BW Energy: Mandatory notifications of trade and correction to offer document

Mandatory notifications of trade by primary insiders and close associates

Reference is made to the mandatory cash offer by BW Group Limited (the "Offeror") to acquire all remaining shares in BW Energy Limited ("BW Energy or the "Company") for a price of NOK 27.00 per share (the "Offer"), announced in the stock exchange announcement on 13 December 2023 and described in the offer document dated 13 December 2023 (the "Offer Document").

The Offeror is a close associate to a primary insider in the Company (the primary insider is the chairman of the board of directors of the Company). The Offeror is therefore pursuant to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act required to disclose transactions made in securities in the Company. This includes disclosing acceptances received in the Offer on an ongoing basis.

Please see the attached notifications of trading for information on acceptances received by the Offeror.

Reference is also made to section 6.2.2 in the Offer Document. The Offeror has been made aware that the four references to the "nine months ended" in section 6.2.2 should be to the "three months ended" as the financial figures included in sections 6.2.2.1 and 6.2.2.3 of the Offer Document are for the third quarter and not for the first nine months of the year. More detailed financial information can be found in the Company's financial statements, published by the Company on its investor webpage: https://www.bwenergy.no/investors.

For further information, please contact:

Knut R. Sæthre, CFO BW Energy

+47 91 11 78 76

ir@bwenergy.no

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company's assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95%interest in the Kudu field in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources were 546 million barrels of oil equivalents at the start of 2023, when including the Golfinho Clusters.

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

Attachment

• PDMR BW Group Acquisition acceptances received under mandatory offer 22122023