BW Offshore Ups Stake in APL ASA

BW Offshore has acquired 6.5 million shares in APL ASA, corresponding to approximately 14.8% of the shares and votes of APL ASA. BW Offshore now holds 24.9% of the shares and votes in APL.

The Board of Directors of APL and BW Offshore have previously agreed to recommend to their shareholders a combination of the two companies, creating a major force in the global FPSO market with a strong platform for future growth.

BW Offshore is a global provider of floating, production and storage vessels (FPSOs) to the oil and gas industry. The company is listed on the Oslo Stock Exchange and employs some 650 people worldwide of whom 140 work in the management office in Oslo. In addition we have offices in Mexico, Nigeria, Mauritania, Singapore and Malaysia. We have 25 years of experience from tanker-based conversion projects and global operation of production and storage vessels. BW Offshore is part of the BW Group, one of the world's largest maritime groups.