BW Offshore: Closing of the acquisition of stake in Dussafu field

BW Energy Gabon Pte. Ltd ("BWEG"), a subsidiary of BW Offshore, has today completed the acquisition of 100% interest in Harvest Dussafu B.V. from Harvest Energia B.V., a wholly-owned subsidiary of Harvest Natural Resources, Inc. (NYSE:HNR). Closing is in line with the terms and conditions previously communicated in the stock exchange release made on 22 December 2016.

BWEG is owned by BW Energy Holdings Pte. Ltd. (BWEH), a joint venture company between BW Offshore (66.67%) and Maple Company Limited (33.33%), a wholly owned subsidiary of BW Group Limited, for the purpose of pursuing oil and gas interests.

Following the abovementioned closing, BWEG holds a 66.66% working interest in the Dussafu production sharing contract, while Panoro Energy ASA holds the remaining 33.33%.

BW Offshore and Panoro Energy ASA are working towards closing of the acquisition of a further 25% working interest in the Dussafu licence from a subsidiary of Panoro Energy, Pan-Petroleum Gabon B.V. ("PPGBV"), and a separate announcement will be made once such transaction is completed. In relation to and subject to the closing of the acquisitions from Panoro and Harvest, BWEG is in discussions with the Gabon Oil Company (GOC) for their participation in the field ownership.

For further information, please contact:

Knut R. Sæthre, CFO, [phone]

[e-mail] (mailto:[e-mail]) or www.bwoffshore.com (http://www.bwoffshore.com)

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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Source: BW Offshore via Globenewswire