With reference to release dated 10 September 2021

BW Offshore is pleased to announce that the regulatory approval has now been granted for the Joint Venture Partnership consisting of BW Offshore Limited, ICMK Offshore Investment Pte Ltd and Macquarie Bank Limited.

The partnership will contribute to the equity financing of the FPSO for the Barossa gas field offshore Australia.

The Barossa FPSO will be financed by a 14-year combined construction and long-term debt facility of USD 1.150 billion and USD 240 million from the equity joint venture, as well as approximately USD 1 billion in pre- payments by Santos and the Barossa Upstream Joint Venture Partners during the construction period.

About BW Offshore

BW Offshore engineers innovative floating production solutions. The Company has a fleet of 14 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.