BW Offshore: Approved by ANP as operator in Brazil and transfer of the participating interest in the Maromba field

Approved by ANP as operator in Brazil and transfer of the participating interest
in the Maromba field

With reference to the stock exchange releases dated 8 and 14 March 2019.

BW Offshore (BWO) is pleased to announce that The Brazilian National Agency of
Petroleum, Natural Gas and Biofuels (ANP) has granted BW Offshore status as
operator in Brazil and approved the transfer of Chevron and Petrobras'
participating interest in the Maromba field to BW Offshore.

"We are proud to announce that our subsidiary BW Energy has been approved by ANP
as operator and has received governmental go ahead to acquire the Maromba
license. This again proves the viability of the BWO business model for BW Energy
and our continued success in developing proven reserves in the current oil price
environment," said Marco Beenen, CEO of BW Offshore.

The closing of the transaction with Chevron and Petrobras is subject to certain
condition precedents. This approval as operator satisfies the main condition
precedent for the closing of the Maromba field acquisition and will trigger the
first milestone payment of USD 30 million to Chevron and Petrobras.

The total acquisition price for the Maromba field is USD 115 million, which will
be paid over three milestones as the development progresses towards first oil.
The second milestone is due at start of drilling activities and the third
milestone is due at first oil or 3 years after the start of drilling activities,
whichever comes first.

"Maromba represents further proof of our upstream business model. Our Dussafu
development is progressing according to our plans and is showing very good
production of more than 12.000 bbls/d and no water. Our effort will now be
directed to shortly present a plan for development to the Brazilian authorities
and start the development of this very attractive license. Maromba is expected
to significantly increase our production from 2022 onwards and is a very
important element in our growth strategy," said Carl K. Arnet, CEO of BW Energy.