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Obtaining limited notice to proceed for Shell

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Limited notice to proceed for shells Gato To do Mato development in Brazil

BW Offshore is pleased to announce the award of Limited Notice to Proceed (LNTP) by Shell Brasil Petróleo Ltda (Shell) and its partners for early stage engineering and supplier bookings for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil.

The LNTP is valued at 50 million USD. Upon completion of the LNTP, Shell and its partners aim to award a lease and operation contract to a consortium comprising BW Offshore and Saipem SpA, which will be jointly responsible for engineering, procurement, construction and installation (EPCI) of the FPSO with delivery scheduled for 2026. The award is subject to the finalization by the parties of the commercial and pricing conditions of the contract taking into account the current inflation of the chain’s market. procurement and a final investment decision by Shell and its partners.

The FPSO lease and operating agreement will have a firm term of 18 years with seven years of options.

“We have a clear strategy for developing and operating infrastructure-type floating generation solutions with long-term contracts and quality counterparties. Gato do Mato is a robust project meeting all our requirements,” said Marco Beenen, CEO of BW Offshore. “We will replicate the Barossa project model, using financial partners, and go even further by partnering with Saipem for the EPCI phase to add capacity and execution capabilities. We are very pleased to partner with Saipem and look forward to building a long term relationship with Shell and its partners in Brazil. »

For more information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40

[email protected] or www.bwoffshore.com

About BW Offshore:
BW Offshore designs innovative floating production solutions. The Company has a fleet of 12 FPSOs with growth potential and ambition. Drawing on four decades of offshore operations and project execution, the company creates tailored energy solutions for evolving markets around the world. BW Offshore has approximately 2,000 employees and is listed on the Oslo Stock Exchange.

This information is considered inside information under the EU Market Abuse Regulation and is subject to disclosure requirements under section 5-12 of the Norwegian Securities Act. This stock market announcement was published by Eric Stousland, IR & Corporate Finance at BW Offshore, on 26.05.2022 at 17:46 CEST