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MeldingsID: 424388
Dato/tid 07.04.2017 06:00
Utsteder BW Offshore Limited
UtstederID BWO
Marked OB
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Tittel BW Offshore: Signed cooperation agreement with ICBC Financial Leasing Co., Ltd.

BW Offshore Limited (BWO) has today signed a cooperation agreement with world-
leading financial leasing firm ICBC Financial Leasing Co., Ltd. (ICBCL) with the
intention to establish a long-term strategic partnership to jointly pursue large
international infrastructure projects with a focus on FPSOs.

The  two companies intend  to offer cost  effective production solutions for the
global  oil and gas industry, leveraging ICBCL's leading position as an arranger
of financing to the offshore sector and BWO's expertise in designing, developing
and operating FPSOs. ICBCL is a global leasing firm with USD 44 billion in total
assets  and  part  of  the  world's  largest financial group, the Industrial and
Commercial Bank of China, Ltd. (ICBC).

"We  are very  pleased to  enter into  this strategic  cooperation with ICBCL, a
world-leading  financial institution, and  to strengthen our  ties with China. A
strong   financial   partner   enables   BW   Offshore  to  address  new  growth
opportunities," said Andreas Sohmen-Pao, the Chairman of the Board of BWO.

BWO  and ICBCL will  proceed with further  detailed discussions with  the aim to
establish a project consortium framework, and identify other potential strategic
cooperation  opportunities.  The  intention  is  to explore and develop mutually
beneficial  FPSO  and  FPSO  related  projects  globally in the interest of both
companies  and local Chinese-invested  enterprises, and to  build a platform for
promoting Norwegian and Chinese cooperation on the international arena.

The  first joint project as  part of the cooperation  agreement, subject to both
parties'  final approval, is ICBCL's equity participation in the BW Catcher FPSO
through  the  subscription  of  preference  shares.  The FPSO, a USD 1.2 billion
investment,  will operate on the Catcher field in the UK North Sea with start-up
towards the end of 2017.

The parties further agree to establish a cooperation to explore the Kudu-gas-to-
power  infrastructure  project  where  BWO  holds  a  56% stake  in the upstream

The  cooperation agreement was signed by  CEO Zhao Guicai representing ICBCL and
CEO  Carl K. Arnet representing BWO under  a ceremony in Beijing, in association
with  the Norway China Business Summit  2017 attended by Norway's Prime Minister
Erna Solberg.

"This  partnership opens up for new models for developing FPSOs and FPSO related
projects.  The  first  cooperation  project  has  already been identified and is
announced today. We see attractive market opportunities where we, in partnership
with  ICBCL, can deliver cost effective solutions  to our clients in the oil and
gas sector", said Carl K. Arnet, the CEO of BWO.

For further information, please contact:

Carl K. Arnet, CEO +65 6570 3823

Knut R. Sæthre, CFO, +47 9111 7876

IR@bwoffshore.com or www.bwoffshore.com

About ICBC Financial Leasing Co., Ltd.:

ICBC  Financial Leasing Co., Ltd. ("ICBCL") is a wholly owned subsidiary and the
only leasing platform of Industrial and Commercial Bank of China, Ltd. ("ICBC"),
the largest commercial bank in the world in terms of total asset and net profit.
Benefits  from the global  network of ICBC,  ICBCL's business spreads across 40
countries,  and has  a leading  position in  China's financial leasing industry,
with business focus on aviation, shipping and offshore, and large equipment.

About BW Offshore:

BW  Offshore is a leading global provider of floating production services to the
oil  and gas  industry. BW  Offshore has  a fleet  of 14 owned FPSOs and one FSO
represented  in all major oil  & gas regions world-wide.  BW Offshore has a long
track  record  on  project  execution  and  operations. In more than 30 years of
production,  BW Offshore has  executed 38 FPSO and  FSO projects. The company is
listed on the Oslo Stock Exchange.

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


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