Offshore’s (the "Company") Long-Term Incentive Programme (LTIP) adopted in 2019, the Company's exposure relating to the 2019 award was hedged by a Total Return Swap (“TRS”) agreement with financial exposure to 1 732 000 shares in BW Offshore.
The Company has today settled the TRS agreement underlying 1 732 000 shares in BW Offshore expiring 30 March 2023. The Company has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares in BW Offshore with expiry date 5 April 2024 and a TRS price of NOK 31.42 per underlying share.
In February 2020 the Company executed an initial public offering of the subsidiary BW Energy Limited. As part of the listing, BW Energy shares were distributed to eligible BW Offshore shareholders, including shares underlying the TRS agreement. As a result, a total of 353 425 BW Energy shares which were distributed in connection with the listing to the shares underlying the TRS agreement, were separated out in a separate TRS agreement.
The Company has today settled the TRS agreement underlying 353 425 shares in BW Energy expiring 30 March 2023. BW Offshore has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares in BW Energy with expiry date 5 April 2024 and a TRS price of NOK 27.92 per underlying share.
