Long-Term Incentive Program - new awards
18 August 2025
The Board of Directors of BW Energy Limited ("BWE" or the "Company") approved
the award of share options under a Long-Term Incentive Program (LTIP) to align
the interests of the participating employees with those of the Company's
shareholders. The LTIP is discretionary, and participants are invited on an
annual basis.
The total number of shares awarded under the LTIP for 2025 is 1,120,000,
allocated to options that will give the holder the right to acquire one BW
Energy share per option. A total of nine 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
15.75% (corresponding to a 5% increase annually over three years). The strike
price for the options awarded on 15 August 2025 is NOK 41.56.
The options will have a vesting period of three years, followed by a three-year
exercise period. Exercise windows will be set by the Company. The options will
expire six years after the award date.
The options 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.
Following the new awards, the Company will have a total of 6,696,013 outstanding
options.
The following primary insiders of the Company have been awarded options under
the LTIP for 2025:
1. Chief Executive Officer, Carl K. Arnet has been awarded 500,000 options
Following the award Carl K. Arnet has a total number of 3,300,000 options.
2. Chief Financial Officer, Brice Morlot has been awarded 125,000 options.
Following the award Brice Morlot has a total number of 125,000 options.
3. Chief Commercial Officer, Thomas Kolanski has been awarded 125,000 options.
Following the award Thomas Kolanski has a total number of 721,500 options
4. Chief Strategy Officer, Thomas M. Young has been awarded 125,000 options.
Following the award Thomas M. Young has a total number of 721,500 options.
5. Chief Technology Officer, Jerome Bertheau has been awarded 125,000 options.
Following the award Jerome Bertheau has a total number of 125,000 options.
For further information, please contact:
Martin Seland Simensen, VP Investor Relations
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 production facilities to reduce time to first oil
and cashflow with lower investments than traditional offshore developments. The
Company's assets are 73.5% of the producing Dussafu Marine licence offshore
Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in
the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95%
interest in the Kudu field in Namibia, all operated by BW Energy. In addition,
BW Energy holds approximately 7% of the common shares in Reconnaissance Energy
Africa Ltd. and a 20% non-operating interest in the onshore Petroleum
Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and
resources were 599 million barrels of oil equivalent at the start of 2025.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.