BW Energy: Long-Term Incentive Program initiated

Long-Term Incentive Program initiated The Board of Directors of BW Energy Limited ("BWE" or the "Company") has approved the award of share options under a Long-Term Incentive Program (LTIP) adopted on 19(th) May 2021, to align the interests of the participating employees with those of the Company's shareholders. This is the first annual award under the LTIP. The LTIP is discretionary and participants are invited on an annual basis. The total number of shares awarded under the LTIP for 2021 are 1,547,966, where 1,289,972 are allocated to options that will give the holder the right to acquire one BW Energy shares and 257,994 are allocated to Restricted Share Units ("RSUs") providing the holder shares at each vesting event. A total of 16 BW Energy employees have been invited to participate in the program. The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over 3 years). The strike price for the options awarded on 7 July 2021 is NOK 30,73. The options will have a vesting period of three years, followed by a three years exercise period. Exercise windows will be set by the Company. The options will expire 6 years after the award date. The RSUs are settled in shares immediately following vesting schedule. At time of vesting the shares will be settled at the Fair Market Value. The RSUs will vest 1/3 annually over three years. The options and RSUs are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date. The following primary insiders of the Company have been awarded options and RSUs under the LTIP for 2021: 1.   Chief Executive Officer, Carl K. Arnet Options awarded: 400,000 Restricted Stock Units: 129,500 Total number of shares: 529,500 Shares held: 2,649,582 2.   Chief Financial Officer, Knut R. Saethre Options awarded: 133,000 Restricted Stock Units: 42,831 Total number of shares: 175,831 Shares held: 125,991 3.   Chief Commercial Officer, Thomas Kolanski Options awarded: 133,000 Restricted Stock Units: 42,831 Total number of shares: 175,831 Shares held: 673 4.   Chief Strategy Officer, Thomas M. Young Options awarded: 133,000 Restricted Stock Units: 42,831 Total number of shares: 175,831 Shares held: 18,885 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 FPSOs to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon and a 95% interest in the Maromba field in Brazil, both operated by the Company. Total net 2P+2C reserves were 242 million barrels at the start of 2021. This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.