BW Group Limited announces the commencement of cash tender offer

BW Group Limited (the “Company”) announced today that it has commenced a tender offer (the “Tender Offer”) to purchase for cash any and all of the Company’s outstanding 6.625% Notes due 2017 (the “Notes”). The terms and conditions of the Offer are described in detail in the offer to purchase (the “Offer to Purchase”), dated January 13, 2014, issued by the Company. The Tender Offer will expire at 11:59 p.m., New York City time, on Monday, February 10, 2014, unless extended or terminated by the Company in its sole discretion (the “Expiration Date”). 

Pursuant to the Offer to Purchase, holders of the Notes that validly tender such Notes at or prior to January 27, 2014 (the “Early Tender Date”), and whose Notes are accepted for purchase by the Company, will receive consideration equal to US$1,060 per US$1,000 principal amount of the Notes (the “Total Consideration”), which includes an early tender premium of US$30 per US$1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including the date of settlement for such Notes accepted for purchase.   

Holders of the Notes that validly tender such Notes after the Early Tender Date but at or prior to the Expiration Date, and whose Notes are accepted for purchase by the Company, will receive consideration of US$1,030 per US$1,000 principal amount of the Notes (the “Tender Consideration”), plus accrued and unpaid interest up to, but not including the date of settlement for such Notes accepted for purchase. 

The early settlement date for holders of Notes that validly tender their Notes at or prior to the Early Tender Date, and whose Notes are accepted for purchase by the Company, will be promptly following the Early Tender Date and is expected to be no later than February 4, 2014, New York City time. The final settlement date for holders of Notes who tender their Notes after the Early Tender Date but at or prior to the Expiration Date, and whose Notes are accepted for purchase by the Company, will be promptly following the Expiration Date and is expected to be no later than February 18, 2014, New York City time. 

The Company has engaged The Hongkong and Shanghai Banking Corporation Limited as Dealer Manager for the Tender Offer. Bondholder Communications Group, LLC has been retained to serve as the information and tender agent for the Tender Offer. Requests for documents and questions regarding the tendering of Notes may be directed to Bondholder Communications Group, LLC at  1-888-385-2663 (US Toll Free), +44 (0)20 7832 4580 (London), or +1 212 809 2663 (New York), or by emailing [email protected] or by visiting www.bondcom.com/bwgroup. Questions regarding the Tender Offer may be directed to the Dealer Manager at 1-888-HSBC-4LM (US Toll Free), +852 2822 4100 (Hong Kong), +44 20 7992 6237 (London), or +1 212 525 5552 (New York) or by emailing [email protected]

This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Tender Offer is only being made pursuant to and subject to the terms and conditions of the Offer to Purchase that the Company is distributing to holders of Notes. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. 

About BW Group

BW Group is a leading global maritime group involved in shipping, floating gas infrastructure and deepwater oil & gas production, and has been delivering energy and other vital commodities for more than 80 years, with a current fleet of over 180 ships.  The group was founded by Sir YK Pao in Hong Kong in 1955 as World-Wide Shipping. In 2003, the group acquired Bergesen, Norway’s largest shipping company founded in 1935, and in 2005, the business was re-branded as BW. Today, BW Group operates the world’s largest gas shipping fleet (LNG and LPG combined), with a total of over 70 large gas vessels including FSRUs (floating storage and regasification units). BW Offshore operates the world’s second largest floating oil and gas production fleet (FPSOs), with 16 units in US, Brazil, Mexico, West Africa, North Sea, and Australasia. BW’s fleet also includes crude oil supertankers, refined oil tankers, chemical tankers and dry bulk carriers.