Carl Arnet Takes Helm as BW Offshore's New CEO

BW Offshore has announced a change of leadership as Carl Arnet takes over as CEO from Svein Moxnes Harfjeld. Arnet, who is CEO of APL, has been Deputy CEO at BW Offshore since the APL acquisition in 2007.

Moxnes Harfjeld, who has been with BW since 2003 and has been CEO of BW Offshore since 2005, will continue with BW as Group Executive Director. Arnet has over 25 years of experience in the oil and gas industry. Prior to his role as CEO of APL, Arnet worked at Norsk Hydro in a variety of positions including business development, operations and projects.

"This is a planned succession which aligns with the development of the Company. Svein has been instrumental in growing BW Offshore from a division of Bergesen into its current position as a leading FPSO
player, listing the company on the Oslo Stock Exchange in 2006. Carl has a proven track record in the industry, and following a year as Deputy CEO of the company, is well placed to lead BW Offshore into its next phase of development," said Helmut Sohmen, Chairman of BW Offshore.

The change will be effective on September 1, 2008.

"Taking the helm of BW Offshore is a very large vote of confidence for me personally. We are on the right track and continuing on our successes and strategic path to make this into the leading production and technology provider in the offshore production arena is a vision I believe I share with all my colleagues," commented Carl Arnet.

"It has been a truly exciting journey developing BW Offshore into its current shape and form. Following a period of rapid growth and strategic positioning, the company is moving into its next phase and I take great pleasure in handing the baton on to Carl. He knows the company well and is the best man for the job," added Svein Moxnes