BW Offshore: Application to list Bergesen Worldwide Offshore on the Oslo Stock Exchange


Bergesen Worldwide Offshore (BW Offshore) formally applied for listing on the Oslo Stock Exchange (OSE) 26 April 2006. Through a USD 300 million primary issue, completed this week, the company has collected equity finan-cing ahead of the OSE listing. There will be approximately 40% free float following this private placement. The application is scheduled for approval by the OSE board on May 29. Subject to its approval the company is tentatively set to start trading on OSE on May 31. BW Offshore is planning to have its stocks traded on the OTC-system until the listing on the OSE.
Company information

BW Group

BW Offshore is part of the BW Group, one of the world's leading maritime groups in the tanker, bulk, gas and offshore segments. Through its predecessor companies, Bergesen and World-Wide Shipping, the BW Group has been delivering energy and other vital commodities for a combined 120 years. In addition to its floating oil and gas production capabilities, it controls a fleet of over 135 vessels involved in the transportation of crude oil, gas (LNG and LPG) and dry bulk commodities. The group recently re-branded and re-structured under a single BW brand. The group is now divided into four distinct business areas: BW Offshore, BW Tankers, BW Gas and BW Bulk. A global network of affiliate offices supports these businesses.
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BW Offshore
BW Offshore was demerged from Bergesen d.y. ASA in 2005. BW Offshore's business comprises a fleet of five oil and gas FPSOs (including projects under conversion), one Arctic FSO (Floating Storage and Offloading unit) and one conversion hull (ULCC). The company currently operates its units in Russia, Mexico, Mauritania, Nigeria and Equatorial Guinea. Furthermore, the company has a strategic alliance with MISC (Malaysia International Shipping Corp., one of the largest shipping/energy groups in Asia) in Malaysia.
BW Offshore's activities will continue to be managed from Norway.
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For further information, please contact:
For BW Offshore
Mr. Svein Moxnes Harfjeld
BW Offshore
Tel: +47 2212 0400
Fax: +47 2212 0401
Mobile: +47 4140 4886